IXT, a core insurtech solutions provider under global technology firm AIFT, has partnered with Richmond Insurance Brokers to launch Taiwan’s first digital platform for commercial insurance.
The initiative aims to offer SMEs a more streamlined and accessible means of obtaining commercial insurance coverage.
The platform brings together insurance products from several established insurers, including cybersecurity insurance from MSIG Mingtai Insurance, public liability insurance for businesses and property management committees from Hotai Insurance, and event liability insurance from Union Insurance.
Delivered through IXT’s Launchpad platform, the collaboration allows for the digital handling of traditionally manual processes such as quoting and policy issuance.
One notable feature is the integration of MSIG Mingtai’s cybersecurity insurance with Cymetrics, a cybersecurity risk assessment provider also under AIFT.
SMEs are able to submit their domain information for analysis through Cymetrics’ EASM risk platform.
Insurance premiums are then calculated based on risk scores derived from this assessment, providing a more data-driven approach to cyber insurance.
Michelle Ip, CEO of AIFT Enterprise, said:
“Our goal is to fundamentally transform the insurance experience, including commercial insurance, through our innovative solutions. With the Launchpad platform, we’ve not only digitised cumbersome insurance processes, but also established a powerful policy management system and rapid product update mechanism. This enables SMEs to complete their insurance purchase and enjoy protection seamlessly.”
Kevin Kuo, General Manager of Richmond Insurance Brokers, added:
“Commercial insurance has long been one of the most difficult areas to digitise. This partnership with AIFT allows us to offer our clients an unprecedented insurance purchasing experience. Especially for SMEs, being able to quickly and intuitively access the coverage they need greatly enhances both service efficiency and customer satisfaction.”
The partnership reflects ongoing efforts to support digital innovation in Taiwan’s insurance sector and marks a step forward in improving accessibility to commercial insurance services for local businesses.
Featured image credit: AIFT
