Microsoft offers AI solutions to Hong Kong insurer FWD in new 4-year partnership
- The cooperation with FWD is the latest example of Microsoft further adapting its AI innovations to suit Asia’s financial service industry
- OpenAI technology helps FWD quickly expand its business to other markets, as it can create a mature solution in one place and replicate that in other markets.
Microsoft has extended its partnership with Hong Kong-based insurance provider FWD Group, signing a four-year agreement to provide generative artificial intelligence (AI) solutions, a move that highlights the US tech giant’s continuing focus on Asia amid the race to integrate the cutting-edge technology into various products and services.
By extending the cooperation, FWD will gain access to Azure, the cloud computing platform of Microsoft, which is the biggest backer of OpenAI, the company behind ChatGPT.
“FWD is putting generative AI as a very important component to our future success, and also for our customers,” said Ryan Kim, FWD Group’s chief digital officer, adding that the company hopes to have “more generative AI-related solutions” over the next four years with Microsoft.
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OpenAI does not make its services directly available in China, along with a handful of other countries that are sanctioned by the US. It also blocks Hong Kong internet protocol addresses. But Microsoft’s Azure allows Hong Kong users to access OpenAI’s powerful language models, including the latest GPT-4.
The cooperation with FWD is the latest example of Microsoft further adapting its AI innovations to suit Asia’s financial service industry.
“As a pivotal player in the global financial landscape, the Asia-Pacific region stands out for its dynamism and adaptability, fostering continuous growth and driving innovation,” said Bill Borden, Microsoft’s vice-president of worldwide financial services. Speaking at a media briefing last Wednesday, he said Microsoft was committed to empowering customers in the region with generative AI.
Cally Chan, general manager of Microsoft Hong Kong and Macau, indicated that Hong Kong still holds a “unique position” as the international finance centre of Asia, with Microsoft having a presence in the city since 1991. “We always have a belief that we would like to support and grow together with Hong Kong," Chan said.
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By using OpenAI’s latest innovations in Azure, Kim said FWD can use generative AI tools to build AI fraud detection models so that some customers can claim payments on a real-time basis without human intervention. For agents, a virtual human solution powered by generative AI can provide better service to customers.
Kim said OpenAI technology also helps FWD quickly expand its business to other markets, as it can create a mature solution in one place and replicate that in other markets.
“Something that used to take about six months to deploy in each market [or about 60 months for 10 markets] … we can deploy the solution within a year for all markets using one solution”, Kim added.
