OneConnect Financial Technology Co., Ltd. (“OneConnect” or the “Company”) (NYSE: OCFT) and Swiss Reinsurance Company Ltd. (“Swiss Re”) are joining forces to co-develop a digital end-to-end solution for motor claims handling for the European market, based on artificial intelligence (AI) and advanced data analytics .
The two companies will collaborate to introduce OneConnect’s Smart Claims Solution to Europe. The solution leverages OneConnect’s AI-based image-recognition technology and Swiss Re’s risk expertise and market know-how. The technology provides an efficient, completely digitalized service in seconds for significantly improved user experience. Based on photos of the vehicle damage, the solution identifies the appropriate repair strategy and estimates the cost of repair within minutes, offering immediate cash payouts and additional services such as directing drivers to a repair garage. Policyholders can enjoy an easier, faster and more transparent process. Insurance companies benefit from process efficiency and insights from the analysis of damages and repairs.
Xiao Jing, Chief Scientist of Ping An Group, said: “Image-based damage recognition technology has successfully enabled Ping An to ease into claim digitalization and automation. This solution allows our customers to enjoy touchless claim service. I am delighted to see this proven technology taken to Europe by OneConnect and Swiss Re.”
OneConnect believes that the cooperation with Swiss Re is a significant milestone for both parties, as a joint effort to form a vehicle owner claims service platform for European insurance companies.
OneConnect, an associate of Ping An Group, is a world-leading technology service platform for financial institutions in China. It provides comprehensive end-to-end solutions for banks, insurers, and investment managers by integrating extensive financial services experience with market-leading technology. The Company enables customers to manage risks, enhance service quality, improve efficiency, increase revenue and reduce costs in their digital transformations. As of December 31, 2019, the Company served 47 international customers in 14 markets.
Swiss Re is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. As a key part of Swiss Re’s strategic growth plan, the company is creating simple and transparent digital propositions that help boost business for their partners.
Pravina Ladva, Group Digital Transformation Officer added: “Under the 2 = 1 philosophy we aim at creating new solutions that will accelerate the transformation of our industry towards a more digital world, supporting our ambition to make insurance more accessible with frictionless interaction”.
Bi Wei, CEO of OneConnect’s Insurance Division, said, ”This collaboration will be based on Swiss Re’s knowhow and network in Europe and OneConnect’s proven technology. OneConnect is honored to collaborate with Swiss Re to provide our innovation solutions to more customers. We have mature AI solutions on sales, risk management, operations and service. I am excited that the two world-leading insurtech services providers can work together to build an insurance solution ecosystem in the European market.”
Besides the Smart Claims Solution, OneConnect and Swiss Re will explore collaboration opportunities for other digital insurance solutions.
OneConnect Financial Technology Co., Ltd. (the “Company”) is a leading technology-as-a-service platform for financial institutions in China. The Company’s platform provides cloud-native technology solutions that integrate extensive financial services industry expertise with market-leading technology. The Company’s solutions provide technology applications and technology-enabled business services to financial institutions. Together they enable the Company’s customers’ digital transformations, which help them increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.
Our technology-as-a-service platform strategically covers multiple verticals in the financial services industry, including banking, insurance and asset management, across the full scope of their businesses – from sales and marketing and risk management to customer services, as well as technology infrastructure such as data management, program development, and cloud services.
About Swiss Re
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cybercrime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally. It is organized into three Business Units, each with a distinct strategy and set of objectives contributing to the Group’s overall mission.