Insurers Prudential, Manulife seal tech alliances amid Beijing’s tightened tax rules

Prudential Hong Kong and Manulife Hong Kong have sealed separate technology alliances with Alibaba Cloud and Ant Health, respectively, as Beijing tightens cross-border tax rules that could affect Hong Kong's insurance market. Prudential's partnership with Alibaba Cloud will launch an AI underwriter to help financial consultants make preliminary decisions within minutes, according to Prudential Hong Kong CEO Lawrence Lam. Manulife's collaboration with Ant Health aims to develop AI solutions to enhance customer experience and operational effectiveness.

Insurers Prudential, Manulife seal tech alliances amid Beijing’s tightened tax rules Among cross-sector tie-ups, Prudential partners with Alibaba Cloud, Manulife works with Ant Health and BOC Life joins hands with Deloitte tightened cross-border tax rules https://www.scmp.com/business/banking-finance/article/3363352/china-tightens-its-tax-rules-can-hong-kong-remain-magnet-billionaires?module=inline&pgtype=article . Alibaba Cloud https://www.scmp.com/tech/big-tech/article/3364705/alibabas-ai-cloud-growth-surge-drives-earnings-despite-soaring-tech-spending?module=inline&pgtype=article to launch an AI underwriter, designed to help financial consultants make preliminary decisions based on a client’s financial situation, medical record, occupation and residential profile. insurance companies https://www.scmp.com/business/banking-finance/article/3363969/hong-kong-insurers-weather-beijings-tax-shift-8-10-premium-growth-sp?module=inline&pgtype=article alone could not cope with the new technology, said Lawrence Lam, CEO of Prudential Hong Kong, in a media briefing on Wednesday. “AI underwriting allows our financial consultants to identify client needs and deliver preliminary results within minutes instead of days,” he said. Ethan Yuan Zhiming, vice-president of international business and regional general manager of Hong Kong and Macau at Alibaba Cloud, said the partnership combined Prudential’s insurance expertise with Alibaba Cloud’s AI capabilities to provide faster and better service. Alibaba Cloud in June also signed a strategic partnership with Manulife Hong Kong to develop AI solutions to enhance customer experience and operational effectiveness. Alibaba Cloud is the AI and cloud computing services unit of Alibaba, owner of the South China Morning Post.