CDO of P & C and VP of the Technology Center of Intelligence , Dong Li , shares how Sunshine Insurance has maintained its competitive edge through its technology strategy
SUNSHINE INSURANCE GROUP
CDO of P & C and VP of the Technology Center of Intelligence , Dong Li , shares how Sunshine Insurance has maintained its competitive edge through its technology strategy
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S unshine Insurance Group is the seventh largest insurance company in China . One of its subsidiaries , Sunshine P & C Insurance Co ., has won a number of awards under the leadership of its Chief Data Officer and the Group ’ s Vice-President of the Technology Center of Intelligence , Dong Li .
In late 2018 , the company earned the prestigious award for its ‘ claim management through technology ’ project , which was granted by Insurance Association of China ( IAC ). “ In that project , AI was implemented to classify ID cards , receipts and other documents required for claim submissions and handling , and to evaluate vehicle damage levels , all through our own Optical Character Recognition ( OCR ) system and a partner ’ s image recognition algorithms ,” shares Li . Another significant award achieved by the company was the ‘ intelligent auto insurance pricing platform ,’ which was granted by China Information Association . “ In that project , big data predictive models were developed through machine learning ( ML ) to reduce thousands of customers ’ external data dimensions ,” he explains . “ The models came up with more accurate predictions of auto loss ratios , enabling differentiated pricing
SEPTEMBER 2019