InsurTech of the month: Xuqiubao (需求保)
This month we feature an agency management startup called Xuqiubao (需求保) which is merging traditional agency management apps with an AI based assisted decision tree. By doing so, Beijing based Xuqiubao is reimagining the entire agent workflow from lead generation, consultation, policy generation, closing, cross and upselling recommendations, in addition to maintaining regulatory compliance standards on an ongoing basis. Xuquibao operates through WeChat and relies on three components.
First, Xueqiubao has optimized lead generation through WeChat which is similar to several others including Iyunbao and Baoxianshi.
Second, it is benchmarking individual agent performance against other agents and renewal, contract lapse and on-boarding customers to VIP services.
Finally, Xuqiubao has digitised the user journey for agents and infused it with AI based recommendations that span the entire agent workflow including:
- Tax planning
- Asset isolation
- Family property/inheritance planning
- Education for children
- Retiree care planning
The team behind Xuqiubao is Met Life China and Bihu Technologies, the developer of another agency management app, Huokebao, from which it has borrowed heavily. Similarly, Xuqiubao’s technology is based on three layers:
- Data infrastructure: it intends to build strong data infrastructure and modeling as the first step. Sensor analytics supports enterprises to collect all data from front-end, back-end, and historical files. Consultants also help enterprises analyse what core data businesses should focus on.
- Multi-angle visualisation: provides a deep dive on user behaviours including customers retention, conversion rates, and time spent on websites.
- A seamless user experience for agents; which the founders bring from Met Life China and Sino Conflux.
Ultimately, the opportunity for AI to help expedite and automate the work of agents is obvious. However, the task of aggregating the entire scope of the agent’s workflow has eluded even China’s most advanced digital insurers. As a result, several insurers and startups have turned to AI assisted agent management apps as an acceptable middle ground. Of these, Xuqiubao is arguably the most progressive and is currently in trials with several local Chinese life insurers and brokers.