Lexasure Financial Group Launches LexasureCloud 1.0 Digital B2B2C InsurTech Platform at InsureTech Connect Asia

GEORGE TOWN, Cayman Islands, May 31, 2023 /PRNewswire/ -- Lexasure Financial Group Limited ("Lexasure" or the "Company"), providing reinsurance, insurance, and insurtech solutions in South and Southeast Asia, today announced the launch of LexasureCloud 1.0, a cloud-based, cutting-edge B2B2C platform designed to enhance insurance companies' competitiveness, growth, and profitability. The platform is central to Lexasure's digital strategy, in conjunction with Passport, the platform's B2C customer portal for life insurance investments, and plans for Atlas, a B2B risk management portal for general reinsurance.

Reinsurance-as-a-Service (RaaS), a core offering, improves both underwriting outcomes and insurers' ability to compete in the marketplace. This encompasses Regulatory Advisory, captive or embedded insurance management; Technology, which includes policy management, analytics, claims management, and financial capital management; and Back-Office Support, such as actuarial consultation.

LexasureCloud is being launched at the InsurTech Connect Asia conference, taking place May 30^th to June 1^st in Singapore, where Lexasure's CEO, Ian Lim, will be presenting.

"We are excited to introduce LexasureCloud, which is designed to meet the needs of smaller and medium-sized insurers in the Asia Pacific region and increase the availability of a wide range of insurance products to consumers in the region," said Ian Lim, CEO of Lexasure. "Our comprehensive B2B2C platform is digitizing risk, helping insurance companies build out additional channels of distribution, and paving a technologically connected path forward for our partners in Asia."

The platform consists of five core modules and a growing product solutions suite:

Platform Modules

1.  Reinsurance-as-a-Service offers convenient, one-stop access to underwriting capacity via customized reinsurance products for a growing suite of B2C products, allowing for an increased volume of policies written.

2.  Policy Management provides insurers with improved efficiency by allowing users to easily view and manage existing policies and automated regulatory compliance through integrated policy details with CRM pipelines.

3.  Claims Management includes a simplified submission process and a secure tracking and payments portal that reduces error, saves time, increases the accuracy of data, and automatically syncs data to reveal key insights.

4.  Data & Analytics offers a clear, accurate overview of company performance in a fraction of the time with the ability to view, manage, and export data and real-time tracking of financial performance.

5.  The Financial Capital Management module provides the ability to view or manage existing assets under management managed by Lexasure and access to low-cost USD-denominated portfolios.

The comprehensive module data allows for automated and clearer risk profiling, while the potential increase in insurer growth may lead to higher gross written premiums underwritten and increased platform stickiness.

Product Solutions Suite

• Agriculture products are available through Flourish, a comprehensive mobile app designed to enhance existing agriculture ecosystems by providing necessary risk mitigation and technology in the event of failure to crops and livestock by integrating crucial data on crop performance, equipment functionality, weather patterns, and soil conditions to facilitate informed and timely business decisions.
• Medical/Health products. The Company is targeting a 35% reduction in emergency room visits and hospital admissions through the implementation of Vivacity, a mobile wellness app promoting healthy lifestyles and improved engagement between insurers and customers, and partnering with ArCare, a mobile managed care app structured to drive better outcomes for users via its integrated tech platform while transitioning from a curative to a preventive health model.
• Automotive solutions include unique case management and care coordination capabilities, a state-of-the-art digital platform for secure driver & car health data storage and seamless data transfer, and an associate's RACE mobile app for easy access to usage-based insurance, extended warranties, on-demand insurance, and claims management.
• The Company anticipates adding Life, Property, and Lifestyle offerings on the platform soon.

LexasureCloud 1.0 and its digital insurtech offerings will continue to evolve and adapt to the changing needs of Lexasure's business partners and customers.  

About Lexasure Financial Group

Lexasure Financial Group is a leading Southeast and South Asia group providing reinsurance and digital insurance solutions, including Reinsurance-as-a-Service (RaaS), that enable our clients to manage risk, accelerate growth, and effectively compete. We are driving the digital transformation of the insurance and reinsurance industry with scalable and innovative products that meet the local needs of companies and people in fast-growing Asian markets. Our management team has deep expertise in the industries of reinsurance, insurance, and insurance tech. Our values are based on a belief that our products enable customers to live and grow boldly while enhancing resilience. We serve over 60 primary insurers across 22 countries in Asia and North America. For more information, go to lexasure.com.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward- looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's expectations regarding the impact of the ongoing COVID-19 pandemic on its business, the Company's industry and the economy; the Company's estimates regarding expenses, future revenue, capital requirements and needs for additional financing; the Company's ability to successfully acquire or obtain licenses for additional product candidates on reasonable terms; the Company's ability to establish and maintain collaborations and/or obtain additional funding and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Investor Contact

Crocker Coulson, CEO, AUM Media
+1 (646) 652-7185
[email protected]

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SOURCE Lexasure Financial Group Limited