Bank of China Group Insurance (BOCG Insurance) announced that it has joined forces with international actuarial and consulting firm Milliman as well as Hong Kong’s insurtech firm CoverGo.
The partnership was formed to streamline BOCG Insurance’s motor insurance ecosystem and customer experience.
BOCG Insurance has engaged Milliman to implement new rates for motor products, through advanced actuarial and machine learning techniques.
Meanwhile, CoverGo will provide its insurance platform to build products faster with no-code, increase distribution through new digital portals, and improve policy and claims admin through automation.
BOCG Insurance said that its agents and customers can now purchase motor insurance seamlessly online through a dedicated agent portal and website.
The company added that customer experience will also be drastically improved through seamless digital journeys to apply and process claims.
Cathy Hwang, Principal and Consulting Actuary of Milliman said,
“We are excited to partner with CoverGo to build an advanced data analytics solution for BOCG Insurance, which covers the full spectrum of the value chain from technical pricing support to digital system transformation and distribution of products”.
Tomas Holub, CEO of CoverGo said,
“We are delighted to assist BOCG Insurance on their journey towards full digital transformation.
BOCG Insurance has shown a clear commitment to digitize and streamline their motor insurance ecosystem in an efficient and scalable way with CoverGo”.
