Abstract: On May 16th, the Memorandum of Understanding (MoU) signing ceremony between WeBank and Swiss Re was held in Beijing. The two parties will jointly discuss and study the application of federated learning in the field of reinsurance. The achievement of this cooperation means that Swiss Re will join the construction of federated learning ecosystem, and explore the application of federated learning technology in the field of reinsurance.

 

On May 16th, WeBank and Swiss Reinsurance Company held a MoU signing ceremony in Beijing inaugurating their partnership to research and explore the application of federated learning in the field of reinsurance. Qiang Yang, Chief Artificial Intelligence Officer (CAIO) of WeBank, and John Chen, President of Swiss Re China, attended the signing ceremony.

The cooperation between the two parties mainly focuses on the new artificial intelligence technology “Federated learning” for exploring how it can help direct insurers enhance their business management capabilities and improve coverage and availability of relevant insurance services. federated learning is an encrypted and distributed machine learning technology, wherein no data transmission is required for participants. Under the premise of meeting the requirements of data security and privacy protection, the model is built to improve the effect of machine learning. Under the leadership of Qiang Yang, WeBank is leading the development of federated learning in China. WeBank’s AI team created “Federated AI Technology Enabler (FATE)”, the world’s first industrial-level open-source technical framework and pioneered the development of federated learning international standard (IEEE standard) to promote interdisciplinary and intercompany cooperation, supporting the federated AI ecosystem across industries.

The achievement of this cooperation means that Swiss Re will join the construction of federated learning ecosystem to explore the application of federated learning technology in the field of reinsurance. Yang Qiang, CAIO of WeBank, said that “We are pleased with the cooperation between WeBank and Swiss Re. With a global perspective and an abundant accumulation of business scenarios, Swiss Re can offer new insights for the research and application of federated learning. We hope that the two sides can take advantage of their respective strengths in building a federated ecosystem for the reinsurance industry.”

About WeBank

WeBank is China’s privately-owned and digital-only bank, as well as the first commercial bank recognized as a National High-tech Enterprise. WeBank strongly embraces the oft-stated ‘ABCD’ technologies (A.I., Blockchain, Cloud Computing, Big Data) as its strategic focuses and has achieved many results in new technology R&D and the application of technologies in the financial industry.

About Swiss Re

Swiss Re Group is a leading volume business provider of reinsurance, insurance and other forms of insurance-based risk transfer. It is also one of the first foreign reinsurers to enter the Chinese market, with a global client base of insurers, large and medium-sized companies and public sector clients.