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Hong Kong's insurance regulator promotes use of fintech

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Hong Kong's insurance regulator is encouraging local insurers to develop financial technology to manage risk and lower the cost for their products, South China Morning Post reported. "The use of big data will benefit not just the insurers but also customers as it will drive prices down up to 30% over the following years,” said George Sartorel, regional chief executive of Asia-Pacific for Germany-based insurer Allianz S.E.

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