Peak Fintech Group (CSE: PKK) this morning released data on its insurance brokerage platform, Heartbeat. The data pertained to the number of policies processed over the last five months, an obscure metric, with little context provided by the company.
Peak reported this morning that a total of 152,016 insurance policies were processed by the Heartbeat insurance brokerage platform between May and September. No context was provided in terms of the financial impact of the results, nor was a comparison made to prior periods to demonstrate the growth of the platform.
The processing of the policies, which is assumed to represent growth for the company, is said to come amid a push to digitize the industry by the Chinese government. The sector reportedly has until February 1, 2022, for insurance brokers to rework their processes to use systems that are “directly linked to and share data with the country’s insurance companies.” The Heartbeat platform is said to be one of several that meets these new standards.
The majority of policies processed to date on the platform are said to be basic property policies as well as liability insurance policies that relate to the auto industry. The firm indicated it is also working towards providing policies for the steel and energy verticals.
Peak Fintech last traded at $10.40 on the CSE.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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