Aviva partners with Tencent to boost insurance digitalization

Aviva-Cofco Life Insurance announced Thursday a strategic partnership with Tencent Holdings in developing a big data lab, as the latest commitment to leverage tech power in developing business.

The big data lab co-developed by Tencent is an important step in Aviva’s insurance digitalization. “Working with Tencent can help us better understand our customers and enhance our precision marketing with data sets,” said Yu Ning，president of Aviva-Cofco Life Insurance.

Tencent is working on a big data analysis model that can better cover Aviva-Cofco’s preferences and needs. Going forward, Tencent will focus on pinning down Aviva-Cofco’s target customers and improving their user experience by implementing artificial intelligence.

“The implementation of big data in insurance can also help with risk management and further reduce management costs,” said Yu. “Our customers can enjoy a better product with a lower price.”

Aviva Plc, the British shareholder of Aviva-Cofco, has been reshaping the industry with its implementation of digital technologies. Starting from 2014, the company has cultivated a specialized group aimed at big data analysis and online sales.

To date, Aviva has been investing more than 100 million pounds ($133.7 million) in insurance digitalization and related research on a yearly basis.

Liu Yukun contributed to this story