The partnership will leverage OneConnect's AI-based technology and data analytics and Swiss Re's expertise in risk and market to develop Smart Claims Solution
China-based technology-as-a-service platform OneConnect Financial Technology and Swiss Reinsurance (Swiss Re) have teamed up to jointly develop a digital solution for handling motor claims in the European market.
The partnership would leverage OneConnect’s AI-based image-recognition technology and advanced data analytics, and Swiss Re’s expertise in risk and market know-how, to introduce the new Smart Claims Solution in Europe.
OneConnect insurance division CEO Bi Wei said: “This collaboration will be based on Swiss Re’s know-how and network in Europe and OneConnect’s proven technology. OneConnect is honoured 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.”
Smart Claims solution will identify the repair and estimates the repair costs
The new solution will be designed to identify an applicable repair strategy and quickly estimate the cost of repair, based on photos of the vehicle damage. The new technology is said to enable an effective, completely digitalised service for enhanced user experience.
Also, Smart Claims solution will facilitate immediate cash payouts and additional services to customers and benefits insurance companies through insights from the analysis of damages and repairs.
OneConnect is a subsidiary of Ping An Group and provides a technology service platform for financial institutions in China. The company is said to combine its experience in financial services with advanced technology, to new solutions for banks, insurers, and investment managers.
The company is said to enable its customers to manage risks, enhance service quality, improve efficiency, increase revenue and reduce costs in their digital transformations.
Swiss Re is engaged in providing reinsurance, insurance and other insurance-based risk transfer services, and is creating simple and transparent digital propositions to boost businesses.
Swiss Re digital transformation officer Pravina Ladva said: “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.”
Ping An Group chief scientist Xiao Jing 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.”