Google Tanslate

Select Language

Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at [email protected]

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

Reach out to us. Please fill up the form below
Let us know how we can help. You can expect a response within 24 hours
Services of interest
Untitled

Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

AI initiatives within life/health distribution

View Newsletter

Artificial intelligence, IoT and big data have become inescapable buzzwords but the notion that software will perform functions typically associated with the human mind is fast becoming a reality. However, a clear separation exists between AI assisted user journeys for general insurance lines including chatbots and intelligent product recommendations, and the long term life/health insurance that still requires banks and agents to distribute.

Despite this distinction, several startups and insurers are looking at the intersection of offline distribution and online assistance to optimize the agency channel. One of these is Beijing based Xuequibao who’s agency management app has combined the standard agency management workflow with AI based recommendations that are pushed to agents in real time.

Legacy insurers are also hard at work to evolve distribution. Taikang Life has devised an intelligent product recommendation engine using ‘parallel inference’ techniques, a method of statistical reasoning based on imprecise information, to generate product recommendations and provides repeat visitors with a pre-populated user journey. Elsewhere, Ping An, China’s pre-eminent digital insurer has pioneered a facial recognition feature which it uses to authenticate pending policy holders (those who have applied for life/health insurance but are waiting for the policy to be activated). Since launch, the biometric identification feature has lowed the rate of customers who withdraw their application during this window from the industry average of 4% to 1.4%.

Finally, Beijing based AIbroker (17broker.cn) is working on digital employee benefits and has combined a Zenefits inspired business model with advanced analytics to tailor health insurance plans that are tax-deductible under newly released income tax regulations which has spurred several new brokers to enter China’s EB market.

Ultimately, although AI and advanced analytics have successfully been applied to general insurance lines, the ability to upgrade an offline agency force with AI based tools to lower agent churn rate and maximize conversion rate, and bring visibility into individual agent practices that have historically been difficult for insurers to implement. Fortunately, recent advances in decision tree-based AI tools, combined with previously absent regulatory support, is heralding a new era for agency management practices in China, one that is characterized by service and renewal rates as opposed to premium per agent.

Comments

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in