Hong Kong-based insurtech startup Ignatica has secured fresh funding to scale its growth across Southeast Asia, China, Japan, Europe as well as North America, media reports said. The startup raised around $7 million in its pre-Series A funding round, led by growth capital private equity fund Ling Feng Capital. Other investors that also participated include SOSV Investment Funds, Australia-based Artesian, and Hong Kong-based AFG Fund.
With regard to the funding round, Ignatica chief executive officer and co-founder Manuel San Miguel told the media, “The insurance industry is going through an era of unprecedented transformation, with consumers seeking the convenience of buying and interacting with insurance services easily with nothing more than their mobile phone.”
Hong Kong’s Insurance Authority (IA) recently rolled out its new group-wide supervision framework (GWS) and regulatory regime for insurance-linked securities (ILS) business. Clement Cheung, Chief Executive Officer of the IA told the media that the GWS framework is in full alignment with international standards and best practices, positioning Hong Kong as an ideal base for large insurance groups and a coordinator of supervisory efforts among all relevant jurisdictions in Asia Pacific.
Singapore’s Ministry of Health (MOH) also recently announced that it has formed a 12-member Multilateral Healthcare Insurance Committee (MHIC), media reports said. The committee will be officially established on April 27th April 2021.
The healthcare insurance committee comprises representatives from the Academy of Medicine Singapore (AMS), Consumer Association of Singapore (CASE), Fee Benchmarks Advisory Committee (FBAC), Life Insurance Association (LIA), Singapore Medical Association (SMA) and private hospitals.