PICC Financial Services, the wholly-owned fintech arm of People’s Insurance Company of China, and Singularity Studio have signed an MoU to open a new accelerator in Beijing to promote the development of AI and blockchain-based services for the insurance market.
The initial focus is on applications such as AI-enabled marketing, linguistic and voice recognition, smart evaluation and settlement of claims, and the use of blockchain to manage the supply chain and identify fraud.
“Technical innovation is deeply affecting the transformation and development of the insurance industry,” remarks Gu Wei, CEO of PICC FS. “Currently we deploy AI and blockchain solutions across a range of product lines and services. This strategic partnership accelerates our AI development plans and provides a platform for global expansion.”
The accelerator programme will be located at the Plug & Play tech center with the aim of working with fintech startups to develop research initiatives, stage training programmes and hold events and seminars.