FWD Group, a pan-Asian life insurance coverage firm, has entered right into a four-year partnership with Microsoft to utilise the US tech big’s newest GenAI know-how.
This alliance is aimed toward powering FWD’s GenAI initiatives by means of Microsoft’s Azure OpenAI Service, alongside different enterprise-grade options.
It’s anticipated to bolster FWD’s capabilities with Azure’s non-public networking, monitoring and security measures, in addition to entry to superior AI fashions.
Hong Kong-based FWD stated it’s specializing in enhancing buyer expertise and operational effectivity in varied domains together with acquisition, channel and agent efficiency, claims, customer support, advertising and marketing and underwriting.
This collaboration emerges amidst ongoing US-China technological tensions.
As reported by the South China Morning Publish (SCMP), OpenAI’s companies will not be straight obtainable in China, with Hong Kong IP addresses additionally being blocked resulting from US sanctions.
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Nonetheless, Microsoft Azure facilitates Hong Kong customers’ entry to OpenAI’s language fashions, together with the not too long ago launched GPT-4.
Since commencing its AI journey in 2019, FWD has developed practically 200 lively AI fashions, addressing greater than 600 use circumstances inside its operations.
FWD Group group chief digital officer Ryan Kim stated: “Digital innovation has at all times been core to FWD’s imaginative and prescient of fixing the way in which folks really feel about insurance coverage. This collaboration marries FWD’s pioneering spirit in Asia in a number of the fastest-growing insurance coverage markets on the planet, with the worldwide scale and talent that Microsoft brings in engineering and AI.”
Microsoft company vice-president of worldwide monetary companies Invoice Borden stated: “AI is driving transformation throughout the monetary companies business, opening new alternatives for innovation and enterprise progress with agility and at scale.
“We’re thrilled to strengthen our AI partnership with FWD by providing Azure OpenAI Service and Copilot for Microsoft 365 capabilities to allow world-class buyer experiences and operations securely and responsibly.”
Earlier this month, Bloomberg reported that Hong Kong billionaire Richard Li -backed FWD is exploring strategic choices similar to a possible stake sale, following a postponed preliminary public providing.
This transaction may place the insurer’s valuation at roughly $10bn (HK$78.23bn).
Nonetheless, Pacific Century Group, the proprietor of the life insurer, stated that that Li will retain management over FWD, reported SCMP.
