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ICBC and PICC Roll Out One-Stop Online Service Platform for Car Owners

On July 23, ICBC and PICC announced their strategic cooperation in Beijing, launching the car-owner service platform called “Smart Travel”, which is, according to sources, the first comprehensive online car insurance service platform built by a Chinese bank. Through dynamic combination of car insurance products, financial services and car using services, ICBC and PICC provide car owners with more care-free, convenient and affordable services, which can also drive collaborative industry growth of banking, insurance, rescue, maintenance, driving service, car-washing, car accessories sector, etc..

According to Li Yunze, Vice President of ICBC, the Bank’s online financial strategy is now upgrading towards the “Smart Banking”. By applying financial service capabilities to all kinds of scenarios in production and people’s daily life, the strategy is dedicated to providing the public with easier, more effective and flexible financial service experience. By relying on ICBC’s brand, platform and tech strength, and working together with PICC Group and various social service institutions, this project provides a new service mode for car owners through the platform called “Smart Travel”. Specifically, three mutually beneficial and win-win objectives will be reached. First, it will help customers enjoy convenient services and inclusive finance, meeting diverse demands including online car insurance. Second, it will facilitate standardization and sustainable development of the car insurance industry, thus building a transparent environment for the car insurance market. Third, it will facilitate the effective integration of social resources in finance and car usage, thus promoting joint development of related industries.

Vice President Sheng Hetai of the PICC Group said that China’s financial and insurance industry is now undergoing an unprecedented rebuilding of business order, with behaviors and expectations of customers seeing dramatic changes. Therefore, future competitive edge cannot be built by following the traditional mode of providing single product service. The car insurance cooperation between the two parties is by no means the traditional bank selling insurance policies as an agent, but rather a strategic cooperation between two leaders in the banking and insurance industry, to jointly build a new form of financial and insurance product service by giving full play to their respective expertise, resources and advantages. In this cooperation, PICC property insurance will fully leverage its leading advantages in car insurance pricing, information technology and claim services, and rely on “Smart Travel” to provide car owners with “attentive, reassuring, secure, thoughtful and heartwarming” five-star services, as well as ultimate customer experience for one-stop claim and tech claim.

It is learnt that ICBC is the first bank in China’s banking and insurance market to sell car insurance as an agent via e-channels. The launch of “Smart Travel” is the outcome of ICBC and PICC Group practicing inclusive finance and implementing in-depth integration of customers, insurance, data and information based on the supreme principle of guaranteeing insurers’ safety. The “Smart Travel” builds a biological circle of “people, car, life and finance” by centering on the requirements of car owners, thus facilitating a further upgrade of service level for car owners and advancing a continuous and healthy development of the car insurance industry.