SHANGHAI, Feb. 5, 2018 /PRNewswire/ -- 2018 has been off to a strong start with the establishment of insurance technology company Aibao Insurance Technology Co., Ltd. in Beijing. Aibao Insurance Technology's startup team underwent a year of incubation and received investments totaling RMB 200 million from PICC Financial Services, Bitauto, 58 Group, and Solera Holdings (United States). It was the largest first-round financing in the insurance technology sector this year. The highly accomplished investor lineup consists of PICC's extensive resources and brand endorsements in the insurance industry as well as abundant resources of 58.com and Bitauto in the automobile industry, insurance, consumer life and other vertical sectors. Its data and technology development is endorsed by world-leading tech giant Solera Holdings Inc.
PICC Group Vice President & PICC Financial Services Chairman Xie Yiqun, PICC Financial Services President Gu Wei, 58 Group CEO Yao Jinbo, Bitauto Chairman Li Bin, Solera Holdings APAC COO & Audatex APAC Managing Director Brian Seldess, and ArcSoft CEO Deng Hui attended the launch event on January 30.
Aibao Insurance Technology position itself strategically as an insurance technology service platform. Solera's APAC COO & Audatex APAC Managing Director Brian Seldess shared his view on the investment, saying "China as one of the fastest growing insurance markets in the world, has always been a strategic landscape in Solera's global footprint. In fact, we established our presence in China through our biggest children company Audatex since 2007. Being at the forefront of technology innovation, we have always been a pioneer in digitalization. Audatex has helped many insurers to optimize workflow, increase efficiency and work effectiveness in millions of cases through our data capability and technology. As part of our mission, we continuously look for ways to further help our insurance clients. That's how we see the biggest value in Aibao Insurance Technology. Based on its AI technology development, we believe Aibao can be a game changer to the industry, bringing more competencies to local insurer and significantly advance local practice."
About Solera
Founded and continuously led by inventor and entrepreneur Tony Aquila, Solera is a global leader in digital technologies that manage and protect life's most important assets: our cars, homes and identities. Since its inception in 2005 as a garage-based startup, Solera has grown aggressively with over 40 acquisitions across its Risk Management Solutions, Service Maintenance & Repair, and Customer Retention Management platforms. The company's current product solutions include Audatex, Autodata, AutoPoint, CAP/HPI, Digidentity, Enservio, Explore Data, Hollander, Identifix, Inpart, LYNX and TitleTec, as well as the company's flagship Digital Garage application. Today, Solera processes over 300 million transactions annually for approximately 200,000 partners and customers in 80+ countries. Unified by a strong culture that values uncommon entrepreneurial thinking and continuous "do-it-different" innovation, Solera's global workforce of 6,000+ associates comes from diverse forward-thinking industries that include automotive technology, artificial intelligence, software development, data sciences, cybersecurity, cognitive design, and digital identity protection.
About Audatex
Audatex is a leading global provider of automobile aftermarket data and solutions. We process more than half of the world's auto claims every year. Entering China in 2007, Audatex provides optimized digital solutions and professional training for insurers, dealers and OEMs in their auto claims, auto repair and parts checking & procurement process.
As a global technology leader, at the heart of our design is the users of our product. We are dedicated to provide our service and solutions to local clients and help them automate their process, increase efficiency and productivity, and maximize business results. In 2017, Audatex has more than doubled its import and export vehicle data coverage to over 95 percent of all cars on Chinese roads. Audatex China's comprehensive profile of more than 166 million vehicles marks an unprecedented milestone in the aggregation and normalization of automotive data for the largest car market in the world, and is expected to drive technology-focused innovation to advance China's automotive insurance infrastructure and development.
