“You are driving on the road but suddenly run into a collision. You take out your smartphone and capture the damage, after that the APP on your smartphone will figure out the car model, damage degree and repair cost automatically. If it meets the relevant underwriting conditions of your, the APP help estimate the damage immediately and let you go directly into claim settlement. It can also lead you to the repair shop. When the repair work is finished, the repair shop will inform you to get your car back through the E-platform. This is how a claim settlement will be like when technology is connected with car insurance.”
——Brian Seldess, Solera Holdings APAC COO & Audatex APAC Managing Director
Recently, International Business Daily had an in-depth conversation with Solera Holdings APAC COO & Audatex APAC Managing Director Brian Seldess about the newest development in the field of insurance technology. The conversation not only aimed to figure out how can Solera Group and its biggest subsidiary Audatex bring the cutting-edge technology to the China insurance market and help boost the development, but also to take a look at Audatex’s strategic layout of auto insurance in 2018.
Below is the report by International Business Daily:
China market brings foreign company huge commercial opportunities
According to OliverWyman’s statistics, the premium income in China reached 3.1 trillion RMB in 2016, the market size of insurance technology is about 363 billion RMB with 31.2% compound growth. Brian Seldess mentioned that the China market was immeasurably big and grew incredibly fast, which provided foreign companies a great deal of commercial opportunities. From the perspective of the market itself has the Chinese market a huge development potential and is even the most important market in Asia at present, as well as Solera Group’s favorite market, as it was in China that many cutting-edge techniques found their application and development for the first time. China is a big innovative market, which has already emerged as a trendsetter.
Brian believed that compared to other markets, the Chinese market was developing by leaps and bounds and more receptive to new techniques, especially in the field of Mobile Internet, Internet of Vehicles and AI. While in many other countries those techniques are still in the air, but here in China they are already put into use. Chinese consumers have a really high level of acceptance and preference to Internet, mobile payment, sharing transportation and SNS, which lays a foundation for digitalization.
World-leading techniques energize the insurance industry
Despite the prosperity in innovations of insurance technology, the application of new techniques in China traditional insurance industry still lack depth.
Brian indicated that Solera Group laid great importance on the accumulation and transition of Chinese insurance industry in the process of digitalization, and its strength of increasing technical. The leading motivation of the establishment of Aibao Insurance Technology is to inject AI technology into the insurance business model, combining Solera’s world leading tech with Audatex’s practical experiences in local market, providing ample statistical and technical support to the hatch of innovative technologies.
According to Brian’s introduction, Audatex, as the wholly-owned subsidiary of Solera Group, is a leading global provider of automobile aftermarket data and solutions. Audatex Platform is processing more than 50% of all electronic automotive claims worldwide, and has established branches in more than 80 countries around the globe to serve the local customers. Set up in 2007, Audatex China has its line of business in auto insurance claims, repairs, parts and other aspects. With years of experience deep into the Chinese market, Audatex China remains a high developing speed and keeps innovating. Data and software it provides run through the whole value chain of the automotive aftermarket. At present, Audatex China cooperate with the top 3 auto insurance companies in China and many other small and medium sized insurance companies, its products and services reach through more than 30 provinces in China.
Finally, Brian said emotionally, “Audatex has witnessed the establishment and rapid development of digitalization in this country since its entrance in the China market in 2007, which also helped numerous corporate customer reduce operating cost, increase benefit, enhance customer experience and improve satisfaction through its collision repair estimation platform and other digital solutions. We believe that China insurance market will further lead the development of the world insurance industry by the use of technology, providing better customer experiences to all the consumers.”
For more detailed report please click: t.cn/REkUYNd