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NavInfo bought a share to power the technological transformation of China Continent Insurance

 The other day, CBRC approved in the issued document of the alterations of registered capital of China Continent Insurance, which means the scheme of increase in capital and share was formally approved by CBRC. Prior to that, a Share Subscription Agreement was concluded and signed by China Continent Insurance and strategic investors, wherein, financing in an amount of RMB 10.67 billion targeting at 9 investors will be in a form of issuing new shares, and the issue ratio will be 31% of the general capital after the capital increase.

A previous announcement of CHINA RE showed that, among the above investors, except Ningbo Development & Investment Group, the other 8 are new investors as follows: Yunshan Capital, CES Capital, China Eastern Industrial Investment, New China Life Insurance, SAIC Qixiang, Zhongjin Qitong, General Investment and NavInfo.

It was publicly showed that NavInfo, as the fourth and first largest digital map provider in the world and in China, is an A-share listed company, which is mainly engaged in navigation map and dynamic traffic information service. In 2014, Tencent purchased 11.28% of shares of NavInfo and became the second largest shareholder.

At present, cloud computing and AI technology have penetrated into the insurance industry and played an unprecedented role like engine. Strong technical strength of the new shareholder - NavInfo may enhance the data mining and analysis capabilities of China Continent Insurance in big data, "product factory", artificial intelligence, etc.
In fact, over the past two years, China Continent Insurance has also been quietly transforming into the direction of "insurance + technology". One of the "three news + three focuses" strategies is that "new system, focus on technology, to achieve upgrading of business tools from the IT system support to the technology leading, with the aim to promote the value of the company through technological drive and empowering innovation, to establish a new unique competitive advantage, to form a new business growth point, to boost the strategic transformation of "insurance + technology", and to finally realize the transformation and upgrading of new insurance company with outstanding customer service capabilities, excellent technological capabilities and superior comprehensive competitiveness. According to reports, a new generation of core business systems fully contributed by China Continent Insurance will be online in November. The leading system in the industry will greatly support its technological transformation.

This time, the new shareholder and strategic investor - NavInfo, with the strong technical strength, will undoubtedly inject greater energy of innovation and development into China Continent Insurance, and help to smooth its transformation and upgrading. It was noteworthy that among these investors, China Continent Insurance invited NavInfo, an industry leader of big data technology. Moreover, on June 28, NavInfo made a formal announcement that the proposed joint stock company - China Continent Insurance Co., Ltd. was approved of the alterations of registered capital by CBRC.

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