BEIJING, Oct. 30, 2015 /PRNewswire/ -- CESVICHINA Vehicle Research Center ("CESVICHINA"), a joint venture of Solera Holdings, Inc., based in Westlake, TX USA and MAPFRE Insurance Group, headquartered in Madrid, Spain, today announced it signed the center's first strategic cooperation agreement with the Insurance Society of China, the nation's only academic association for research and policy analysis in the insurance industry. The agreement will set the foundation for broader collaboration among Chinese insurers by leveraging and transferring intelligence from global CESVIMAP research centers into the Chinese market.
As a third party automotive insurance research center, CESVIMAP and its new Beijing-based facility, CESVICHINA, delivers increased efficiency by creating industry standards in claims management, delivering valuable insights through research and providing extensive consulting services to the global insurance market. The centers also supports local education through training and capability assessment consulting, including standard labor time research, group rating, body shop certification, and road traffic accident re-construction.
The agreement between CESVICHINA and the Insurance Society of China will permit both parties to share resources, conduct research and facilitate discussions related to the rapidly expanding and evolving automobile insurance business in China, such as how to respond to new technology challenges posed by the next-generation of sophisticated and computerized automobiles.
"We are very honored and pleased to enter into this agreement with the Insurance Society of China," said Mr. Zhang Xiaoming, General Manager of CESVICHINA. "Together, we will introduce advanced global concepts and standards for the healthy development of China's automobile insurance industry."
The Insurance Society of China said, "Through this cooperation, we will leverage CESVIMAP's global experience and research capabilities to help build industry standards and share learnings with all members in support of the prosperity of insurance theory."
The research is designed to specifically address the current development stage of the Chinese automobile market and will include:
a) Research and development of the repair cost index of insurance claim payments
b) Research targeted to identifying and addressing risk factors related to insurance claims involving new energy vehicles
c) Research related to the development prospect of telematics and UBI, its path of development and its effects on the auto insurance market
The agreement comes on the heels of the CESVICHINA Vehicle Center grand opening event on October 26 in Beijing Goldenport Motor Park. The dedication ceremony welcomed chief executives from the leading insurance companies and automotive OEMs as well as key industry opinion leaders and spurred discussion around the future of China's automotive insurance industry.
About CESVICHINA
CESVICHINA is a joint venture of Solera Inc. and Mapfre Insurance Group. Established in December, 2014, CESVICHINA Vehicle Research Center offers training, standard repair time research, bodyshops certification and other vehicle insurance related third party research consulting services to the insurance and automotive industry. The research center is based in Beijing Goldenport Motor Park, a convenient location with close proximity to the airport, vehicles sales and service facilities of over 20 major brands and a F3 race track. CESVICHINA's 3,500 m2 facility is equipped with professional training classrooms and research areas for labour times, vehicle parts, alternative energy vehicles and accident reconstruction.
About CESVIMAP
CESVIMAP is a MAPFRE subsidiare and the Worldwide leader research center on automotive issues related insurance industry. Based on Avila, Spain, has branches in France, Argentina, Brazil, Colombia, and Mexico. Research findings are disseminated to the insurance industry, car manufacturers, repair shops, tools, equipment, and products for car repair industry. Also is focused in road safety and car security. It has an intensive collaboration with governmental bodies, foundations and professional associations linked with these matters.
About Solera
Solera is a leading provider of risk and asset management software and services to the automotive and property marketplace, including the global property and casualty insurance industry. Based in Westlake, Texas, Solera is active in over 75 countries across six continents. The Solera companies include: Audatex in the United States, Canada, and in more than 60 additional countries; HPI, CarweB and CAP Automotive in the United Kingdom; Informex in Belgium and Greece; Sidexa in France; ABZ and Market Scan in the Netherlands; Hollander, serving the North American recycling market; AUTOonline, providing salvage disposition in a number of European and Latin American countries; IMS, providing medical review services; Explore, providing data and analytics to United States property and casualty insurers; Identifix, providing solutions for the service, maintenance and repair ("SMR") market; AutoPoint and DMEautomotive, providing data-driven tools to enhance SMR experiences and facilitate customer retention and marketing solutions for the retail automotive industry; and I&S, a provider of software and business management tools, third-party claims administration, first notice of loss and network management services to the U.S. auto and property repair industries, specializing in glass claims. For more information, please refer to Solera's website at www.solera.com.
About MAPFRE
MAPFRE is a global insurance group present in 49 countries across five continents. It is the leader in Spanish market, the largest multinational insurer in Latin America and among the top 10 European insurance companies by premium volume. MAPFRE employs more than 37,000 people and has over 27 million customers worldwide. In 2014, the MAPFRE Group had net earnings of $1.1 billion with revenues of approximately $35 billion. For more information, please refer to the company's website at www.mapfreinsurance.com.
Media Contacts:
CESVICHINA:
Shirley Shen
+886 10-59448528
Solera:
Angela Vargo
+1 817-961-4772
