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OneConnect Wins People’s Bank of China Fintech Development Award for Third Consecutive Year

The People’s Bank of China (PBOC) recently announced the winners of the 2023 Fintech Development Award (“PBOC Fintech Award”), recognizing OneConnect for its Car Insurance Customer Platform Development Project in partnership with Ping An Property & Casualty Insurance Company. The project was awarded second prize, marking the third consecutive year that OneConnect has received this prestigious honor. This achievement highlights the company’s ongoing innovation in fintech and its significant contributions to empowering the financial sector through technology.

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Revolutionizing the Auto Insurance Experience

The Car Insurance Customer Platform Development Project is built around a service philosophy of “Convenience, Time-Saving, and Cost Efficiency,” aiming to enhance the car insurance customer experience. The project developed an intelligent, platform-based, one-stop “insurance + service” ecosystem to address car owners’ frequent needs, such as vehicle use and maintenance. Offering a diverse range of services powered by AI, the platform provides intelligent recommendations and personalized features, transforming customer demands into tailored value propositions.


The platform also simplifies the insurance process—from policy selection to claims—delivering an optimal user experience. By integrating product and strategy engines, it accommodates diverse customer needs while enabling ecosystem partners through an open platform and operational analytics tools. This collaborative model has driven comprehensive transformation in the auto insurance sector.


Technological Innovation Driving Precision and Efficiency

The project established a multi-tiered intelligent service system to enhance operational precision and customer experience. A key innovation is the differentiated pricing model, which integrates customer, vehicle, and market data to enable personalized and dynamic pricing through advanced modeling techniques. This approach has improved risk identification and management, ensuring operational stability.


The platform incorporates multi-model integration methods, such as linear regression and neural networks, to refine pricing strategies. These advancements have resulted in a 16.9% improvement in pricing differentiation and an accuracy rate exceeding 98%.


A Thriving Ecosystem and Significant Results

The platform has attracted over 260,000 partners, creating a leading open marketplace for the automotive after-sales sector. By combining open access with targeted traffic delivery it has helped partners achieve digital transformation and enhanced operational efficiency across the industry. Since its launch, the platform has recorded over ¥212 billion in transactions with a 65% service repurchase rate, reducing costs and setting a benchmark for intelligent, platform-based operations in the auto insurance sector.


To date, the project has secured 378 core technology patents and published research findings in over 30 leading global journals. Additionally, the Good Car Owner App has received numerous accolades, including “Best Car Owner Service App of the Year” and the “Shenzhen Artificial Intelligence Technology Progress Award,” further solidifying Ping An Group’s leadership in technological innovation.


About the PBOC Fintech Development Award

Established in 1992, the PBOC Fintech Development Award is the only national-level award in China’s financial sector, recognizing exceptional technological innovations across banking, securities, insurance, and payments. For the 2023 award, over 621 projects were submitted, with 257 winners selected after rigorous evaluations, including preliminary and final reviews by a panel of fintech experts.


A Proven Track Record in Fintech Excellence

This latest recognition underscores OneConnect’s remarkable achievements in technological and business model innovation. Leveraging its advanced capabilities in AI and big data, OneConnect has been named to KPMG’s China’s Top 50 Fintech Companies for six consecutive years and has featured in the IDC FinTech 100 Global Rankings. The company has also received top honors, such as the Wu Wenjun Artificial Intelligence Science and Technology Progress Award.


Empowering the Financial Sector’s Digital Transformation

As Ping An Group’s dedicated fintech solutions provider, OneConnect leverages its comprehensive expertise to deliver tailored digital transformation products and solutions for banks, insurers, and other financial institutions. Looking ahead, OneConnect remains committed to advancing innovation, exploring cutting-edge applications in financial technology, and supporting the financial sector’s digital transformation. By offering enriched “AI+” solutions, OneConnect aims to accelerate the integration of fintech with the real economy, contributing to sustainable economic growth and high-quality development.


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