Swiss Re to lead AI-driven smart claims solutions in Europe

Swiss Re and Chinese insurer Ping An's OneConnect Financial Technology Co. have partnered to offer artificial intelligence and cloud-based motor claims solutions in Europe.

Using image-based recognition technology and cost prediction algorithms, Swiss Re has designed a digital solution, Smart Claims, to simplify and speed up motor accident claims.

Smart Claims will be piloted in Italy and Switzerland in Q4 2020 before a wider roll out in 2021.

Furthermore, both Swiss Re and One Connect have agreed to explore more business opportunities in the smart insurance space.

"Under the 2 = 1 philosophy we aim at creating new solutions that will accelerate the transformation of our industry towards a more digital world, supporting our ambition to make insurance more accessible with frictionless interaction," said Pravina Ladva, group digital transformation officer at Swiss Re.

Xiao Jing, Ping An Group's chief scientist, added: "Image-based damage recognition technology has successfully enabled Ping An to ease into claims 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."

John Chen, president of Swiss Re China, said: "The new collaboration once again demonstrates Swiss Re's commitment to building a win-win partnership with insurers. With our industrial leading risk knowledge and R&D capabilities, we will continue to partner with Chinese clients to develop innovative, technology-based solutions aiming to deliver better products and services to consumers and to help close the protection gaps in China and around the world."