New technologies to reshape insurance industry: report

Insurance industry will embrace a new development era with new technology as the infrastructure and intelligence as the driving force of future innovation, a report shows.

Relying on technology such as big data, cloud computing and artificial intelligence, insurance firms have achieved remarkable results in innovation, optimization and value reshaping of products, marketing, underwriting, claims settlement, customer service and risk control, a report by ZhongAn Financial Technology Research Institute said.

The application of new technologies is expected to broaden insurance customers and marketing channels. Relying on the Internet platform, insurance companies can provide customers with more online services through their web pages, APPs and WeChat accounts.

Under the catalysis of the COVID-19 epidemic, new marketing ways such as short videos and live streaming have partially alleviated insurers’ operational pressure thanks to their unique forms of expression, high transmission rate and strong interactivity.

While helping extend the channels of reaching users, digitalization also accelerates the research and development and improvement of insurance products, according to the study.

For instance, with the help of technologies such as cloud computing and big data, product developers can make thorough analysis of rich data samples, so as to conduct more comprehensive risk assessment and develop insurance products that are more in line with market needs.

Meanwhile, insurance technology will also help more small players seek differentiated development in the future, the study noted.