Big data driving better insurance business

Insurance companies’ business operations have been improved with the help of advanced technologies such as big data, industry insiders told the Inclusion fintech conference held in Shanghai.

Big data is important in empowering the entire value chain of the insurance sector, and is also the core means to solve business operation risks, said Jiang Xing, CEO of ZhongAn Online P&C Insurance Co Ltd.

In its health insurance segment, the carrier has built a risk control model by obtaining data from more than 1,000 hospitals in 28 provinces. This data enables the company to improve its efficiency in claim settlements, drive accurate pricing of products and optimize the closed loop of health insurance services.

In auto insurance, ZhongAn is cooperating with G7, a technology platform of the Internet of Vehicles, to improve the risk management of the freight cars business line through pre-prevention, in-process control and post-event management with the help of car data.

In the keynote speech, Chen Yong, president of China Continent Insurance, said the digital economy era is reshaping the insurance industry.

To catch the trend, the Shanghai-based insurer is building its online, digital and intelligent "customer-centered" capabilities through technology.

By using big data, the company is innovating its product portfolio. It has built more than 200 labels to better understand customers’ needs and make personalized recommendations.

Big data modeling also supports the company’s customer service and helps it enhance customer retention, Chen added.