Technology to help build competitiveness for insurers: report

Technology will help build comprehensive competitiveness of insurance companies in the near future, according to a new industry report.

Benefiting from the overall economic development and the awakening of residents' awareness of security, the premium income of China's insurance industry is expected to exceed 8 trillion yuan (US$1.21 trillion) by 2024, which will become the main driving force for the global insurance market, said a joint study by iResearch and ZhongAn Technology.

And technology will play a key role in boosting that process by helping insurers build stronger competitiveness.

Specifically, insurance technology can aid carriers in improving their system operation ability, enhancing business development efficiency, strengthening risk control and regulatory compliance as well as reducing cost, the report noted.

For instance, thanks to the development of cloud computing technology, insurance companies are able to access peak traffic for their online business.

The COVID-19 epidemic has forced the digital transformation of the insurance industry and insurance firms are optimizing their online services to better meet the diversified needs of consumers.

iResearch believes that with the landing of more cutting-edge technologies, data will become the most important asset of insurance companies and underwriters will be more forward-looking in identifying risks with the help of technology.