OneConnect Financial Technology Co., Ltd., an associate of China’s Ping An Group, is set to partner with reinsurance giant Swiss Re to co-develop a digital end-to-end solution for motor claims handling for the European marketplace.
The solution will be based on artificial intelligence (AI) and advanced data analytics, with the two companies set to collaborate to introduce OneConnect’s Smart Claims Solution to Europe.
The product leverages OneConnect’s AI-based image-recognition technology and reinsurer Swiss Re’s risk expertise and market know-how. According to an announcement on the collaboration, the technology offers an efficient, completely digitalised service in seconds for improved user experience.
Utilising photo damage of a vehicle, the solution identifies a repair strategy and estimates how much this would cost within minutes, offering instant cash payouts and additional services including directing drivers to repair garages.
Chief Scientist at Ping An, Xiao Jing, commented: “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.”
Pravina Ladva, Group Digital Transformation Officer at Swiss Re, 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.”
As well as the Smart Claims Solution, OneConnect and Swiss Re are set to explore potential opportunities to collaborate for other digital insurance solutions.