KWI Insurance Gains Approval to Register at Shanghai International Reinsurance Exchange Digital Transaction Service Platform
25 March 2024
KWI Insurance Gains Approval to Register at Shanghai International Reinsurance Exchange Digital Transaction Service Platform
KWI Insurance, a distinguished insurance company headquartered in Bangkok, Thailand, has recently become the first international enterprise to gain approval to register with the digital transaction service platform of the Shanghai International Reinsurance Exchange. This achievement accentuates KWI Insurance's eminent position within the ASEAN insurance sector and establishes a robust platform for its international business expansion.
With thirty-five years of professional expertise and a strong industry presence, KWI Insurance operates under the aegis of KWI Public Company, listed on the Thailand Stock Exchange. As the only insurance provider in Thailand with financial ties to Hong Kong, China, KWI Insurance proactively aligns with China's "Belt and Road" initiative, delivering comprehensive risk protection and financial support services to enterprises and individuals engaged with the initiative.
Utilizing its expansive licensing privileges in Thailand, KWI Insurance is actively seeking to establish collaborative relations with domestic insurance, reinsurance institutions, and insurance brokerage firms in China. This move marks a new beginning for the company in the Chinese marketplace, leveraging China’s substantial underwriting capabilities to offer tailored risk management solutions to Chinese-funded enterprises worldwide, thus promoting the international insurance market's competitive dynamics and fostering expansion of its global operations.
The international reinsurance business platform of the Shanghai International Reinsurance Exchange, an advanced digital transaction service system, has set several industry benchmarks. According to officials from the Shanghai Insurance Exchange, the platform features the inaugural blockchain-based reinsurance data exchange standard, fully accommodating all the necessary reinsurance transaction elements; it introduces the first centralized reinsurance clearing mechanism, significantly optimizing mid-to-back end transaction efficiency and reducing transaction costs; and it pioneers the development of a reinsurance transaction performance risk management tool, facilitating the creation of a credit profile for reinsurance entities based on real-time analytics, thus enabling a more accurate credit assessment framework. Additionally, the platform provides a streamlined process for market participants to leverage policy support, ensuring the precise implementation of various policies and enhancing the overall quality and efficiency of the insurance industry.
KWI Insurance's recent registration approval is not just indicative of its significant strides towards internationalization but also contributes Chinese insights and methodologies to the innovation and development of the insurance markets across China, Thailand, and the wider Asian region. Looking to the future, KWI Insurance is set to assume an ever-more significant role in the pursuit of high-quality development within the global insurance sector.
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