Cloud services drive insurers' digital transformation
Cloud-based technology and services are helping drive insurers’ digital transformation, improve their business efficiency and empower risk control.
With its cloud-based distributed core system “Wujieshan,” ZhongAn Online P&C Insurance Co Ltd is able to support a great number of individual policies. The Shanghai-based carrier issued a total of 3.60 billion policies in the first half of 2020 and provided services to 400 million users.
The platform has effectively enhanced its intelligent risk-control capabilities and efficiency by conducting risk identification in the underwriting and claim management process.
Besides, the cloud-based systems are also facilitating the expeditious launch of online insurance business for its corporate clients by providing end-to-end system solutions to solve the deficiencies of traditional core insurance systems in processing digital insurance business from the origin, ZhongAn Online said.
IT investment in China's insurance industry accounts for only 0.6 percent of premium income, much lower than European and American countries (about 5 percent of premium income), according to third-party information provider iResearch.
And cloud services will become an important power to push the digitalization of industry players, the study noted.