Monday, December 25, 2017

Aviva-COFCO launches big data laboratory in collaboration with Tencent Financial Cloud Cooperation set to capture digital insurance opportunities

Aviva-COFCO Life Insurance (“Aviva-COFCO”) and Tencent Financial Cloud today announced a strategic partnership to jointly set up the “Tencent Financial Cloud - Aviva-COFCO Big Data Laboratory” ("Laboratory”) in China. The newly established Laboratory will focus on combating financial fraud through financial cloud computing, providing artificial intelligence (AI) in customer service and improving risk management. 

The partnership aligns with Aviva’s “Digital First” strategy, and Aviva-COFCO decided to collaborate with Tencent Financial Cloud to capture increasing opportunities presented by big data and digital itonsurance. AI, cloud computing, big data and blockchain are already gaining traction in China’s financial sector where implementation of its national big data strategy will further accelerate the pace of digitalisation across the country.

Richard Yu, Aviva-COFCO’s President said:

“Our strategic partnership combines the power of Aviva-COFCO’s financial data with big data analytics expertise of Tencent Financial Cloud. This synergy will disrupt the financial services industry and provide convenient, fast, comprehensive and attractive financial products and services to corporate and individual customers.”

As part of its “Digital First” strategy, Aviva invests approximately £100 million in digital transformation every year. It has set up Digital Garages worldwide to innovate, explore, and test new digital insurance ideas, as well as provide capability support and drive digital initiatives across its businesses, including Aviva-COFCO, in which Aviva owns a 50% stake. In January this year, Aviva has also announced an agreement with Hillhouse Capital and Tencent to launch a digital insurance company in Hong Kong.

Aviva-COFCO has been an early adopter of innovation and big data applications in insurance. Since 2014, the company has set up a dedicated big data team and an independent online sales department which have conducted pilot projects on various areas including data analysis, AI in customer service and innovative product design. To serve a wider business community, it is planning to launch an independent intermediary that is based on big data and driven by internet technology in 2018.

Tencent Financial Cloud has rich experience in cloud computing, big data and AI. As part of its work on integrated solutions for the insurance sector, it has also carried out innovative trials in areas such as insurance risk control, claims, customer service and sales. 

The Laboratory plans to work in the following areas:

Anti-fraud. Through financial cloud computing, Aviva-COFCO will use Tencent Financial Cloud’s big data analytics to identify financial fraud and improve customer’ risk models in ways that can be directly applied in underwriting.

AI in customer service. Using Tencent Financial Cloud’s insurance customer service robot, Aviva-COFCO will perform multi-faceted application trials in its comprehensive smart system, including using big data to analyse frequently-asked questions of customers, smart association and information exchange.

Risk control system. Aviva-COFCO will leverage Tencent Financial Cloud to improve risk control models and multi-dimensional customer profiling, which will be applied in underwriting and claim assessment processes.

Aviva Asia

Aviva operates in seven markets in Asia (Singapore, China, Indonesia, Hong Kong, Vietnam, India and Taiwan).

Aviva is a top tier insurer in Singapore and one of the biggest providers of employee benefits and healthcare insurance. 

As at 30 June 2017, Aviva-COFCO ranked number 9 among 27 foreign life insurers in China in terms of APE, operating in 14 provinces with over 89 branches.

In Indonesia, Astra Aviva Life is an equal joint venture between Aviva and Astra International, one of Indonesia’s largest diversified conglomerates, to sell and distribute insurance products.

Aviva has had a presence in Hong Kong for more than 150 years. In January 2017, Aviva entered a joint venture partnership with Hillhouse Capital and Tencent to develop an insurance company, focusing on digital insurance.

In Vietnam, Aviva acquired the 50% shareholding of VietinAviva from VietinBank in April 2017 to establish Aviva Vietnam Life Insurance Company Limited, a wholly own subsidiary of Aviva. 

Aviva partners in India with the Dabur Group, one of India’s oldest and most respected business houses and one of the largest producers of traditional healthcare products, and has a distribution network of over 100 branches and 13,500+ financial planning advisers.

In October 2017, Aviva announced selling its entire shareholding in First Aviva Life to First Financial Holding Co. Ltd., its joint venture partner in Taiwan. 

In July 2017, Aviva announced the sale of Friends Provident International. 

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