FingerMotion's Xunlian Tianxia Technology Collaboration with Happy Life Insurance Spurs Innovative Insurance Applications

Rhea-AI Summary

FingerMotion (OTCQX: FNGR) announced a collaboration between its subsidiary Xunlian Tianxia Technology and Happy Life Insurance to innovate in the digital insurance sector. This partnership aims to create data-driven insurance solutions addressing consumer needs, enhancing both parties' offerings. China's online insurance market is rapidly growing, with premiums exceeding 290 billion yuan (US$44.8 million) in 2020. The collaboration leverages Xunlian's data expertise and Happy Life's product knowledge to optimize insurance delivery and integrate big data into insurance models, targeting improved profitability and customer experience.

Positive

• Collaboration aims to develop innovative insurance solutions leveraging data-driven technology.
• Online insurance market in China exceeded 290 billion yuan in 2020, indicating significant growth potential.
• Partnership combines Xunlian's data profiling and Happy Life's consumer product insights to enhance business offerings.
• Focus on creating cost-effective insurance solutions could lead to improved profitability.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / July 6, 2021 / FingerMotion, Inc. (OTCQX:FNGR) (the "Company" or "FingerMotion"), a mobile data and services company, is pleased to announce that its subsidiary Xunlian Tianxia Technology and Happy Life Insurance, have entered into a collaboration to develop an innovative insurance business model that is powered by data and is intended to deliver a suite of digital insurance solutions for consumers.

In China, there has been a rapid surge in the rate of adoption of online insurance products. These online insurance products continue to fuel new business generation. Online insurance premiums exceeded 290 billion yuan (US$44.8 million) in 2020 (Source: http://insurance.cngold.org/c/2021-06-21/c7658166.html) and is continuing its growth trajectory. The marketplace is characterized by a handful of players that are actively utilizing big data, cloud computing, artificial intelligence (AI), and other value added technology in order to augment the traditional insurance business. The challenge has been implementing programs that are capable of generating integrative value combining insurance expertise and technological innovations such that both the consumer and the insurance company are able to reap the benefits.

The global market for big data in insurance is projected to undergo stunning growth and reach US$12 billion by 2023, at a CAGR of 12.5% from 6.6 billion since 2019 (Source: https://mbd.baidu.com/ma/s/wqIKldBN). With China leading the pace of global insurance growth, it is the ideal moment for Xunlian Tianxia Technology and Happy Life to enter the insurtech market. What is so mutually beneficial is that Xunlian Tianxia Technology has an excellent grasp on detailed profiling of the potential insured while Happy life understands the type of insurance products that resonate with consumers. There are also a number of synergies that are unique to FingerMotion that range from its AI and behavioral analytics, mobile recharge, SMS, and e-commerce platforms. The ultimate goal of this collaboration is to unleash the power of data and technology that is expected to uplift the overall insurance value chain and further elevate FingerMotion's capabilities in serving the financial industry and contributing to the fintech revolution.

The collaboration between Xunlian Tianxia Technology and Happy Life is designed to mesh insurance with convenience while at the same time optimizing protection benefits for the insured. Both collaborators want to more closely integrate the technology of big data into the insurance products, learning from one another to create synergies that ultimately improve the channels, products, sales, and services to better serve customers while enhancing business portfolio value.

"In order to make this collaboration work we have to dig deep to design insurance products that can address real consumer needs," said Martin Shen, CEO of FingerMotion, Inc. "Our teams are uniquely qualified to create new insurance products that push the envelope of what is possible. Our goal is to enable the creation and distribution of insurance solutions that match consumer profiles, offer more flexibility and ultimately cost savings to the consumer while at the same time creating underwriting efficiencies that will eventually drop down to the bottom line making our collaboration particularly rewarding in the long run."

About Happy Life Insurance

Happy Life operates as a life insurance provider in China, licensed by the China Insurance Regulatory Commission. It was established in 2007 with over 10 billion yuan of registered capital and 22 provincial-level branches offering nationwide infrastructure coverage and comprehensive servicing capabilities. Riding the wave of digitalization, Happy Life sets out to cultivate an ecosystem enabling tech-driven improvements in operational and distribution efficiency while building customer-centric systems and processes to enhance the overall insurance experience for customers, coming at the forefront and joining forces with a network of ecosystem partners to form mutually empowering alliances in the fintech space.

About Xunlian Tianxia Technology

Xunlian Tianxia is a leading cloud service provider in China and one of the early explorers in the field of innovative technologies, such as blockchain and artificial intelligence. Having served numerous institutional clients and consumers in China, the company has accumulated abundant customer resources and rich experience in using superior technology to enhance corporate marketing capabilities, business efficiency, and communication experience for greater business value creation. Leveraging its innovative mindset and technical expertise, combined with extensive business development experience in big data mining and customer profiling, Xunlian Tianxia is ready to work hand-in-hand with insurers to develop innovative, value-enhancing insurance practices, reduce customer friction and eliminate pain points in existing processes, which could mean rethinking and remaking insurance business models, from product design and management to distribution strategy and customer servicing.

About FingerMotion, Inc.

FingerMotion is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. It is one of only a few companies in China with access to wholesale rechargeable minutes from China's largest mobile phone providers that can be resold to consumers. As the user base of its primary business continues to grow, the Company is developing additional value-added technologies to market to its users. The vision of the Company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the Company to onboard larger customer bases. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets.

For further information e-mail: info@fingermotion.com
718-269-3366

Safe Harbor Statement

This release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements give our current expectations of forecasts of future events. All statements other than statements of current or historical fact contained in this release, including statements regarding our future financial position, business strategy, new products, budgets, liquidity, cash flows, projected costs, regulatory approvals or the impact of any laws or regulations applicable to us, and plans and objectives of management for future operations, are forward-looking statements. The words 'anticipate,' 'believe,' 'continue,' 'could,' 'should,' 'estimate,' 'expect,' 'hope,' 'intend,' 'may,' 'plan,' 'project,' 'will,' and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations about future events. While we believe these expectations are reasonable, such forward-looking statements are inherently subject to risks and uncertainties, many of which are beyond our control. Our actual future results may differ materially from those discussed or implied in our forward-looking statements for various reasons. Factors that could contribute to such differences include, but are not limited to: international, national and local general economic and market conditions; demographic changes; the ability of the Company to sustain, manage or forecast its growth; the ability of the Company to manage its VIE contracts; the ability of the Company to maintain its relationships and licenses in China; adverse publicity; competition and changes in the Chinese telecommunications market; fluctuations and difficulty in forecasting operating results; business disruptions, such as technological failures and/or cybersecurity breaches; and the other factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this release are made only as of the date hereof. We do not undertake any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments.

SOURCE: FingerMotion, Inc.

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FAQ

What is the collaboration between FingerMotion and Happy Life Insurance about?

FingerMotion's subsidiary, Xunlian Tianxia Technology, is collaborating with Happy Life Insurance to develop data-driven digital insurance solutions.

What are the growth prospects for online insurance in China?

The online insurance market in China is projected to grow significantly, with premiums surpassing 290 billion yuan in 2020.

How is FingerMotion involved in the insurtech market?

FingerMotion, through its subsidiary Xunlian Tianxia Technology, is leveraging data technology to enhance insurance offerings in collaboration with Happy Life Insurance.

What technological advancements will FingerMotion and Happy Life Insurance utilize?

They plan to integrate big data, cloud computing, and AI into their insurance products to optimize customer experience and business operations.

What is the significance of the partnership for FingerMotion's growth?

The partnership is intended to boost FingerMotion's capabilities in the financial industry and contribute to the fintech revolution.