ReMark strengthens its innovation capacity in Singapore with the support of MAS
ReMark becomes the first Innovation Centre owned by a global reinsurer in Singapore that is supported by the Financial Sector Technology and Innovation grant scheme. This is a testimony to ReMark’s strong footprint in APAC of rolling-out innovative InsurTech solutions and collaborating with research institutions, government entities and FinTech players.
Funding a vibrant innovation hub
We're very happy to share that ReMark was awarded the Monetary Authority of Singapore (MAS)-administered Financial Sector Technology and Innovation (FSTI) grant which will provide support to ReMark to build a vibrant ecosystem for innovation, continue to test new solutions and contribute to the growing, creative community in Singapore.
As a global insurance consultancy, ReMark has made a number of industry breakthroughs over the years. For example, ReMark works in the field of data analytics and API technology to enable dynamic insurance underwriting and effective health and wellness engagement. We are also using automatic speech recognition and AI to improve productivity and profitability for our insurance partners’ distribution channels. This MAS support will allow ReMark to continue transforming insurance.
A long history in the Singapore
Vincent Shi, Head of Greater China and SEA at ReMark says of the recent announcement: “As we enter the Year of the Tiger, we are honored to receive the FSTI grant from MAS! This is a great boost and will help us welcome new talents and create new innovative projects. We will deepen our technology and capabilities in the areas of health & wellness, dynamic underwriting, pricing innovation, data science, customer engagement, and more.
“ReMark has a long-standing history in Singapore, we are truly grateful to contribute to the innovation ecosystem in the global hub of Singapore. We will work hard to deliver more innovative values to our clients and people needing insurance!”
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23 years in Singapore
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30+ clients served from ReMark Singapore Hub
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18 employees in Singapore
Investments, collaboration, solutions
Here are three concrete ways that ReMark drives innovation:
- Proprietary solutions: In close partnership with SCOR’s Knowledge team, our data science, underwriting, insurance innovation, design and tech teams have built apps or solutions like BAM, Good Life, Velogica, RaPID and more that have all have been commercialised worldwide.
- Direct investments: Over the past three years, ReMark invested over US$10 million in five promising start-ups in the U.S., China and France.
- Industry collaborations: ReMark actively explores opportunities to collaborate with FinTech/InsurTech/Healthcare players such as Garmin as well as academic institutes such as Nanyang Technological University.
The FSTI – Innovation Labs scheme supports the set-up of innovation centres of excellence in Singapore to test-bed innovative ideas and roll out market solutions. The scheme is funded by the Financial Sector Development Fund, administered by MAS. ReMark will join a network of FinTech Innovation Labs, that help realise the city’s ambition to create a smarter nation.