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Leapstack Raised Nearly 150 Million Yuan in Series C Round Financing, Catalyzing Transformation of Intelligent Risk Control in Healthcare Insurance

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Recently, Shanghai Leapstack Technology Co., Ltd. (hereinafter referred to as Leapstack), an insurtech company, announced that it had raised a Series C round of 150 million yuan. This round of fundraising was led by Legend Capital, followed by Peakview Capital, GF Qianhe Investment and Huazhi Capital, with Mountain View Capital acting as the fundraising consultant.

In recent years, insurtech companies are embracing a more “automated” future with open arms amid the digital transformation of the insurance industry, especially healthcare insurance. Cutting-edge technologies such as artificial intelligence and big data are transforming every area of the insurance value chain, including products, pricing, channels, operations, underwriting and claims settlement.

Among them, RPA (Robot Process Automation), which mimics and enhances the way humans interact with software to perform repetitive, standardized and high-volume tasks, has become one of the powerful tools to accelerate the digital transformation of the insurance industry.

Founded in 2016, Leapstack is the explorer of “RPA + AI” in healthcare insurance in China, offering services to regulatory bodies such as commercial insurance companies, medical insurance bureaus and audit departments with enterprise-level big data risk control solutions through the one-stop intelligent risk control platform powered by RPA+AI.

Up to now, Leapstack has inked close partnerships with hundreds of companies, including China Life Insurance, PICC, China Taiping, CPIC, China Insurance, Ping An Insurance, Taikang Insurance, China Continent Insurance, Sunshine Insurance, AIA, AXA, CITIC Prudential Life Insurance, Sun Life Everbright Life Insurance, Generali China, Foresea Life Insurance, Hyundai Insurance, Hannover Re, China Merchants Bank, ICBC Technology, Merck Sharp & Dohme, BeiGene, CIIC, Jiang Tai Insurance Broker, Huatai Insurance Agency & Consultant Service, Shuidi Insurance, Easy Raising (Qingsongchou), Yidu Cloud, WeDoctor, Medbanks, Yuanxin Technology, Xiaomi Insurance, and Shanghai Insurance Exchange.

Empowering Intelligent Risk Control in Health Insurance with “RPA + AI”

As one of the digital transformation trends for enterprises, RPA has been attracting increasing attention from global capital in recent years. McKinsey revealed that the global RPA market is forecast to grow to 100 billion US dollars in 2025, with an annual rate of 64%, becoming one of the fastest-growing technologies in AI related fields.

In April this year, UiPath, a global RPA head manufacturer, was listed on the New York Stock Exchange, marking one of the largest software IPOs in U.S. history, with a market value of over 26 billion US dollars. The successful IPO of UiPath again attracted venture capital funds to pile into RPA in China. The statistics of business cards suggest that there have been 13 financing events in China’s RPA sector this year, double that of 2020, with more than 1 billion yuan raised.

As for the insurance industry, despite broad prospects, domestic healthcare insurance in particular, is plagued by low penetration, high operating costs, high compensation risks, and lack of standardized data formats for availability, placing mounting pressure on relevant participants.

On the one hand, payment pressure of domestic medical insurance increases resulting from impacts such as aging population and rising medical expenses, causing medium-to-long-term sustainability risks. Therefore, the government has given the top priority to curbing the spending of healthcare insurance in the latest round of medical reform. On the other hand, for fast-growing commercial health insurance, controlling spending while expanding the scale is the key to improving the sustainability of products.

Therefore, controlling the spending of healthcare and commercial insurance has become a matter of concern among all parties in the industry.

In such a context, Leapstack, by employing “RPA + AI”, has built multiple platforms such as intelligent claim management platform for health insurance, intelligent investigation, intelligent audit of government healthcare coverage, long-term care intelligent management platform, big data anti-money laundering platform, big data governance platform, etc. Aside from providing the whole-process claim settlement and risk control services for commercial insurance and reinsurance institutions and insurance brokerage companies, Leapstack can also provide intelligent risk control, fund management, intelligent audit, data governance, anti-money laundering and other services for medical insurance departments, audit institutions and banks, and decision-making assistance for relevant policy formulation and adjustment.

Taking health insurance claims as an example. As traditional insurance claims require a wide range of time-consuming manual tasks such as reporting, information extraction and adjustment, such insurance claims are often error-prone and inefficient. The automated claims adjustment engine provided by Leapstack follows the custom rules of insurance companies and supports automated determination of reimbursement coverage and amount, which shortens the claim time, improves operational efficiency and reduces manual errors.

“At present, “RPA + AI” technology has been applied to the entire healthcare insurance claims process. Empowered by “RPA + AI”, Leapstack integrated each link of claims process including case reporting, information extraction, adjustment, fee calculation, etc.” said Jason Liu, the founder of Leapstack.

Additionally, Leapstack developed a machine learning model and medical knowledge map to cater the needs of underwriting, claim settlement, customer service, and investigation in different types of insurance such as medical treatment and serious illness. These products support effective detection of the risk points in the process of underwriting and claims settlement at the data level, and precise cost control of all core links of insurance. Its big data and AI empower insurance pricing reversely and predict the risks of different combinations of liability clauses in insurance products accurately, thus diversifying products and expanding the scope of underwriting users.

As Top-notch Professionalism Has Earned Growing Capital, Leapstack Is Well-positioned to Gain a Strong Foothold in Asia-Pacific

Since its establishment, Leapstack has completed several rounds of fundraising, with shareholders including Gaorong Capital, Fomou Assets, DCM, Puhua Capital, Danhua Capital, Lingfeng Capital, FinVolution Group (NYSE:FINV), Uphonest Capital, 360 DigiTech (NASDAQ: QFIN), Huazhi Capital and GF Qianhe Investment, etc.

As for the reasons behind the growing capital that Leapstack received, Jason emphasized that the key lies in “comprehensiveness”. This includes not only technical prowess, team members, but also brand influence.

Start with technology.

RPA + AI technology is one of the advantages enjoyed by Leapstack. Nevertheless, Jason argued that “Though technology is important, it’s not the most important. The key is to find suitable scenarios where technology can be applied, and then make refinements as the business grows. Despite almost six years of growth, Leapstack has only carried out preliminary application of the technical concept and framework of RPA + AI in some specific scenarios, and there is still much room for growth in the future and time is required for constant refinements.”

Second, the core team of Leapstack. The founding team is from top technology companies in Silicon Valley, with a core team composed of senior technical experts, insurance professionals and medical doctors. The team has rich experience in artificial intelligence, big data, cloud computing technology and insurance risk control.

When it comes to future business layout, Jason said that Leapstack would continue to gain a stronghold in the Asia-Pacific insurance market while expanding domestic market presence. By the end of 2018, Leapstack established Leapstack International Headquarters in Hong Kong, and joined Hong Kong Cyberport and InvestHK Project. Starting from the Hong Kong market, Leapstack International has spent three years exploring the application of RPA + AI in the Asia-Pacific insurance market. At present, stable partnerships have been established in Hong KongSingaporeVietnam and Thailand, and the risk control model and RPA + AI system have been successfully applied in local commercial insurance companies and medical insurance regulators.

“For Leapstack, our next step is to make a push to expand the Asia-Pacific market, especially in Southeast Asia and other countries where business has started to grow. Steady efforts will be made to launch a world-class insurance platform empowered by RPA + AI, a risk control model and better operational service capabilities.” Jason revealed.

SOURCE Leapstack

Artificial Intelligence

nodeQ Launches PQtunnelTM: The Leading-Edge Cybersecurity Solution for Quantum-Safe Communication

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The latest application developed by nodeQ simplifies the migration to Post-Quantum Cryptography for both SMEs and large enterprises
YORK, England, May 7, 2024 /PRNewswire/ — The advent of Quantum Computing poses a significant threat to existing public-key cryptosystems. A large quantum computer can break algorithms like RSA or ECDH, which form the backbone of current internet security. Already today, confidential data is in danger: It can be harvested now to be decrypted later when a quantum computer can run Shor’s factorization quantum algorithm on a sufficiently large number of qubits.

This vulnerability exposes a large number of applications to potential security breaches, threatening our trillion-dollar digital economy. Multiple sectors are under threat: Financial Institutions, government entities, telecommunications companies, cloud providers, the healthcare industry, the defense sector, universities and research centers, and virtually any IT-based enterprise that relies on encrypted data.
Companies must transition IT infrastructures to quantum-resistant solutions, such as Post-Quantum Cryptography (PQC). In the US the transition to PQC is set to start in 2024, as a result of Biden’s 2022 Computing Cybersecurity Preparedness Act and the end of NIST standardization.
nodeQ has developed PQtunnel™, a groundbreaking tool designed to assist businesses – ranging from SMEs to large enterprises – in transitioning their end-to-end (E2E) secure communication to PQC. This innovative software application is available in two variants: PQtunnel™ TLS and PQtunnel™ SSH, meeting diverse business requirements.
PQtunnel™ TLS is an enterprise-oriented tunneling application that leverages the Transport Layer Security (TLS) protocol to secure traffic between a client (or a proxy) and the target application. This solution has been thoroughly tested on various enterprise-grade applications, such as GitLab EE, demonstrating its effectiveness and reliability.
On the other hand, PQtunnel™ SSH offers a comprehensive Quantum-Safe SSH server, alongside a client equipped with a user-friendly interface. This software suite is designed for secure shell operations, ensuring the highest level of security and ease of use.
Both PQtunnel™ variants utilize a wide range of PQC algorithms, including the most recent ones under standardization by NIST, and hybrid algorithms. This approach combines the stability of current cryptographic methods with the quantum-safeness of new cryptographic suites, offering unmatched security against emerging cyber threats.
Developed as cloud-native applications, both variants of PQtunnel™ are designed to facilitate easy distribution and provide flexibility in a wide range of scenarios. Secure Post-Quantum tunneling to your GitLab server, quantum-safe data transfer, secure cloud IT management, and PQC benchmarking are just a few of the use cases where PQtunnel™ can be applied, showcasing its versatility and significance for today’s cybersecurity landscape.
Ignazio Pedone, the cybersecurity lead at nodeQ, emphasized the significance of their latest security product, stating, “This security product represents an important step towards a more effective and robust application of quantum-safe cryptography for enterprises.”
Various early customers have already adopted PQtunnel™ to test their readiness to migrate to quantum-safe cryptography. PQC is going to play an important role for telecom operators.
“At Fibraweb, PQtunnel demonstrated our readiness for quantum-security migration,” says Walid Bounassif, CEO of Fibraweb (an Italian telco). “The software created quantum-resistant connections between external clients and our internal servers, showing that post-quantum encrypted communication can efficiently be implemented for remote IT administration and secure file transfer.”
PQC is essential for medium to large enterprises, including educational institutions like universities, where maintaining data confidentiality at various levels is crucial. At the University of York (UK), PQtunnel™ has been deployed for the quantum-safe transfer of documents. This pioneering demonstration, the first of its kind in the world within the education sector, actively involved staff and students from the Department of Computer Science.
“PQtunnel has effectively established high-speed, quantum-resistant connections both within and beyond the campus perimeter,” says Prof Paul Cairns (Head of the Computer Science Department at the University of York, UK). “This technology has clearly demonstrated its capacity for facilitating quantum-secure data transfers, affirming its readiness to enhance our university’s digital infrastructure.”
For additional information about PQtunnel™, nodeQ, and their range of products, the reader can visit their website at www.nodequantum.com.
 Key Features
Crypto-Agility: implements all NIST PQC algorithms to counteract the quantum threat.Cross-Platform: available for the most adopted operating systems and hardware architectures.Easy Setup: no need for long or complex installation procedures to get started.On-the-Fly Benchmarking and Optimization: can benchmark and optimize high-level security protocols against all the available combinations of PQC algorithms for key exchange and digital signature.Target Customers
Financial InstitutionsTelecommunications CompaniesUniversities and Research CentersCloud ProvidersHealthcare IndustryGovernment EntitiesDefense SectorManufacturing CompaniesSMEs handling confidential dataAbout nodeQ
At nodeQ, we are pioneering the future of computer networks, leveraging our deep expertise in quantum communication, artificial intelligence, and software-defined networking. Our primary objective is to transition computer networks to quantum security, placing a critical emphasis on maintaining speed, performance, and usability at the heart of this transformation.
Contacts
Stefano [email protected]
Request a demo or a brochure at [email protected] or visit www.nodequantum.com.
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Simplilearn and Purdue University Online Unveil Cutting-Edge Generative AI Program for Business Transformation

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The program provides over 50 hours of live online sessions with industry experts, exploring GenAI tools like ChatGPT, Gemini and Amazon CodeWhisperSuitable for candidates with preferably over 5 years of work experience, proficiency in English and an eagerness to leverage Gen AI to solve real business problemsThe program offers the applications of Generative AI in various business functions like software engineering, sales and marketing, customer service, product research, and more.SAN FRANCISCO, May 7, 2024 /PRNewswire/ — Simplilearn, the world’s leading online bootcamp provider, has strengthened its partnership with Purdue University, renowned for its unwavering commitment to innovation, research, and education. Together, they proudly announced the launch of the  Generative AI for Business Transformation program. As the global demand for Generative AI skyrockets, with projections* soaring to $667.9 billion market by 2030, boasting a staggering annual growth rate of 24.4%, this program emerges as a pivotal force in the transformative journey into the Generative AI domain.

The program offers a comprehensive understanding of Generative AI and its applications across business functions such as sales, marketing, software engineering, customer service, data analytics, and product research & development. It empowers learners with the skills to automate tasks, predict trends, generate code, and personalize content using Generative AI and navigate its ethical considerations. From automated copywriting to predictive analytics, the program helps learners foster responsible and effective use of GenAI across diverse domains.
Learners can expect a dynamic learning experience with over 50 hours of live online classes, exposure to prominent Generative AI tools, and masterclasses conducted by the Purdue faculty and staff. Professionals will master the essentials of Generative AI, including LLMs, prompt engineering, ChatGPT, its applications and benefits to drive business outcomes.
Upon successfully completing the program, learners will receive a certificate jointly issued by Purdue University Online and Simplilearn and access to Purdue’s Alumni Association membership for global recognition.
The program is suitable for professionals with over 5 years of work experience, proficiency in English and an eagerness to leverage Generative AI to solve real business problems. The program is designed for a diverse range of professionals, including business Leaders, C-suite executives, mid-senior level managers, functional heads, consultants, technology professionals, data professionals and entrepreneurs.
Speaking about the program, Mr. Anand Narayanan, Chief Product Officer of Simplilearn, said,”Our collaboration with Purdue University Online brings together the excellence of the world’s leading online bootcamp provider and leading academic institution known for its commitment to innovation, research, education, and expertise in the AI and ML fields. This program will empower business leaders, mid-senior level managers, functional heads, and technology professionals with the skills to stay at the forefront of industry advancements. With Gen AI at its core, learners will be equipped to navigate in today’s dynamic AI landscape, fostering responsible innovation, and business transformation ideas.”
Dimitrios Peroulis, Senior Vice President for Purdue University Online, said, “As a beacon of academic excellence, Purdue University Online is excited to partner with Simplilearn in delivering a transformative learning experience through the Generative AI for Business Transformation program. This collaboration reflects our commitment to providing high-quality education and preparing professionals for the challenges and opportunities presented by emerging technologies like Generative AI.”
About Purdue University
Purdue University is a public research institution demonstrating excellence at scale. Ranked among top 10 public universities and with two colleges in the top four in the United States, Purdue discovers and disseminates knowledge with a quality and at a scale second to none. More than 105,000 students study at Purdue across modalities and locations, including nearly 50,000 in person on the West Lafayette campus. Committed to affordability and accessibility, Purdue’s main campus has frozen tuition 13 years in a row. See how Purdue never stops in the persistent pursuit of the next giant leap — including its first comprehensive urban campus in Indianapolis, the new Mitchell E. Daniels, Jr. School of Business, and Purdue Computes — at:
https://www.purdue.edu/president/strategic-initiatives 
About Simplilearn
Founded in 2010 and based in San Francisco, California, and Bangalore, India, Simplilearn, a Blackstone portfolio company, is the world’s #1 online Bootcamp for digital economy skills training. Simplilearn offers individuals and businesses worldwide access to world-class work-ready training. The Bootcamps are designed and delivered with world-renowned universities, top corporations, and leading industry bodies via live online classes featuring top industry practitioners, sought-after trainers, and global leaders. From college students and early career professionals to managers, executives, small businesses, and big corporations, Simplilearn’s role-based, skill-focused, industry-recognized, and globally relevant training programs are ideal upskilling solutions for diverse career or business goals.
Simplilearn conducts more than 3,000 live classes monthly, with an average of 80,000 learners who spend more than 500,000 hours on the platform. Its programs allow learners to upskill and get certified in popular domains. 
For more information, please visit www.simplilearn.com/
*Fortune Business Insights.
 
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NetSuite Awarded Frost & Sullivan’s 2024 Global Company of the Year Award for Leading Innovation in Cloud Business Management Solutions

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NetSuite revolutionizes cloud enterprise resource planning (ERP) with its all-in-one cloud business suite that helps drive efficiency and visibility for organizations worldwide
SAN ANTONIO, May 7, 2024 /PRNewswire/ — Frost & Sullivan recently researched the cloud ERP market and, based on its findings, recognizes Oracle NetSuite with the Global Company of the Year Award. NetSuite is an integrated cloud business system that helps businesses simplify core processes, improve productivity, expand insights, and grow more efficiently.

View the full multi-media landing page: https://best-practices.frost.com/oracle-netsuite/
NetSuite’s leadership in the cloud ERP space is evident with more than 37,000 customers across diverse sectors, including education, energy, finance, healthcare, manufacturing, and retail. Additionally, the company adopts a pioneering approach to embedding artificial intelligence (AI), which makes it stand out in the market. Leveraging Oracle Cloud Infrastructure’s advanced supercluster technology, NetSuite provides powerful AI capabilities that deliver actionable insights and increase the speed and accuracy of business processes. By embedding generative AI capabilities across the suite, NetSuite empowers global organizations to maximize productivity and make informed decisions based on real-time insights.
With NetSuite, upgrades are seamlessly delivered so customers are always using the latest version of its software, which improves access to cutting-edge features. Furthermore, the company’s extensive partner and professional services ecosystem significantly enhance the customer experience, enabling businesses to optimize the value of their NetSuite investment.
“Opportunities for AI include automation (data entry, financial analysis, and inventory management), actionable insights (better decision-making using real-time insights and predictions about customers and competitors), human-like interaction (integrating machine learning (ML) and natural language processing), and anomaly detection (enhanced security and detection of unexpected patterns). NetSuite currently has all these elements in its product suite. AI is embedded in business processes within NetSuite and also available in the form of assistants and advisors,” said Sankara Narayanan, Industry Director at Frost & Sullivan.
To address its customers’ growing curiosity about AI and its business implications, NetSuite leverages its Learning Lab events to provide customers and end users with hands-on training and expert guidance on how to effectively integrate AI and automation across operations. With this unique approach, NetSuite guarantees that customers have the knowledge and skills to optimally leverage AI capabilities within their businesses and connect with like-minded innovators in various cities across the U.S. and Canada.
NetSuite’s continuous focus on innovation and customers has made it stand out in the cloud ERP market, and it continues to deliver more features than most of its competitors, whose solutions are less capable than those of NetSuite’s system.
Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership in terms of customer value and market penetration.
Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
About Frost & SullivanFor six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.
Contact:Lindsey WhitakerP: +1 (210) 477-8457E: [email protected] 
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