The People's Bank of China recently announced the list of winners of the "2023 Financial Technology Development Award" (hereinafter referred to as the "Golden Award"), and the "vehicle insurance customer platform operation and construction project based on good car owner APP" declared by OneConnect and Ping An Property Insurance won the second prize. This is also the third consecutive year that Financial One Account has won the Golden Hair Award, following the "Smart Bank One Stop System Platform" in 2021 and the "Financial Data Privacy Computing Platform" in 2022.
The "Platform based Operation and Construction Project for Car Insurance Customers Based on the Good Car Owner APP" is based on the service concept of "worry free, time-saving, and cost-effective", with the core of improving the car insurance customer experience. By building an intelligent and platform based online one-stop "insurance+service" platform, it provides accurate and convenient diversified services around the high-frequency needs of car owners such as using and maintaining cars.
In terms of technological innovation, the project has established a multi-level intelligent service system to drive business refinement and improve customer service experience through technology. Firstly, the platform has established a three in one differentiated pricing system, integrating customer, vehicle, and market data. Through high-precision modeling and analysis, personalized and dynamic precise pricing can be achieved. This differentiated pricing system greatly enhances risk identification and management capabilities, effectively ensuring the operational stability of the platform. In addition, the project incorporates multiple model integration methods in intelligent pricing technology, including linear regression, neural networks, and other algorithms, iteratively optimizing pricing strategies, resulting in a 16.9% increase in pricing discrimination and an accuracy rate of over 98% for pricing models.
In terms of ecological construction, the platform has attracted over 260000 partners to settle in, creating a leading open platform in the automotive aftermarket. Through the open platform and precise traffic delivery, it helps partner merchants achieve digital operations, significantly improving the overall efficiency of the industry. Since the promotion of the project, the transaction volume of orders has exceeded 21.2 billion, and the service repurchase rate has reached 65%. Through intelligent and self-service, the platform has significantly reduced labor costs and improved overall business efficiency, setting a model for intelligent and platform based operations in the auto insurance industry.
As of now, the core technology of this project has obtained 378 patents, and the related technical research results have been published in more than 30 top journals worldwide. At the same time, the Good Car Owner APP has also won multiple domestic awards such as the "Best Car Owner Service APP of the Year" and the "Shenzhen Artificial Intelligence Technology Progress Award", further establishing Ping An's leading position in the field of technological innovation.
The Golden Hair Award is the only ministerial level scientific and technological award in the domestic financial field. It was established by the People's Bank of China in 1992 to select outstanding scientific and technological innovation achievements in the domestic financial field. Its participation covers the leading institutions in banking, securities, insurance, payment and other fields.
As the only external fintech export window of Ping An Group, Financial One Account relies on the group's comprehensive financial and fintech advantages to concentrate resources on creating products and solutions that meet the digital transformation needs of financial institutions such as banks and insurance. In the future, Financial OneConnect will continue to deepen technological innovation, explore innovative applications of technology in financial related fields and scenarios, and strive to do a good job in the "five major articles" of finance. With rich "AI+" solutions, it will empower the digital transformation of the financial industry, promote the deep integration of financial technology and the real economy, and contribute to the high-quality development of the economy.