PingAn partners with Indonesian insurer in tech venture

PingAn partners with Indonesian insurer in tech venture | Insurance Business

PingAn partners with Indonesian insurer in tech venture

PingAn’s OneConnect has entered an agreement with Indonesian insurer Asuransi Sinarmas to bring the former’s technological advancements to the fast-growing Southeast Asian market.

The memorandum of understanding was signed by Bi Wei, CEO of OneConnect’s insurance division and Njoman Sudartha, director of Asuransi Sinarmas.

In the first phase of the collaboration, Asuransi Sinarmas will launch OneConnect’s ‘Smart Auto Claims’ solution for its motor insurance products, which will improve operational efficiency and reduce costs, according to a statement by Ping An. The end-to-end auto claims technology uses image recognition, big data and AI to conduct the car damage claim assessments rapidly, thereby improving efficiency and reducing the risk of leakage and fraud, the statement added.

Read more: Ping An fintech arm expands into Indonesia

Asuransi Sinarmas is the insurance arm of Sinarmas, one of the largest conglomerates in Indonesia. The group was founded in 1962 by Huang Yucong, an Indonesian businessman of Chinese descent. The group’s portfolio involves four core industries – pulp and paper, agriculture and food, finance, and real estate.

In succeeding phases, the partnership will roll out OneConnect’s Smart Agent ​​app to help Asuransi Sinarmas with agent training and agent incentive programs. According to the statement, the agent management app effectively improves the retention rate of talents and increases the per capita production capacity.