- U.S.-based data tech company FingerMotion is focused on the market potential of Chinese companies’ need for rich communication services (“RCS”) and big-data insights
- FingerMotion has been particularly focused on the insurance industry’s need for data analysis in recent months, particularly in light of China’s early-stage structure for credit and risk assessment among consumers
- FingerMotion’s Sapientus platform provides predictive services for risk assessment, spawning a landmark agreement with Pacific Life Re-insurance’s insurtech solutions in China
- Because China regards insurance as compulsory for sectors such as pension protection, medical care, job hazards, unemployment and maternity care, the potential for insurance services is high in a country that boasts the largest population on the planet
China-focused communications technology company FingerMotion (OTCQX: FNGR) is using big data and analytical technology to provide its clients with market insights as a growing number of Chinese consumers adopt online insurance products.
Last year, online insurance premiums surpassed 290 billion yuan (US$44.8 million) in the country, according to the Google translation of a Gold Investment Network insurance news release (https://ibn.fm/7g2lO). The popularity of online premiums among consumers fueled a rapid surge in new economic activity within the country that continues on an upward path as businesses turn to big data, cloud computing, artificial intelligence (“AI”), and other value-added technology to accelerate their revenues (https://ibn.fm/IDXw7).
FingerMotion has seen its revenues grow in consecutive reporting quarters during the past year (https://ibn.fm/Yg42v) and is anticipating further success thanks in part to a landmark agreement with Pacific Life Re-insurance that effectively positions FingerMotion as Pacific Life’s data provider, utilizing FingerMotion’s trademarked Sapientus platform.
Pacific Life is one of the world’s top five Insurance companies, well into its second century with $1.1 trillion in life insurance policies and $171 billion in assets (https://ibn.fm/DYI95). The company is on a trajectory to firmly bring its services ashore among China’s world-leading population, where consumers are required to carry social insurance and certain types of commercial insurance.
Social insurance covers basic insurance policies for pensions, medical care, on-the-job injuries, unemployment, and maternity care, among other things. The China Banking and Insurance Regulatory Commission (“CBIRC”) is responsible for oversight of insurance and re-insurance regulation, and foreign companies must meet conditions for CBIRC’s approval (https://ibn.fm/gFBMF).
Because China’s credit and insurance risk standards are still in a nascent stage, the predictive solutions offered by FingerMotion’s analytical technology and its big consumer data access provide clients such as Pacific Life a means of anticipating their risks with policy holders.
The predictive services of FingerMotion’s Sapientus database are focused on the insurance industry, but may yet become integral to solutions in other industries as well, such as in varied health care, financial services and consumer e-commerce sectors.
For more information, visit the company’s website at www.FingerMotion.com.
NOTE TO INVESTORS: The latest news and updates relating to FNGR are available in the company’s newsroom at https://ibn.fm/FNGR
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