ZhongAn Online Embarks Global Technology Empowerment Journey Expanding Insurance Boundary
In Action Summary
In HK, Zhong An has announced the launch of a new core insurance system called Graphene which will enable insurance companies to synergize their their channels within a week, process over 2 billion insurance policies, and launch new products in one to three days, thereby ensuring cost-saving and efficiency.
Graphene as a system is built to be highly compatible, high-performing and flexible. In China, Zhong An has developed Wujieshan, the first cloud-based core insurance system which is capable of processing up to 32,000 insurance policies in one second. It also offers stability, safety and efficiency to online orders at low cost.
In last five years, Zhong An has launched five series of technology services which includes S series of Insuretech products, the X series of intelligent data products, the H series of Insuretech products, the T series of blockchain products and the F series of financial products, providing services to approximately 300 corporate clients. Currently, the S series and the H series are the most mature series.
In 1H’18, ZhongAn created five business lines, providing services to approximately 300 corporate clients. Meanwhile, it also formulated the international strategy for its technology offerings, seeking to capitalize opportunities in the Greater Bay Area and develop international market through its base in Hong Kong with an initial focus on Asia.
Jeffrey Chen, Chief Executive Officer of ZhongAn Insurance has said of this new effort: “At first, technology empowerment in the insurance sector emphasized on channels innovation, while it has gradually moved towards the crucial stage of refined management and innovation. Internally, we will further reshape risk control, claim settlements, etc. with technology, while building ZhongAn ecosystem by marketing technology solutions in China and globally, navigating financial regimes and deepening technology inclusion.”