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InsurTech company YAS unveils microinsurance marketplace in Hong Kong

YAS, Digital, YDL, Hong Kong, InsurTechHong Kong-based regional InsurTech venture – YAS Digital Limited (YDL), unveiled today YAS, a microinsurance marketplace which utilizes innovative technologies such as 5G, AI, blockchain, data analytics, and open API, to reshape the insurance industry while creating an ecosystem and business model for B2B and B2C customers.

YDL has mentioned that it is the first InsurTech venture in Hong Kong to employ YAS, which functions like an app store and empowers insurers with open APIs ready to plug and play. YAS utilizes a customer-centric open marketplace that offers a diverse and affordable range of products tailored to the customer’s needs.

Andy Ann and William Lee, Cofounder of YDL said, “YAS is a perfect blend of technological innovation, digital capabilities, and customer-centric experience; it fosters to build a community with utility, loyalty, and experience to protect people through lifestyle. What’s more, it also forms a powerful transformative insurtech business model and ecosystem, leading the evolution of the global insurance market, and reshaping the insurance industry for the next generation. YAS revolutionizes the next generation of consumer experience and behavior through empowerment, quality interaction, and engagement.”

The YAS GPS Automated Insurance will be made to provide seamless protection to customers when they are on the move. In addition, the introduction of 5G technology will put telehealth at the customer’s fingertips – instant access to a virtual assistant during emergencies or real-time video streaming to a doctor from their home country while traveling will all be achievable.

The deep machine learning technology of YAS creates a new tech-centric ecosystem for B2B and B2C customers, meeting customer preferences, and uplifting customer loyalty. Through joint voting and dynamic pricing, YAS provides desirable cost-effective alternatives for customers over full-fledged insurance coverage.

With YASS – said to be the first insurance blockchain protocol developed by YDL’s YAS Lab, YAS is enabled with a highly secure network to store insurance smart contracts on the cloud with nodes running across 20 countries, protecting the data privacy of customers. YAS’ secure and decentralized data network also enables customers to own their data – with blockchain ledger records and end to end encryption, customers are able to transfer their data across insurance companies on demand.

It also offers data transformation and analytic solutions which are complemented by social data analytics for underwriters to produce single items for specific times and occasions, and to underwrite the right risks, which will facilitate a user-centric insurance future.

YDL has completed its pre-series A funding round from investors including Beyond Ventures, Sun Hing Insurance Holdings of Sun Hing Group, and Merdeka Financial Group since its inception in June 2019. The company is planning to further expand YAS’ presence in the Greater Bay Area, Asia Pacific region and ASEAN countries, including Thailand, Vietnam, Malaysia, Singapore, Taiwan, Japan and South Korea in the coming years.

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