Two Chinese insurance companies – Aviva-COFCO Life Insurance and Taikang Life Insurance – have become the most recent clients of London-based Redington’s global technology business, to use its internally developed software, tools and analytics.
Redington said it opened its first international office in China in 2018 and incorporated Chinese subsidiary YuYuan Technology (Shanghai), a fintech company, to provide the services.
YuYuan will assist the Chinese insurance companies to make effective, timely and integrated business decisions on a global scale, by providing dynamic and interactive asset liability management (ALM) analytics, Reddington stated.
The consultancy said the Chinese insurers are the first two clients to benefit from YuYuan’s products and services. They will be able to produce regulatory reporting and make optimal asset allocation decisions once services are fully implemented, Redington said.
“All within their specific risk appetite, capital, liquidity and other individual requirements.”
Working out of Shanghai and Beijing, Redington said YuYuan’s team of 10 is responsible for developing the ALM analytic software and providing consulting services to clients.
YuYuan is supported by Redington’s technology development hub, based in Bristol and London, it said, adding that the firm continues to invest in technology with the goal of improving clients access to advice, research and data.
The recent launch of ADA proprietary software allows pension funds and other institutional investors to access holistic data sets and run real time analytics on portfolios, the firm said.
Henry Hu, chief financial officer of Aviva-COFCO, said: “We are impressed by Redington’s rich professional knowledge and experience both globally and in the local market in relation to asset liability management.
“We very much look forward to working with them to implement our new ALM system, aiming to facilitate more effective, timely and integrated business decisions by considering the dynamic nature of assets and liabilities.”
Steven YangYu, deputy chair of YuYuan and managing director at Redington, said the appointments would hopefuly “help transform the industry’s investment and risk management practice with more certainty, clarity and control”.
“This will not only help reduce systemic financial risk, but also play a major part of Redington’s global vision – to help 100 million people become financially secure.”