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Tenet Fintech's Heartbeat reaches sale of 3 M policies
2023-09-20 10:00 ET - News Release
Mr. Johnson Joseph reports
TENET'S HEARTBEAT INSURANCE PLATFORM REACHES MAJOR MILESTONE WITH OVER 3 MILLION INSURANCE POLICIES FACILITATED
Tenet Fintech Group Inc.'s Heartbeat insurance product management and brokerage platform recently reached a major milestone by facilitating the sale of over three million insurance policies worth an aggregate value of more than 5.7 billion renminbi (approximately $1.05-billion).
As of the date of this news release, more than 400 Chinese insurance brokerage companies from across the country were using Tenet's Heartbeat platform to connect with, access, and sell insurance products from some of China's largest insurance companies, including Ping An Insurance (https://group.pingan.com/), China Life Property & Casualty Insurance Company (https://www.chinalife-p.com.cn/), The People's Insurance Company of China (https://www.picc.com/) and Bank of China Insurance Company (https://www.boc.cn/), all of whom the platform is linked with.
"We are extremely pleased to have reached this very important milestone, and to have done so in such a short period of time following our acquisition of the platform in 2021 confirms the potential we saw in it by pairing it with our Cubeler(TM) Business Hub," said Liang Qiu, Chief Executive Officer of Tenet China. "While we earn a service fee for facilitating the sale of the insurance policies, what we are most excited about at Tenet when it comes to Heartbeat is the widespread use of the platform and the data it allows us to accumulate. For instance, the data tells us that over 2M of those insurance policies were sold related to a combination of the sale of new cars, the sale of used cars, and to vehicle rentals. We have access to data on when and where the cars were sold or rented, the make and model of the vehicles, and to a wide variety of other data points. In other words, we are beginning to show the ability to have access to the type of insight that would be of great value to insurers or anyone interested in getting a sense for how the Chinese automobile industry is faring," concluded Mr. Qiu.
Tenet plans to provide additional milestone updates on other platforms connected to its Cubeler(TM) Business Hub in the weeks and months ahead and the type of data gathered by the various platforms as the Company's data monetization strategy continues to come into focus through its Montreal based data science subsidiary Tenoris3 Inc.
About Tenet Fintech Group Inc.:
Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through the Cubeler(TM) Business Hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: https://www.tenetfintech.com/.