Pacific Life Re has teamed up with Sapientus, the big data analytics unit of Chinese mobile services and data firm FingerMotion, to boost the effectiveness of its insurance solutions in China.
Under the agreement, the reinsurer will utilise Sapientus’ proprietary approach to analytics by gathering data from novel sources and filtering them with the help of advanced algorithms.
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Sapientus focuses on data mining and predictive algorithms to allow refined evaluation of insurance customers.
Its proprietary risk analytics platform rests on a modular data structure to accommodate a continually expanding data repertoire, noted the reinsurer.
This supports integration with a range of external data sources and partners’ inputs, faciliating ongoing model refinement.
The latest partnership is in line with FingerMotion’s aim to apply behavioural insights to enhance value for the insurance sector.
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By GlobalDataFingerMotion CEO Martin Shen said: “We believe we can form the foundation of a new business model with Pacific Life Re augmenting the insurance value chain, from more efficient insurance underwriting journey to claims management process.
“Having an integrated platform that queries and interprets data in real-time is a giant leap forward in the industry.”
The reinsurer expects the partnership to improve its existing underwriting and claims management processes.
This would in turn, enhance its capabilities in offering various value-added services to its insurer partners, it said.
Pacific Life Re head of Greater China Chan Keng Hong said: “We are confident that this joint undertaking will provide us with greater opportunities to present a wider range of novel and innovative solutions in order to grow and reinvigorate the China insurance industry.”
A year ago, Pacific Life Re assumed £10bn of longevity risk from pension schemes of Lloyds Banking Group.
