Redington has announced that two Chinese insurance companies have become the most recent clients of its global technology business, which seeks to licence internally developed software, tools and analytics to clients in multiple geographies around the world.
Redington opened its first international office in China last year and incorporated Chinese subsidiary YuYuan Technology (Shanghai) Limited, a Fintech company, to better serve the country’s financial industry.
Digital and localised, YuYuan is committed to providing Chinese Insurance clients with dynamic and interactive asset liability management analytics, helping insurance companies make effective, timely and integrated business decisions on a global scale.
Chinese insurers Aviva-COFCO Life Insurance and Taikang Life Insurance are the first two clients to benefit from YuYuan’s products and services. Enabling clients to produce regulatory reporting and optimal asset allocation decisions once fully implemented. All within their specific risk appetite, capital, liquidity and other individual requirements.
Working out of Shanghai and Beijing, YuYuan’s team of 10 are responsible for developing the ALM analytic software and providing consulting services to clients.
YuYuan Technology (Shanghai) Limited are supported by Redington’s technology development hub, based in Bristol and London. Redington 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.
Henry Hu, CFO of Aviva, COFCO Life Insurance 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 Chairman of Yu Yuan Technology (Shanghai) Ltd and Managing Director at Redington commented, “We are excited to have the chance to work with Taikang Life and Aviva-COFCO Life and support them in developing new analytics, tools and frameworks under the latest regulatory guidance. We hope our open collaboration will 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.”
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