Monday, June 24, 2024

OneConnect and Old Mutual in SA Join Hands to Embark on Digitalization of Life Insurance Business

OneConnect Financial Technology Co., Ltd (“OneConnect” or the “Company”, Stock Code: OCFT.US6638.HK), is thrilled to announce that we have entered into an all-round strategic collaboration with Old Mutual in SA to propel the digital transformation of life insurance business by leveraging both parties’ deep technology expertise and extensive localization experience in financial markets.

With digital transformation a key component of Old Mutual’s customer-centric strategy, the company has been on a multi-year journey towards embedding digitalisation across its operations and was seeking a strong technology partner with abundant knowledge in the insurance sector to overcome challenges presented by customer-centric digital transformation. OneConnect vowed to assist and enable OM (Old Mutual) as its proud strategic partner.

As a well-known insurance corporate established for more than 178 years, Old Mutual is a Pan African Financial Services company that offers a broad spectrum of financial solutions to retail and corporate customers across key market segments in 14 countries, with listings on five stock exchanges.

As an associate company of Ping An Group listed on the NYSE and HKSE, OneConnect leverages on Ping An Group’s extensive integrated finance and fintech expertise of over 30 years in, its proprietary research and development capabilities, ability to provide full-stack product offerings to financial institutions, and being the very first Fintech company dually listed in the U.S. and Hong Kong. With fintech solutions stemmed from large scale business use cases, OneConnect is proud to be selected by Old Mutual in SA market and beyond as its strategic partner.

Omni-channel Agent Solution is the digitalized life insurance flagship product introduced by OneConnect, which provides full-process agent solutions to global insurance institutions. Through integrating advanced AI technology, the product helps insurance institutions digitally transform their agents through specific modules including recruitment, training, prospecting, performance, and customer management, empowering insurance institutions to maximize the efficiency and effectiveness throughout the agent employment process.

May Govender, Acting Group CIO Old Mutual Limited, said, “We are excited to be working with a premier technology company to help us deliver on our ambition to be our customer’s first choice to sustain, grow and protect their prosperity. As part of our technology focus, it was also key for us to find an organisation with a shared vision for digital transformation in addition to strong capability, expertise, and a proven record in the insurance industry. We are choosing an organisation that is not just a technology provider but one that understands insurance and has the scale to fast track our digital transformation journey and give us speed and flexibility to respond to ever changing needs.”

Mr. Chongfeng Shen, Chairman of the Board and Chief Executive Officer of OneConnect, said: “At OneConnect, we will continue leveraging our extensive financial expertise and cutting-edge technology to inject new momentum into the digital transformation of insurance companies. We will also continue to refine our products to better meet market demand. Old Mutual, with over a century of history, chose us as their strategic partner because they believe in our professionalism and the win-win outcomes we can create together. We will maintain a close relationship over the long-term, and propel digital transformation of life insurance together.”

With digital transformation a key component of Old Mutual’s customer-centric strategy, the company has been on a multi-year journey towards embedding digitalisation across their operations. OneConnect’s Universal Agent solution effectively helps agents of Old Mutual in SA improve service efficiency and convert potential customers, thereby contributing to their success in the market.

Mr. Jie Li, Chief Technology Officer of OneConnect, said, “The digital age demands precise data analysis that blends multiple scenarios, and empowering every marketer and agent with technology is particularly crucial. Empowering enterprises with ‘digital employees’ are also a key factor in the global digital transformation of insurance companies. We are delighted to bring our experience in digital transformation, which has been validated by Ping An Group, to the global market.”

Going forward, OneConnect will continue to leverage Ping An Group’s 30-plus years of experience and technological innovations in the insurance industry to create more high quality solutions applicable to South African market for Old Mutual. Both parties will adhere to the principle of win-win collaboration, create a benchmark model for the digital transformation of life insurance companies, and jointly open a new chapter of digital transformation in the global insurance industry.

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