China-based technology unicorn OneConnect wins the 2019 Real Results Awards granted by International Data Corporation (IDC), the world’s renowned provider of market research data, with its proven Smart Fast Claim technology and its successful application in real life scenarios.
IDC presented the 2019 Real Results Awards in recognition of technology-enabled companies that truly deliver measurable and future-oriented changes to financial institutions in the global financial services industry. OneConnect’s Smart Fast Claim solution received the award by distinguishing itself from technology projects worldwide.
OneConnect is a leading technology-as-a-service platform for financial institutions in China, and an associate of Ping An Insurance (Group) Company of China, Ltd., one of the largest financial services companies in the world. OneConnect integrates extensive financial services industry expertise with market-leading technology to provide technology applications and technology-enabled business services to financial institutions. These solutions enable customers’ digital transformations, which help them increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.
OneConnect has been aggressively developing its presence in the insurance industry for many years. Based on AI technology and incorporating a massive number of service scenarios and cases, OneConnect provides intelligent insurance technology solution that enables traditional insurers to complete their technological transformation and reshape the overall insurance ecosystem. In terms of intelligent risk control, especially in the vehicle insurance sector, OneConnect has created the Smart Fast Claim solution which offers a professional, end-to-end auto insurance claim settlement service.
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The Smart Fast Claim solution, which won the 2019 Real Results Awards, comes equipped with a best-in-class database alongside professional risk management and control, covering 100,000 car types and 28.7 million data records on spare parts. At the same time, AI image recognition can accurately match each claim with databases covering vehicles, auto parts, repair facilities and costs for services. Insurance companies can determine the appropriate damages to be paid out in seconds, which improves efficiency, and reduces the risks of claims leakage and insurance fraud. The solution also integrates physical third parties, including towing, parts providers and claims adjusters, achieving an end-to-end, closed-loop management of all online and offline aspects related to insurance claims and claims adjustments from reporting to closure of a case, successfully achieving what Ping An has termed as the “Smart Fast Claim solution+” transformation of a sector for which such an upgrade has been long overdue.