Bank of China Group Insurance engages Milliman and CoverGo to design and build new motor insurance products and platform

Bank of China Group Insurance (BOCG Insurance), a leader in general insurance in the region, Milliman, an international actuarial and consulting firm, are joining forces with CoverGo, leader in insurance technology 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, while CoverGo was engaged to provide its award-winning insurance platform to build products faster with no-code, increase distribution through new digital portals, and improve policy & claims admin through automation. BOCG Insurance agents and customers can now purchase motor insurance seamlessly online through a dedicated agent portal and website

Together, they enable BOCG Insurance to gain a key competitive advantage on the motor insurance market by launching products that truly fit customer’s needs at a much faster rate, while saving major costs on operation. Customer experience is also drastically improved through seamless digital journeys to apply and process claims. A key decision factor in engaging CoverGo was its robust no-code technology and APIs allowing seamless integration with existing systems and agile development with Milliman.

The BOCG Insurance team mentioned: “Milliman’s actuarial expertise and CoverGo’s top level no-code API-driven technology has been a successful and efficient choice to help BOCG Insurance transform digitally and improve customer experience. The project was delivered in an impressively short time frame and in an agile way, being key to this success”

Cathy Hwang, Principal and Consulting Actuary of Milliman: “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: “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”.

About BOCG Insurance

Bank of China Group Insurance Company is an insurance market leader, holding operation licenses for all 17 types of general insurance authorized by the Insurance Authority of Hong Kong.

About Milliman

Milliman is an international actuarial and consulting firm headquartered in Seattle, Washington. Founded in 1947, Milliman today has offices in principal cities worldwide, covering markets in North America, Latin America, Europe, Asia Pacific, the Middle East and Africa, with over 4,500 employees.

About CoverGo

CoverGo is the first fully configurable, modular, no-code, api-driven, insurance platform enabling companies to digitize & streamline their business. CoverGo has 30+ P&C, health, life insurance clients across 3 continents.

Published in the news

Asia Insurance Review: China:BOCG Insurance upgrades motor pricing and ecosystem

Insurance Business Asia: Bank of China enlists Milliman and CoverGo to build motor platform

Insurance Asia: BOCG Insurance streamlines motor insurance platform with CoverGo

Fintech Finance News: Bank of China Group Insurance engages Milliman and CoverGo to design and build new motor insurance products and platform

Fintech News HK: BOCG Insurance Picks Milliman and CoverGo to Revamp Its Motor Insurance Offerings

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