The impact of AI on insurance in China
Editorial by Hugh Terry
Insurers globally have yet to fully capitalise on the data they hold. This month we examine the efforts underway to do so in China, from the activities of InsurTechs and state-owned insurers, to how Ping An is successfully applying advanced analytics and AI based decision tree methods across its business. In Swiss Re’s article Yannick Even gives insight on how digital ecosystems and AI are becoming the enablers for future growth in Asia. We also consider a recent entrant into China’s agency management vertical; Xuqiubao and speak to Ricky Chung, who worked for seven years at Tencent and Ping An before starting his own company, about his view on China’s digital insurance landscape.
Breakthroughs in AI are being applied to claims processing, fraud recognition and new product development.
Companies that transform their mobile/digital ecosystem data into risk insights, while tailoring products for quick launch, will drive the future growth of insurance.