Introduction: throughout the world, it can be seen that insurtech has already become fintech‘s most influential independent innovative space. Global Risk Exchange (GRE) is committed to using cutting edge blockchain technology to not only optimize cost and process in the insurance industry, but also to implant blockchain into the insurance industry. Thereby, bringing about an in-depth restructuring of the insurance industry.
Recently, the international "Disruption in Financial Services" seminar hosted by True Global Ventures brought together business giants in the insurance, banking and Internet industry, as well as outstanding innovation technology companies from all over the world. GRE was invited to attend as a representative of the outstanding technology group.
Paul Qi as the insurance and actuarial representative of GRE held talks alongside Banco Santander and AXA, covering the sector from multiple different angles. Together they were able to explore in depth the challenges and opportunities being faced in the process of seeking greater innovation in the fintech and insurtech industries.
The Challenge of Innovative Talents
Paul Qi, when speaking about the challenges faced with the current state of affairs of blockchain development said, "to a certain extent it is just the shortage of talent." Technological progress is irresistible, however, owing to the ballistic rise of the blockchain industry, more and more leaders from the traditional finance industry are urgently need to enter, learn about, study and start to use this new technology, before true industry innovation can be realized. GRE is currently recruiting for the Ningbo 100 IT elite technical development team.
Trend of Industry Reform (Or Industry's Reformation Trend)
Over the last few years, many companies and organisations, in particular the majority of financial industry giants have set up special innovation and development departments. On one hand they are seeking momentum from within the company to push forward innovation, and on the other they are setting their sights on the emerging technologies industry. Moreover, third-party organisations have also joined the fray, in order to provide more support programs, bridging the gap between business giants and innovation technology companies.
As recently reported, GRE has successful entered into PnP Tokyo’s incubator. In the international arena, Paul and the team have expanded opportunities for collaboration. They have also made contact with the government, and are steadily developing their alliances with universities.
Collaboration is the Bridge to Innovation
Traditional insurance companies and institutions operate with a notable degree of inefficiency, poor customization, and a large number of intermediary links, which are in urgent need of improvement, as they restrict the development of insurance in many parts of the world. Paul Qi emphasized GRE is dedicated to the establishment of a decentralized platform that not only serves individuals or institutions with an intamite understanding of financial and insurance industries. But even farmers in remote corners of Southeast Asia or the African continent can use customized insurance to protect against the losses they might face if there is highly unfavorable weather.
Xavier Veyry, CEO of AXA North East Asia P&C, also expressed his agreement of Paul's assessment. He explained that already established insurance giants possess the strong backing of a robust legal system, funds as well as know how. However, when it comes to the challenge of usability and efficiency, they more than anyone need innovation projects such as GRE, to help the entire industry bring in new blood. This is the appeal from the whole industry, as well as the basis for developing their cooperation together.