Meet Bee Tech: our market-leading underwriting and claims platform in China

Bee Tech, a SCOR Group company, is China's first tech offshoot of a local reinsurer. Here we present a snapshot of Bee Tech's background and core offerings, and how they are transforming the Chinese insurance landscape as a pioneer.

Surpassing targets from day one

Officially established in 2021, Bee Tech started as a project within an innovation team in SCOR China, with the vision to effectively quantify and manage insurance risk. It was founded by Tiger Li, who is also Head of Business Development Fast Growth Asia for SCOR Digital Solutions. 

As a subsidiary of SCOR, Bee Tech has a strong foundation in underwriting and claims expertise, paired with the team's robust knowledge of the local market. The success of their innovation and technical advances is evident, as they greatly exceeded revenue projections within the first three years of launch.

Innovating insurance risk in China

Bee Tech presents two signature offerings: 

TKEyes, a risk quantification platform that started in 2016...

Utilising deep insurance knowledge and sophisticated risk quantification methods, TKEyes has the following features: 

• Assess individual health risks throughout the insurance lifecycle — inclusive of sales, underwriting, claims and lapses. 
• Offer precise risk stratification of individuals by combing extensive data with frontier insurance knowledge backed up by reinsurance gene, statistics, and machine learning. 
• Build a comprehensive modelling system that covers the entire insurance lifecycle, from sales and underwriting, to claims and lapse prediction. 
• Provide APIs which make it easy and flexible for integration into an insurer’s existing systems.

... and YXZ (Yi Xing Zhe), a health management service.

YXZ is a health management service platform that aligns with SCOR’s tradition of product innovation. It pioneers a 5-Interactive Insurance Matrix in China which focuses on cardiovascular prevention, early cancer detection, musculoskeletal rehabilitation, prevention of disease recurrence and sports interaction. Using YXZ is linked to a reduction in the user’s future hospitalisation rates, severe illness occurrence rates and mortality rates.

Paving the way ahead

For insurers, TKEyes mitigates the risk of adverse selection by integrating external and internal data to provide instant, machine learning-powered risk assessments for underwriting and claims decision-making, providing not only a risk score but also risk factors as indicators. This greatly improves operational efficiency and cost-effectiveness, and greatly aids the insurer in managing the long-term value of policies.

Customers benefit from insurers' quicker decision-making and from an improved service experience. For example, coupled with Solem, SCOR’s market-leading underwriting guide, TKEyes can identify precise risk factors, thus enabling coverage of customers who may otherwise be considered substandard.

TKEyes has achieved significant results in enhancing the operational efficiency of insurers in both underwriting and claims processes, and in enabling precise product pricing. For example, one client observed a 9.5% reduction in claims ratio over two years. Another client saved 16% of claims costs (approximately RMB 5.67 million) when it utilised TKEyes at the underwriting stage. 

Bee Tech plans to continue being a game changer for key reinsurance businesses by bringing China's success story to SCOR markets across South Asia.