China's first insurance technology innovation alliance - Baochuang alliance was officially established in Beijing

On November 5, 2020, the Insurance Technology Salon and the inaugural meeting of the Insurance Innovation Alliance was held in Beijing, hosted by PICC Financial Services Company Limited (PICC Financial Services) and organized by PICC Innovation Space. Under the theme of "Openness***Help Connectivity***Win", Mr. Zhou Yanli, member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and special researcher of the Counselor's Office of the State Council, Mr. Xie Ping, President of the Beijing Institute of Financial Science and Technology, Mr. Dong Bo, Secretary of the Party Committee of the Insurance Institute of China and President of the Chinese Institute of Insurance, Mr. Wu Xuefei, Deputy Director of the Management Committee of the Xicheng Park, Mr. Wang He, Former Vice President of PICC Insurance and Vice President of the China Actuarial Association, and Mr. McKinsey and Co. Wang He, Vice President of PICC, Qu Xiangjun, Senior Managing Partner of McKinsey & Company and Head of Financial Industry Consulting in China, Zhang Lei, Founder and CEO of Cars Technology, Wei Chenyang, Vice President of Tsinghua University's Institute of Financial Science and Technology and Director of the China Insurance and Pension Research Center, and many other industry leaders attended the conference and delivered keynote speeches, and many insurance companies, technology companies, consulting organizations, colleges and universities, and venture capital institutions gathered together to draw the blue insurance technology. The company's main goal is to provide the best possible service to its customers.

It is understood that PICC released the industry's first insurance technology incubator and gas pedal "PICC Space" on October 23, 2019, to create a "professional incubation + industry resources + venture capital" innovation incubator by extensively connecting insurance industry resources and insurance technology enterprise ecology, and collaborating with internal and external capital. PICC has been working with both internal and external capital to create a closed loop of innovation incubation by connecting insurance industry resources and the ecology of insurance technology enterprises. Since its establishment, PICC Insurance Innovation Space, adhering to the initial spirit of "openness and association", has organized and carried out a number of thematic activities, such as Insurance Technology Innovation Application Competition and Insurance Technology Innovation Application Acceleration Camp, linking up and serving nearly 100 insurance technology enterprises; planned and implemented a series of online open courses of PICC Academy; and compiled a map of insurance technology innovation applications, focusing on the customer journey and the insurance industry. It also planned and implemented a series of online open courses of Insurance Innovation Academy, compiled an insurance technology innovation application atlas, sorted out 146 business pain points around customer journeys and the internal processes of insurance enterprises, proposed 125 scenarios and solutions for fintech-enabled insurance industry, and explored the formation of the "Insurance Creation Space" and the "Insurance Creation Alliance", The company has also explored the formation of a three-in-one business model of "insurance creation space", "insurance creation alliance" and "insurance creation academy".

Wu Xuefei, deputy director of the management committee of Zhongguancun Xicheng Park, said in his opening speech that in recent years, Xicheng District's scientific and technological innovation strength has continued to grow, and the financial and technological industry has reached a large scale, forming an industry chain of supervision, channels, operation technology, third-party payment and security in the field of financial and technological protection. Xicheng District is giving full play to the location advantages of the core area and the financial street stretching adjacent to the financial street to strengthen the connection between the financial street and Zhongguancun, constructing a new pattern of mutual support and echo of space and industry, realizing that the Haidian scientific and technological resources for the financial institutions in Xicheng to empower the Xicheng financial institutions, Xicheng financial elements to help the Haidian scientific and technological innovation. He said that in the future, under the efforts of Zhongguancun Xicheng Park Management Committee and PICC Jinshi***, more insurance technology enterprises will be stationed in Baochuang Space and Xicheng Park to form the aggregation effect of the insurance technology industry, and at the same time, Zhongguancun Xicheng Park will also give preferential policy support to the stationed insurance technology enterprises, and build Baochuang Union and Baochuang Space into a joint service of the government and large-scale state-owned groups for the dual-venture enterprises, The brand model of promoting industrial transformation and upgrading.

Gu Wei, President of PICC, delivered a welcome speech, in which he proposed that the insurance industry is transforming from high-speed growth to high-quality development, and that innovative technologies such as artificial intelligence, blockchain, Internet of Things, big data, and so on, are more widely used in the insurance industry, and that new technologies, new modes, and new forms are accelerating their integration with the insurance industry, and are working together to change and reshape the entire value chain of insurance, and that insurance technology has become an important driving force for the upgrading of insurance enterprises' capabilities and the construction of insurance ecosystem. Insurance technology has become an important driving force for upgrading the capabilities of insurance enterprises and building the insurance ecosystem. Since its establishment, PICC Jinshi has been aiming at helping the main industry to become intelligent and online, adhering to the development direction of digital insurance and the reform direction of market mechanism, integrating scientific and technological innovation with the change of business model, and making continuous breakthroughs in the fields of automobile service, insurance technology, financial inclusion, payment account, big data application, incubation and investment through the implementation of the strategy of "3+3", which has incubated a number of new enterprises. Through the implementation of the "3+3" strategy, the company has made successive breakthroughs in automotive services, insurance technology, inclusive finance, payment accounts, big data application, incubation and investment, and has incubated and established market-oriented subsidiaries such as Bangbang Auto Service, Aibao Technology, PICC Microfinance, PICC Innovation Investment, etc. At the same time, in terms of corporate governance model, internal and external cooperation model, project research and development model, talent team mechanism to ensure a unique path of financial and technological innovation of state-owned enterprises.

People's Insurance Financial Services Insurance Innovation Space, as the office unit of Insurance Innovation Alliance, President Gu Wei put forward three suggestions on the future development of the Alliance. First, *** with the creation of an open and equal atmosphere of cooperation, the insurance innovation alliance into the insurance industry knowledge *** enjoy, blossom information exchange platform. Secondly, we should work together to activate the momentum of innovation-led cooperation, and make CII a platform for displaying and verifying the achievements of insurance science and technology innovations. The third is to *** with the creation of mutually beneficial *** win cooperation situation, the insurance innovation alliance to promote the insurance science and technology ecological *** with the development of collaborative innovation platform.

The Alliance expects that, with the efforts and support of all industry partners, it will take three to five years to build the Alliance into the most reliable and influential collaborative innovation platform in the field of finance and technology, with the gathering of innovative resources, a perfect innovation ecology, outstanding industrial advantages, and a leading investment capability in the industry.

Zhou Yanli, member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and special researcher of the Counselor's Office of the State Council, first of all expressed his congratulations and expectation for the establishment of the Baochuang Union, and at the same time, launched an initiative to the members of the Baochuang Union's expert committee and the initiating member units. Thirdly, to strengthen ecological chain construction and value chain extension, reflecting customer value creation. Afterwards, he delivered a keynote speech centered on "Comprehensively Building a New Ecology of Insurance Technology Innovation", in which he said that the future development of insurance technology should start from guiding the insurance industry to return to the protection, accelerating the construction of the data element market, improving the protection of independent intellectual property rights, and the interconnection and intercommunication of medical data, so as to further play the role of information technology in promoting the supply-side structural reform of the insurance industry and continuously assist the high-quality development of the insurance industry. First of all, we should actively apply insurance technology to improve the quality of the insurance industry. Firstly, we should actively apply insurance technology to enhance the level and efficiency of protection and promote the insurance industry to further return to the origin of protection. Secondly, it is necessary to accelerate the cultivation of the data factor market and establish a sound system for the protection of data property rights. Once again, it is necessary to strengthen the research and development of underlying technologies and enhance the protection of independent intellectual property rights. The company's main goal is to promote the interconnection of medical big data.

Xie Ping, president of the Beijing Institute of Financial Science and Technology, delivered a speech on the theme of "China's insurance technology regulatory issues". He emphasized that the current rapid development of financial technology and financial innovation must deal with the relationship between financial development, financial stability and financial security. It is necessary to encourage innovation, promote entrepreneurship, but also to strengthen supervision, according to the law, the financial activities are fully integrated into the supervision, and effectively prevent risks.

Dong Bo, Secretary of the Party Committee and President of the Insurance Institute of China, focuses on "Insurance Technology Reflections on Enabling the High-Quality Transformation and Development of the Insurance Industry", and he proposes to realize the high-quality development of the insurance industry in terms of rich products, inclusive business, stable operation, and sustainable development.

Wang He, former Vice President of PICC Property and Casualty Insurance and Vice President of the China Association of Actuaries, presented "Reflections on High-Performance Financial Science and Technology Innovation", in which he mentioned that traditional finance should be more open-minded, and through institutional and institutional innovation, eclecticism, inward attraction and outward linkage, **** with the creation of an ecosystem of financial science and technology innovation, and improve the total efficiency of financial science and technology innovation.

McKinsey global senior managing partner, China financial industry consulting head Qu Xiangjun in the keynote speech titled "Fintech impact under the financial institutions of the winning law and case sharing," said the financial institutions should be from the market insight, integrated experience, digital marketing, digital operation, the next station application, digital talent six aspects of the creation of digital capabilities.

Zhang Lei, CEO of Car Car Technology, shared with the guests on behalf of technology companies from the perspective of "thinking and practice of empowering the digital transformation of the insurance industry". He proposed that insurance technology plays a crucial role in product pricing, intelligent underwriting, wind control anti-fraud, etc., can effectively enhance the user experience, reduce costs and increase efficiency for the enterprise, technology-driven to achieve high-quality development is the road of the industry.

"Globally, the insurance technology venture capital market is very active. The small amount of financing of insurance technology is reduced, the proportion of large amount of financing is increased, the average single financing amount rises, and the financing trend is head concentrated." Wei Chenyang, vice president of Tsinghua University's Institute of Financial Technology and director of the China Insurance and Pension Research Center, said in his keynote speech, "Global Insurance Technology Trend Insight". He pointed out that China's insurance market is in a process of rapid development and fission, and large insurance companies have made digital transformation an important development goal, investing heavily in digitalization construction by virtue of capital and volume advantages. At the same time, small and medium-sized insurance companies rely on technology to form a differentiated competitive advantage, and Internet insurance companies rely on online channels and technological attributes to create a new business model.

At the conference site, Zhou Yanli, member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and special researcher of the Counselor's Office of the State Council, Xie Ping, President of the Beijing Institute of Financial Science and Technology (BIFST), Dong Bo, Secretary of the Party Committee of the Insurance Institute of China (IIIC) and President of the IIIC, Wu Xuefei, Deputy Director of the Management Committee of the Xicheng Park of Zhongguancun (Xicheng Park), Qu Xiangjun, Senior Managing Partner of McKinsey & Co. Wei Chenyang, Director of China Insurance and Pension Research Center of Tsinghua University, and Gu Wei***, President of PICC, unveiled the plaque for the "PICC Alliance".

According to the introduction, the insurance innovation alliance initially consists of 10 angel investment funds, 20 universities and incubation acceleration institutions, 30 head of the insurance enterprises, 100 science and technology enterprises **** with the composition. At the same time by the regulatory authorities, the insurance industry, the consulting industry, the technology industry experts and well-known scholars in the insurance industry *** with the composition of the Advisory Board, for the alliance's system construction and work to provide guidance and professional advice. The alliance will regularly organize online and offline insurance technology innovation courses, annual industry summits, insurance technology themed salons, incubation and acceleration camps, entrepreneurial project roadshows, data validation sandboxes, and other activities, practicing the alliance's concept of *** building ecology, *** enjoying the fruits of the alliance.

Subsequently, the initiating member organizations of P&I Alliance*** participated in the first closed-door meeting of the alliance, and carried out in-depth exchanges on the convention of P&I Alliance and the work plan of the alliance.

List of CII Advisory Expert Committee

(In no particular order)

No. Name Unit/Title

1 Zhou Yanli, Member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), Special Researcher of the Counselor's Office of the State Council, Former Deputy Secretary of the Party Committee of the CIRC, and Vice Chairman of the CIRC

2 Xie Ping, President of the Beijing Institute of Financial Science and Technology, President of Tsinghua Wukoukou Institute of Technology, and Vice Chairman of the CIRC. Research Institute and Professor of Tsinghua Wudaokou School of Finance

3 Dong Bo, Secretary of the Party Committee and President of the Insurance Institute of China

4 Descending Cai Shi, Vice President and Member of the Party Committee of PICC

5 Dr. Wang He, expert of the State Council's Special Governmental Allowance, expert of the National Advisory Committee of Experts on the Development of Big Data, Vice President of the China Association of Actuaries, and former Vice President of the People's Insurance Co. Vice President of People's Property and Casualty Insurance Company of China

6 Dr. Ben Goetzel, International Association of General Artificial Intelligence Ben Goetzel President of the International Association for General Artificial Intelligence (IAAI), CEO of Singularity Studio

7 Toufi Saliba President of the Decentralized Artificial Intelligence Alliance (DAIA), co-founder, director and CEO of Toda Networks, and CEO of Privacyshell. He is a former President of the Association for Computing Machinery (ACM)

8 Martin A. Schwartzman, Principal, SBL Solutions LLC, and former head of the New York Office of the Superintendent of Insurance (OSI)

9 Xiangjun Qu, Head of Financial Institutions Practice at McKinsey & Company China, and Senior Managing Director of McKinsey & Company

10 Howard Zhang, Tax Leader of the Financials Practice at KPMG in China

11 Xu Xian, Dean of the Department of Risk Management and Insurance at Fudan University, Director of the China Insurance and Social Security Research Center, and Director of the China Insurance Technology Laboratory

12 Wei Chenyang, Vice President of Tsinghua University's Institute of Financial Science and Technology, and Director of the China Center for Insurance and Pension Research

No. Sponsoring Members of the Alliance

1 People's Property and Casualty Insurance Company of China Limited

2 People's Health Insurance Company of China Limited

3 People's Life Insurance Company of China Limited

4 People's Insurance Company of China Limited

5 China Prudential Trust Company Limited

6 China Life E-commerce Co. Catastrophe Risk Management Co.

8 Taiping Financial Services Co.

9 Taibao Jinke (Preparatory)

10 Everyone E-commerce Co.

11 Wanlian E-commerce Co.

12 Yangguang Asset Management Co.

13 Swiss Reinsurance Company of China

14 Munich Reinsurance Company

14 Munich Reinsurance Company

5 CITIC Trust Co. 14 Munich Re

15 Tencent Cloud

16 Jingdong Digital Technology Holding Co.

17 IBM

18 Beijing Lenovo Star Investment Management Co.

19 Blue Chill Venture Capital

20 InnoAngel Fund

21 Qidian Star (Beijing) Investment Management Co. Ltd.

22 FastCamp Ventures

23 PICC Innovative Investment Management (Shanghai) Co.

24 Fudan University's China Center for Insurance and Social Security Studies

25 Tsinghua University's Wudaokou School of Finance's Center for Insurance and Pension Studies in China

26 Eli Lilly and Company

27 Plug Plug and Play China

28 Beijing Guo Ke Jin Service Technology and Financial Information Service Co.

29 Molecular Laboratory

30 Jiangmen Investment Management Consultant (Beijing) Co.

31 Beijing Today Bao Information Technology Co.

32 Renmin Bao Jin Service Bao Chuang Space

33 Beijing Car and Car Technology Co. Car and Car Technology Co.

34 Beijing Zhongxin Ebao Technology Co.

35 HongSoft Technology Co.

36 Xinge Intelligent Technology (Beijing) Co.

37 Ebao Network Technology (Shanghai) Co.

38 Aibao Technology Co.

39 Bangbang Automobile Sales Service (Beijing)

39 Bangbang Automobile Sales Service (Beijing)

40 Bangbang Automobile Sales Service (Beijing)

41 Bangbang Automobile Sales Service (Beijing) Ltd. 39 Bang Bang Auto Sales & Service (Beijing) Co.