Insurance sector sees more digital users: report

The number of digital users in the insurance field has been increasing as the COVID-19 outbreak has further enhanced acceptance of online services and insurers intensify their application of insurance technology, a new study shows.

In terms of user activity and the penetration rate of insurance apps, Internet insurance has great development potential, and the advantages of Internet insurance companies are more prominent, according to data from Analysys, a provider of business information for China's technology, media and telecom industries.

In October, ZhongAn Online P&C Insurance ranked first with 2.32 million active users, up 54.8 percent year on year. And it had the highest penetration rate in the insurance service industry, reaching 5.3 percent, the Analysys report said.

Ping An Insurance (Group) Company of China, China Life Insurance and China Pacific Insurance (Group) Co also boasted large numbers of active monthly users on their insurance service apps during the same period.

Since the beginning of this year, the number of digital users in the insurance field has kept growing, and the number of active monthly users has hit a record high of 47.5 million, the study noted.

Analysys believes that the epidemic helped raise people’s awareness of medical and health protection, as well as their acceptance of online insurance services. At the same time, competition among insurance companies for mobile digital users is becoming increasingly fierce.