Government News
Shanghai Insurance Exchange Launches Digital Trading System 2023-02-20
Shanghai Insurance Exchange Launches Digital Trading System
The Shanghai Insurance Exchange added another digital transaction platform as it formally launched its life insurance trading system on Thursday to provide an efficient dealing venue for insurers and intermediaries.
The system enables bulk online trading of life policies for serious illness, annuity, medical treatment and others between insurers and middlemen by providing a package of transaction services, including fund settlement, business matchmaking and risk control and management, Yicai Global learned.
The system can increase the efficiency of matching insurers with intermediaries by 50 percent, lowering the cost of a single match by 80 percent, data from the SHIE showed. Also, the insurance sector risk control database built by the system can help both parties avoid the problem of accelerated risk transmission caused by new technologies.
The system provides a low-cost business digital transformation platform for many intermediaries with limited funds, insiders said, adding that it also offers insurers a platform to improve the management of intermediary channels and enhance their business quality.
Source: Yicai
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