Solera Holdings will invest $5 million (USD) to support the rapidly growing Chinese automobile insurance market with the creation of a Solera Technology Center (STC) research facility.
“The STC was created as a joint venture in 2011 between Solera and global insurer MAPFRE to help modernize the insurance ecosystems of growing and emerging countries throughout the world with data-based science, predictive software, and technology-focused education and training for the P&C industry,” according to a company statement.
In October of this year, the company will officially open a Beijing research facility designed to collect and analyze critical automotive data that advances vehicle safety, improves insurance claims efficiency and balances underwriting economics. The facility will enable the collection of technical car and repair data, the creation of traffic accident reconstruction reports, the development of car ratings for the insurance industry, training for insurers and repairers, and certification for repair shops.
“STC is the first to announce a multi-million dollar investment to build an advanced vehicle research center to help modernize the Chinese car insurance industry,” says Tony Aquila, Solera’s founder, chairman and CEO.
“Although China will soon become the second largest auto insurance market in the world, it is still in the early stages of adopting technology and software to respond to claims inflation with risk-based pricing models. STC China will work to enhance insurer margins by delivering accurate information systems, education programs and global industry standards to all insurance companies in China,” he adds.
The STC has provided comprehensive technical training for nearly 2,000 Chinese professionals who work within the vehicle insurance, repair and appraisal industries. The facility is a new step for the partnership.
“We are proud to partner with Solera to help bring technology-centric auto insurance systems and training to fast-growing markets such as China,” says Ignacio Juarez, managing director of CESVIMAP, the vehicle safety research facility of MAPFRE. “The state-of-the-art research facility we are constructing in Beijing will serve as a model for future STC initiatives worldwide.”