Editorial by Hugh Terry
In this edition of China in Focus, in partnership with iptiQ by Swiss Re, we look at developments taking place in digital underwriting, with a focus on China.
The future of underwriting is all a question of data, and our in-depth article references a recent Guidewire report, which finds that traditional underwriting approaches are hindering effective data gathering, especially in the aftermath of incidents. It has become clear that when gathering personal data from consumers a consensual partnership needs to develop between insurers and customers, and we look at examples from the US and China, as well as wider innovations taking place in the market, in this case from an InsurTech currently operating in stealth mode, but with potentially transformative technology.
We also feature a case study of Ping An Health, which effectively collects and uses data to enhance underwriting performance, and to ultimately improve its customers’ satisfaction and engagement levels. Additionally we look at the InsurTechs and technologies which may be used to further underpin digital underwriting in the future; blockchain, which is vital for building trust in a digital economy, as well as social scoring systems; we compare Zhima Credit v Tencent Credit.
In-depth: Underwriting innovation
From the US to China data innovation in underwriting has a developing consensual partnership with the consumer at its heart.
Ping An Health case study
Ping An Health is a joint venture between Ping An and global financial services company, Discovery, that specialises in health, life motor and investments.
AntChain - InsurTech analysis video and research deck
AntChain, founded in 2015, is a global leader in blockchain, providing blockchain solutions to thousands of enterprises, developers and public sectors.
Infographic and video analysis: Zhima Credit vs Tencent Credit
China's private credit scoring and loyalty program system - Zhima Credit vs Tencent Credit (the mobile extension of Tenpay) compared and contrasted.