Innovation win for SCOR Smart Credit at the Hong Kong Insurance Awards
Winner of the 2024 Most Innovative Product/Service Award - General Insurance
At the 10th Hong Kong Insurance Awards, held on October 24th, SCOR P&C won the Most Innovative Product/Service Award - General Insurance for its data-driven underwriting engine, SCOR Smart Credit.
This award recognizes a “company who has developed a new product/service or created new revenue opportunities and market share by revamping an existing product/service.”
SCOR Smart Credit is an applied data-driven underwriting engine that takes an innovative approach to digital underwriting by analyzing data from various sources, using an underwriting algorithm developed by SCOR. This makes risk assessment much faster than with traditional, manual underwriting methods, and enhances overall portfolio quality by creating efficiency, effectiveness, and consistency for the insurer.
SCOR Smart Credit formed the basis for the launch in May 2024 of the first trade credit insurance cover offered by Hong Kong Export Credit Insurance Corporation (HKECIC), as part of a collaboration between SCOR, HKECIC and Hong Kong fintech company FundPark designed to support cross-border e-commerce trade.
George Leung, Chief Executive Officer of SCOR Reinsurance Co. (Asia) Ltd., commented: “Over the past 50 years, SCOR has been working with our clients and partners in Hong Kong on projects and initiatives with innovative ideas that deliver positive impacts to society. We believe in collaboration and ensure that all valuable insights and expertise are actively pursued. We encourage and support colleagues in taking calculated risks to drive innovation and overcome difficult challenges. This award confirms that our long-term commitment is recognized and bearing fruit. Building on this solid base and SCOR’s strong client relationships, we will continue to participate in building innovative solutions to meet future needs and achieve profitable growth in the coming years. Taking this opportunity, I would like to thank our two partners in this project (HKECIC and FundPark) as well as my colleagues in Asia Pacific and at Head Office for their efforts, hard work, and understanding.”
