Xi'an Institute of Optics and Precision Mechanics CAS Aerospace Science and Technology Group Co.,LTD and PICC Property & Casualty Insurance signed a strategic cooperation agreement

Qin Jing, General Manager of Xi'an Xi'an Institute of Optics and Precision Mechanics CAS Aerospace Science and Technology Group Co.,LTD Technology Co., Ltd., Gui Wendong, Secretary of the Party Committee and General Manager of the Shaanxi Branch of the People's Insurance Company of China, and Qin Yuguo, Member of the Party Committee and Secretary of the Party Committee and Head of the Xi'an Branch, led their respective senior management teams to attend the signing ceremony.

That afternoon, a symposium was held in the conference room of PICC Property & Casualty Insurance Company Limited Xi'an Branch. Gui Wendong, Secretary of the Party Committee and General Manager of PICC Property & Casualty Insurance Company Limited Shaanxi Branch, stated in his welcoming remarks that the Xi'an Institute of Optics, Fine Mechanics and Physics (XIOM) of the Chinese Academy of Sciences is a leading enterprise in hyperspectral satellite applications in China and a consortium of scientific and technological innovation, playing a vital bridging role in industrial applications and the integration of scientific research, technology, and the market. We are delighted to become strategic partners with CAS Xi'an Institute of Optics, Fine Mechanics and Physics Aerospace. We believe that through this strong alliance, we will empower each other, jointly promote our respective development, and play a significant role in the rapid development of remote sensing satellite applications in China's commercial aerospace sector in the global market. This signing lays a solid foundation for the next stage of development for both parties. We wish both parties better, faster, and higher development after establishing a comprehensive strategic partnership, and hope that the results of our cooperation will be more effective in the process.

Qin Jing, General Manager of Xi'an Xi'an Institute of Optics and Precision Mechanics CAS Aerospace Science and Technology Group Co.,LTD Technology Co., Ltd., expressed her gratitude for PICC Property & Casualty Insurance's attention and recognition, and provided a detailed introduction to Xi'an Institute of Optics and Precision Mechanics CAS Aerospace Science and Technology Group Co.,LTD's corporate background, industrial chain layout, and launch plans. Qin Jing stated that aerospace insurance is a high-tech, high-value, high-cost, and high-risk industry, a crucial sector requiring coverage throughout the entire spacecraft launch process. She expressed her honor in establishing a strategic partnership with PICC and hoped that, based on the company's high temporal resolution, high spatial resolution, and high spectral resolution all-weather satellite remote sensing applications, they could develop more remote sensing application insurance products in areas such as dual-carbon business, hyperspectral business, agricultural remote sensing, and green environmental protection. She also hoped for in-depth cooperation in satellite insurance to jointly advance the aerospace industry.

Qin Yuguo, a member of the Party Committee of the Shaanxi Branch of the People's Insurance Company of China (PICC) and Secretary of the Party Committee and Head of the Xi'an Branch, stated that as a specific business unit implementing aerospace insurance, PICC Xi'an Branch closely aligns with PICC Group's technological innovation strategy, attaches great importance to business development in the aerospace field, has established the Aerospace Insurance Innovation Research Institute, and regularly holds seminars with numerous industry experts to leverage industry strengths and empower the aerospace industry. With the further development of the commercial aerospace sector in the future, PICC also possesses a very rich pool of insurable assets in the aerospace insurance field. It hopes to conduct in-depth cooperation in the commercial aerospace field in the future, supported by the advanced technological foundation of the aerospace industry, to provide more forward-looking insurance services in areas such as smart cities, emergency management, environmental monitoring, and meteorological monitoring, further establishing and protecting urban lifelines.

Amidst enthusiastic applause, both parties signed a strategic cooperation agreement, witnessing this momentous occasion. Moving forward, based on areas such as aerospace insurance, satellite monitoring, and data applications, the two sides will engage in long-term cooperation across a range of areas including insurance, investment, and business, further expanding the scope, deepening the content, and enhancing the value of their collaboration.

Currently, my country's commercial space industry is in a phase of rapid development. However, the implementation of commercial space projects is typically accompanied by significant risks, necessitating effective prevention and control of potential failures and risks. The involvement of the insurance industry can provide protection against risks that may arise during spacecraft manufacturing, launch, and on-orbit operation, offering comprehensive and systematic satellite insurance services while effectively controlling satellite insurance costs.

On the other hand, relying on the advanced technologies of commercial aerospace, satellite data services have considerable application prospects in the insurance field. They can provide strong technical support for insurance business development services in many fields such as smart cities, dual-carbon monitoring, natural resource monitoring, national defense and security, environmental protection monitoring, marine monitoring, agriculture and forestry, emergency management, meteorology and hydrology, and disaster reduction and relief. Through accurate, real-time, and reliable data services, the business capabilities of insurance companies can be greatly optimized, the assessment efficiency of the insurance industry in related fields can be effectively improved, and the transformation of insurance products from ex-post assessment to ex-ante prediction and in-event relief can be promoted.

The signing of this strategic cooperation agreement is an innovative measure for the deep integration of the financial sector and the technology industry. Adhering to the principle of "complementary advantages and common development," CAS Xiguang will continuously refine its research in commercial aerospace fields such as remote sensing satellites and data services, fully leveraging its technological advantages, and joining hands with PICC Property & Casualty Insurance to combine cutting-edge science and technology with advanced financial services, forging a unique path of win-win cooperation in the aerospace industry.