OneConnect Financial Technology Co. Ltd. (OneConnect), an associate company of China’s insurance giant Ping An Group, announced earlier this week it has joined forces with Swiss Reinsurance Company Ltd. (Swiss Re) 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 duo will notably collaborate to introduce OneConnect’s Smart Claims Solution to Europe.
OneConnect reported that the solution uses its AI-based image-recognition technology and Swiss Re’s risk expertise and market know-how. The technology also 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.”
Xiao Jing, Chief Scientist of Ping An Group, further explained:
“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.”
Besides the Smart Claims Solution, OneConnect added that it and Swiss Re will explore collaboration opportunities for other digital insurance solutions.
