MOG DIGITECH appoints Chen Yongzhong as Executive Director and Co-Chief Executive Officer
MOG DIGITECH announced the appointment of Chen Yongzhong as Executive Director and Co-Chief Executive Officer. The company has established Zhongbao Science and Technology Co., Ltd., aiming to expand insurance intermediary services and invest in developing proprietary technology platforms. The platform will provide a range of insurance customer services and expand the market through insurance agents and business partners. Zhongbao Technology also plans to provide digital risk assessment, online trading technology solutions, and fast claims services to expand revenue sources. Chen Yongzhong will play a key role in diversifying the group's service products and enhancing financial returns
According to the news from Zhitong Finance and Economics APP, MOG DIGITECH (01942) announced that Mr. Chen Yongzhong has been appointed as an executive director and co-CEO, effective from July 12, 2024.
In addition, Zhongbao Technology Innovation was registered as a limited company in the British Virgin Islands on June 18, 2024. The group's strategic plan involves expanding its insurance intermediary services through Zhongbao Technology Innovation. The group plans to heavily invest in developing a proprietary technology platform to meet its business needs. The platform will be based on a robust cloud system, with advantages in stability, speed, and scalability.
Specifically, the group intends to transform into a platform service provider, expanding its services beyond settlement process agents. The group aims to provide a range of insurance customer services through the platform, including product selection and recommendations, online underwriting assistance, online insurance completion, policy management, etc., to provide insurance customers with a smooth insurance transaction experience. With an advanced platform, the group will be able to offer insurance products to customers through insurance agents and expand its market to a wider range of insurance customers through business partners. The insurance products sold will be underwritten by insurance companies. In addition, Zhongbao Technology aims to broaden its sources of income through (i) providing digital risk assessment, (ii) providing online transaction technology solutions, and (iii) providing advanced and fast claims services. These services will be based on the potential development of an intelligent claims calculation system, which integrates algorithms, image recognition, and other third-party technologies to expedite the claims processing cycle.
The board of directors noted that in the past decade, the development of insurance technology in China has gained a place in the global market, providing mature insurance technology products to external markets. New insurance solutions and digital insurance technologies in mainland China have become important references and practical guides for the target insurance markets in the Asia-Pacific region (especially Southeast Asia), bringing significant market opportunities. Therefore, Mr. Chen Yongzhong will play an important role in strategically diversifying the group's service products and expanding its sources of income to enhance the group's financial returns