Reinsurer reveals plans for digital transformation

State-owned reinsurer China Re Group launched its digital transformation strategy in Beijing on Tuesday, making arrangements for the group's transition in the coming five years.

According to the strategy, China Re will promote the integration of technology and business, fully leverage the advantages of reinsurance, actively carry out risk reduction services and provide comprehensive risk solutions with technology at the core.

Feng Jian, general manager of the Information Technology Center of China Re, said: "We plan to design a unified enterprise-level digital infrastructure, so that data can be shared within the industry, and system application modules can be combined flexibly."

By 2035, China Re expects to become a world-class comprehensive reinsurance group empowered by digital technology.

Wang Yuxiang, deputy head of the Insurance Association of China, said: "Industry players should actively adapt to the trend of digital transformation, create a good digital ecosystem, and form their digital advantages."

Wang Jianping, a partner of finance at Pricewaterhouse Coopers China, said: "By empowering the financial industry with data, we could reduce costs, improve quality and efficiency and explore business model innovationnso as to empower real economy. In the future, there is still infinite imagination and development potential for the application of digital technologies in the financial industry."