Artificial Intelligence-enabled Insurance Powerhouse
Intact Financial (HK), an innovation hub powered by a leading Canadian property and casualty insurance provider, expands its Hong Kong operation to shape the future of insurance services.
Hong Kong’s FinTech ecosystem will continue to intensify thanks to capital, talent and unique connectivity to the GBA.
Intact Financial Corporation (IFC) has a long and proud history of offering Canadians peace of mind with insurance products to protect what matters to them — their homes, cars and businesses. While the industry is adopting innovative ways to enhance consumer experiences, Intact never loses sight that insurance is about people not things, and its purpose to help people, businesses and society prosper during good times and be resilient during bad times.
Focusing on developing world-class digital solutions, the Intact Lab was launched in 2015 to deliver exceptional customer experiences through artificial intelligence (AI), machine learning and data science. Intact Financial (HK) Limited was established in Hong Kong in 2020 as part of the Intact Lab, marking Intact’s first expansion in the Asia-Pacific region.
Leveraging Hong Kong’s FinTech Strengths
According to Antoine Sasseville, Head of Hong Kong and Director Data Science, Intact Financial (HK) Limited, Hong Kong is an international FinTech hub with a diverse, resilient and dynamic landscape. “Hong Kong has a strong business environment and is one of the leading financial hubs worldwide. With its solid government support, access to funding and gateway between Mainland China and overseas markets, the city is an ideal place for innovation and expansion,” Sasseville said. “Hong Kong’s FinTech ecosystem will continue to intensify thanks to capital, talent and unique connectivity to the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).”
To capitalise on the city’s unique FinTech strengths, Intact set up its office in Hong Kong in 2020. “We believe Hong Kong will lead the next wave of AI research and development in the next few years.” Sasseville continued, “With the city’s access to top talent and proximity to world-class research in the Mainland, we are able to build unique partnerships and benefit from connections with alternative sources of AI talent to introduce diversity of thought and experience.”
Disrupting the Traditional Insurance Industry
With professional teams commanding AI and data science implementation in the group’s core systems and processes, Intact Financial (HK) drives digital innovation and creates products that solve real-world insurance problems for customers. Sasseville said, “We are focused on growing our team and working with new business units to extend the AI footprint further across the corporation. With a number of product deliveries in the pipeline over the next year, we also plan to expand our network in the AI, machine learning and FinTech ecosystem in Mainland China via Hong Kong.”
A supportive government is always conducive to making Hong Kong’s FinTech scene flourish. “The government support in the region reinforces Hong Kong’s standing as the leading FinTech hub in Asia. Through financial supports, incubating startups, attracting and retaining talent, and developing an excellent technical infrastructure, entrepreneurs and innovators are able to focus on their specialties of creating solutions to complicated business problems,” Sasseville concluded.
- Headquartered in Toronto, Canada, Intact Financial Corporation (IFC) was founded 2009
- Situated at the Hong Kong Science and Technology Parks, Intact Financial (HK) Limited is a wholly owned subsidiary of IFC. Since its inception in 2020, the company has grown to a team of about 30 people specialising in AI and data science for the insurance industry
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