Shenzhen Municipal Financial Regulatory Bureau & Guoren Insurance visit London
From November 7th to November 8th, with the support of CENTI Group Shenzhen Angel FOF, Shenzhen Investment Holdings Co., LTD, Shenzhen Municipal Financial Regulatory Bureau and Guoren Property and Casualty Insurance company attended a business visit to London. The delegation included Yao Fei, deputy general manager of Shenzhen Investment Holdings Co., LTD, Fang Yongbin, chairman of Guoren Property and Casualty Insurance company, Zheng Peng, Business Director and Head of Technology Insurance Division of Guoren Property and Casualty Insurance company, Liu xiangning, deputy general manager of Shenzhen Angel FOF, Sun haixia, head of department of Shenzhen Angel FOF, and Xiao Zhijia, inspector of Shenzhen Municipal Financial Regulatory Bureau participated. The purpose of the visit is to communicate on the cross-border investment and cooperation between the two sides.
On November 7th,2019, delegations from Guoren Property and Casualty Insurance company and Shenzhen Municipal Financial Regulatory Bureau visited Hiscox. Hiscox is an international specialist insurer, underwriting a diverse range of personal and commercial insurance risks. Hiscox UK have over 100 years’ experience in insurance, protecting businesses of all sizes.
Tom Dixon, head of technology of Hiscox, introduced about the types of insurance and development of Hiscox, especially with technology companies.
Through this tour, delegations learned the history and current status of British insurance industry. By communicating the management experience with international and diversity insurance company, delegations from Guoren Property and Casualty Insurance company hoped to establish foundations for future cooperation.
In the afternoon, Guoren Property and Casualty Insurance company and Shenzhen Municipal Financial Regulatory Bureau visited Willis Towers Watson. Willis Towers Watson is an Irish-domiciled global multinational risk management, insurance brokerage and advisory company. The firm has roots dating to 1828 and is the third largest insurance broker in the world.
Karl Sawyer, the specialist in the Insurance industry, introduced about Willis Towers Watson including the branches all over the world. Karl Sawyer also mentioned that Willis Towers Watson provided risk control solutions and insurance brokerage to different kinds of companies. With the development of technology market in UK, Willis Towers Watson also adapts to the trend to develop different types of insurance for different areas and scales of company, from its research and development to post-market sales, as well as supply chain and other aspects of risk aversion and protection.
Delegations from Guoren Property and Casualty Insurance company are very interested in the technology insurance products introduced by Karl Sawyer and said that this matched with the development of the science and technology insurance at the current stage of Guoren Property and Casualty Insurance company. Delegations hoped to cooperate not only in products and channels, but also in joint investment.
Then, George Repard, insurance broker, took delegations from Guoren Property and Casualty Insurance company and Shenzhen Municipal Financial Regulatory Bureau to visit Lloyd’s. Lloyd’s is the world's leading insurance market providing specialist insurance services to businesses in over 200 countries and territories.
As the origin of the insurance industry, the Lloyd's Building retains the insurance industry dating back to the 17th century.
So far, the Lloyd's Building still retains the appearance of the insurance exchange hundreds of years ago, and 99 UK insurance companies have entered the trading floor to conduct business negotiations with insurance brokers.
To conclude, delegations from China communicated and exchanged the latest achievements in scientific and technological fields with British companies through this trip.
On November 8th, 2019, delegations from Guoren Property and Casualty Insurance company and Shenzhen Municipal Financial Regulatory Bureau visited Guy Carpenter. As a reinsurance economic company under the Marsh & McLennan Companies, its vice chairman, Vicky Carter and vice president Mr. Jiang warmly welcomed the delegation.
Mr. Jiang introduced the most fundamental difference between the UK insurance industry and the Chinese insurance industry and won the approval of the chairman of Guoren Insurance. He emphasised the Chinese market is a very important part of Guy Carpenter. Vice Chairman Vicky Carter also said that she has just returned from China and is looking forward to going to Shenzhen to have more in-depth cooperation with the country in the reinsurance business.
In the afternoon, delegations from Guoren Property and Casualty Insurance company and Shenzhen Municipal Financial Regulatory Bureau visited C-Quence, a technology platform that makes it easy for brokers to deliver sophisticated commercial insurance solutions quickly.
Joe Bourne, the CFO of C-Quence hosted a video demonstration of C-QUENCE as an insurance technology company that helps insurance companies and insurance brokers streamline the quotation process, background checks and documentation procedures. Joe specifically mentioned that the commercial insurance quotation process in the UK market generally takes 2-3 weeks. However, through the C-QUENCE platform, insurance brokers can simply obtain customer information and get the insurance product portfolio recommended by the back-end algorithm.
Delegations from Guoren Property and Casualty Insurance company expressed that “There is no “insurance broker” in the Chinese market yet, and the functions of general insurance technology companies are often turned into insurance companies to sell insurance policies.” While Guoren Property and Casualty Insurance company is in the transition stage, in line with the prosperity and development of the Shenzhen technology market, the company is also looking for suitable insurance technology companies to help them achieve internal process optimization and transformation, and hope to have more follow-up with C-QUENCE.
To conclude, delegation from China learned and exchanged information with these British companies. Through this trip, it promoted the cooperation between Chinese and British companies.
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