Ping An Signs Fintech MoU with Indonesian Insurer

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.