Ping An Signs Fintech MoU with Indonesian Insurer

1 min readUpdated Sep 16, 2019Sep 27, 201911:08 PM

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Ping An’s OneConnect is rapidly making inroads into the regional fintech market including the latest signing of a memorandum of understanding with Indonesian insurer Asransi Sinarmas.

The MoU, signed by OneConnection’s insurance division CEO Bi Wei and Asuransi Sinarmas director Njoman Sudartha, includes an initial phase that will enable the insurer to launch its Smart Auto Claims solutions on the Chinese platform.

Sudartha cited technical strength and in-depth knowledge in AI and blockchain technologies as reasons to select OneConnect as its insurtech partner which is expected to help improve operational efficiency and reduce costs.

Ping An’s statement also details a myriad of technology from OneConnect that will be leveraged to enhance the insurer’s business.

It has a Smart Agent app that can help insurers with agent training and incentive programs. Its agent management app aims to improve talent retention and productivity. In terms of AI, its risk control solution suite includes the usage of image recognition and big data for quick completion of car damage claim assessments.

Asuransi Sinarmas is part of the Sinarma Group, a local conglomerate owned by Indonesian Chinese Huang Yucong, with a global portfolio of businesses spanning pulp and paper; agriculture and food; finance; and real estate.

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What this means

This strategic tie-up with Asuransi Sinarmas, part of a significant local conglomerate, positions OneConnect strongly in Indonesia's digital insurance landscape. Using its advanced AI and blockchain solutions for claims and agent management is a sound move, building on Ping An's established expertise. The focus on operational efficiency and cost reduction directly addresses key pain points for insurers. This contrasts with more traditional retail entries seen with Chipotle in South Korea or Tiffany in Singapore, demonstrating a deeper technological play. The primary risk lies in the smooth integration and adoption of these complex platforms within a large existing structure. We will monitor the reported efficiency gains and cost reductions from Asuransi Sinarmas over the next year.

Aiko Tanaka · Retail News Asia newsroom

Questions & Answers

Which specific OneConnect solution will Asuransi Sinarmas implement first?

The initial phase of the agreement will enable Asuransi Sinarmas to launch OneConnect's Smart Auto Claims solution. This will help the insurer with efficient car damage claim assessments using image recognition and big data.

What benefits does Asuransi Sinarmas expect to gain from this partnership?

Asuransi Sinarmas expects the partnership with OneConnect to improve its operational efficiency and reduce costs. The insurer cited OneConnect's technical strength and expertise in AI and blockchain as key reasons for selection.

What other technologies does OneConnect offer for insurers besides Smart Auto Claims?

OneConnect also provides a Smart Agent app for agent training and incentive programmes, and an agent management app aimed at improving talent retention and productivity. Their risk control solutions also use AI for various functions.

Who owns the Sinarma Group, which includes Asuransi Sinarmas?

The Sinarma Group, a local conglomerate that includes Asuransi Sinarmas, is owned by Indonesian Chinese Huang Yucong. The group has a global portfolio across various sectors, including finance and agriculture.

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