PingAn partners with Indonesian insurer in tech venture

PingAn partners | September 11, 2019

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.

Spotlight

This paper seeks to explain high-level trends in the asset allocation of major life insurers across eight Asian markets over the last four years to 2015, using data collected from various regulatory and audited sources, enriched with subjective commentaries from market participants. This research aims to compare and contrast some aspects of these Asian markets with the United States. Unsurprisingly, the growth rates, product mixes, and investment markets vary across geographies, but one global theme is the current low level of interest rates. This leads to a fundamental challenge in sourcing long-term assets with decent yields and acceptable risks to back life insurance liabilities. Asian insurers can be heavily constrained in what and how much assets they can buy and by the lack of depth and breadth in their respective asset markets. As an example, in Taiwan, the entire government bond market is less than half the size of life insurance industry assets, which is usually not the case for developed markets such as the United States.

Spotlight

This paper seeks to explain high-level trends in the asset allocation of major life insurers across eight Asian markets over the last four years to 2015, using data collected from various regulatory and audited sources, enriched with subjective commentaries from market participants. This research aims to compare and contrast some aspects of these Asian markets with the United States. Unsurprisingly, the growth rates, product mixes, and investment markets vary across geographies, but one global theme is the current low level of interest rates. This leads to a fundamental challenge in sourcing long-term assets with decent yields and acceptable risks to back life insurance liabilities. Asian insurers can be heavily constrained in what and how much assets they can buy and by the lack of depth and breadth in their respective asset markets. As an example, in Taiwan, the entire government bond market is less than half the size of life insurance industry assets, which is usually not the case for developed markets such as the United States.

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