Balincan USA, Inc. Expands Into InsurTech and IIoT Risk Mitigation

Rhea-AI Summary

Balincan USA Inc. (OTC: BCNN) has entered into a long-term consulting agreement with Jarrett Shearin, an expert in Commercial Lines Insurance, to enhance its Industrial Internet of Things (IIoT) division at Tekumo. Shearin's 20 years of experience aims to integrate modern insurance coverage with smart devices, a pivotal trend in the InsureTech industry. Tekumo's diverse sensor network allows for comprehensive risk mitigation solutions. The global InsureTech market is projected to grow significantly from $5.45 billion in 2022 to over $150 billion by 2030, indicating strong potential for Balincan's strategic direction.

Positive

• Long-term consulting agreement with Jarrett Shearin enhances strategic offerings.
• Potential growth in the InsureTech industry projected to reach over $150 billion by 2030.
• Tekumo's established network and expertise position the company advantageously in risk mitigation solutions.

Negative

• None.

NEW YORK, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Balincan USA Inc. ("Balincan" or the "Company") announces that it has signed a long-term consulting agreement with Jarrett Shearin, a Commercial Lines Insurance authority, specializing in technology-based risk assessment and risk mitigation.

Mr. Shearin brings 20 years of commercial insurance experience to the Industrial Internet of Things (IIoT) division of Tekumo, a wholly owned subsidiary of Balincan USA, Inc.

“Bundling modern insurance coverage with data driven connected smart devices is the core foundation of the rapidly growing InsureTech industry” stated Mr. Shearin. He continued, “Tekumo’s national installation footprint tied to their diverse network of sensors allows almost an unlimited number of risk mitigation solutions to be provisioned, installed and fully monitored in one place.  There really is nothing like it in the market today.”

Chris Nichols, Tekumo CSO, added “We are excited to have Jarrett join and guide the Company in adding risk mitigation to our offerings. The immediate opportunities for water loss mitigation with multi-family clients are extremely exciting.”   The global InsureTech market size is valued at $5.45 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 51.7% to over $150 billion in 2030 according to Grand View Research.

Tekumo is founded by a small group of successful entrepreneurs; Strings Kozisek (CEO), Chris Nichols (CSO), Phillip Dignan (President/CFO), and Jacob Beasley (CTO). This team brings a shared vision and shared history. Their previous ventures in the software, managed services, organic material manufacturing, retail and automotive verticals are currently generating over $300M in annual revenue. 

The Company offers three main product lines. TekumoPRO is a platform that connects enterprises, retailers, and OEM’s with local skilled resources to install and maintain technology systems. It delivers a smarter dynamic workforce, intelligent automation, real-time visibility, and full integration into client service management systems. 

TekumoSMART delivers on the complete service chain for smart connected devices. It installs, monitors and manages sensors, devices gateways, hubs, and data for multiple verticals including Multiple Dwelling Units (MDU’s), Quick Service Restaurants (QSR’s), Assisted Living, Retail, Hospitality, Utilities, Builders, Insurance, and Healthcare – all with 24/7 onsite support.

TekumoIQ provides real-time risk management and process management data from all connected assets, accessible via Tekumo dashboards or directly delivered into any end user ecosystem.

Tekumo is headquartered in Colorado Springs, Colorado.

About Balincan USA, Inc.

Balincan USA, Inc (OTC: BCNN) is an alternative reporting publicly held company that wholly-owns Tekumo LLC.

For more details related to the Company, please see the Company's Current Disclosure filed with OTC Markets on November 14, 2022.

Safe Harbor:

Forward-Looking Statements

Any statements made in this press release which are not historical facts contain certain forward-looking statements, as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the Company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the Company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the Company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The Company disclaims any obligation to update the information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.

Colorado Springs, CO

Timothy Simpson, Investor relations

719-900-4535

FAQ

What is the significance of the consulting agreement with Jarrett Shearin for Balincan (BCNN)?

The consulting agreement with Jarrett Shearin is significant as it enhances Balincan's capabilities in the growing InsureTech market, focusing on integrating modern insurance with technology.

How does Tekumo contribute to Balincan's business strategy?

Tekumo contributes by providing a diverse sensor network and expertise in risk mitigation solutions, aligning with the company's strategic goals in the InsureTech industry.

What is the current market size and growth projection for the InsureTech sector?

The InsureTech market is valued at $5.45 billion in 2022 and is expected to grow at a CAGR of 51.7%, reaching over $150 billion by 2030.

What are the main product lines offered by Tekumo under Balincan?

Tekumo offers three main product lines: TekumoPRO, TekumoSMART, and TekumoIQ, focusing on technology system installation, smart device management, and real-time risk management.