AXA Singapore has joined forces with Australian regulatory technology firm Kyckr for the development of new insurance services.
The insurer will adopt Kyckr’s application-programming interface (API) create new insurance specific services across Asia.
The partnership follows several proofs of concepts between the two companies during the last six months.
Leveraging Kyckr’s API, both partners will together develop automated solutions along with new insurance related services.
As per the agreement, the Australian fintech firm will initially receive S$380,000 ($280,202.5). It will also get additional payment once AXA launches the services across Asia.
AXA will initially roll out the project in the first half of 2020 from Singapore.
Kyckr’s API is an enterprise technology which offers embedded direct access to more than 200 corporate registries in real-time from a single user-interface.
Information pertaining to directors, shareholders and credit rating are essential to start commercial insurance underwriting and provide a quote for insurance.
At present, the insurer does these works manually, which not only increases their operational expenses but also takes huge time of insurers, customers, and intermediaries.
Kyckr said that using its API for direct primary source data, the manual process that takes nearly two weeks, can be slashed to just one to three working days.
Kyckr CEO Ian Henderson said: “Know-Your-Customer (KYC) verification is becoming increasingly critical to companies and we will continue to collaborate with leading global firms to embed our unique registry network and provide clients with the most up-to-date and legally accurate information for customer verification.”