Swiss Reinsurance Company and OneConnect Financial Technology have partnered to co-develop a digital end-to-end motor claims handling solution for the European market.
The companies will roll out the Smart Claims Solution, which combines OneConnect’s AI-based image-recognition technology and Swiss Re’s risk expertise and market know-how.
The solution is designed to identify the required repair strategy based on photos of the vehicle damage and estimate the cost of repair within minutes. It can also provide immediate cash payouts and additional services such as directing drivers to a repair garage.
This new solution is expected to enable insurance companies to benefit from process efficiency and insights from the analysis of damages and repairs.
Ping An Group chief scientist Xiao Jing said: “Image-based damage recognition technology has successfully enabled Ping An to ease into claim digitalisation and automation. This solution allows our customers to enjoy the touchless claim service. I am delighted to see this proven technology taken to Europe by OneConnect and Swiss Re.”
OneConnect, an associate of Ping An Group, is a technology service platform for financial institutions in China. The company develops end-to-end solutions to help customers manage risks, improve service quality and efficiency while increasing revenue.
Last year, OneConnectfiled an initial public offering (IPO) in New York to raise $100m and list its shares on NASDAQ stock exchange.
Commenting on the development, 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.”
Both Swiss Re and OneConnect have plans to expand the collaboration for other digital insurance solutions.