“AI +Insurance” to result in entirely new insurance infrastructure

ZhongAn Online P&C Insurance, China’s first online-only insurance company, says that the shift from digital intelligence to “AI +insurance” will revolutionise the selling and management of insurance, paving the way for an entirely new insurance infrastructure.

This view was presented last week at the “Next Generation Digital Infrastructure, Brand New Value for Insurance Ecosystem” subforum of the 2023 World Artificial Intelligence Conference (WAIC2023). The presentation covered the re-engineering of applications, the redefinition of industry best practices and the exploration of new opportunities.

At the WAIC, Jiang Jiyun, CTO of ZhongAn, unveiled the industry’s first AI-generated content (AIGC) application roadmap and the first generation of AIGC application tools for vertical use cases. These tools include a content management platform and a business analytics platform.

With the wealth of data collected encompassing every possible use case spanning the entire “production chain” from the sales and management of insurance policies to the handling of claims for both businesses and consumers, the insurance industry is positioned to establish a robust foundation for the application of AIGC technology.

With the deployment of proprietary large-scale models for more vertical industries, AIGC will showcase the potential of seamless integration and migration of data, delivering benefits such as personalised customisation and risk management, and further bringing more efficient, intelligent and client-focused services.

It is rapidly becoming incumbent upon the insurance industry to gather together the specific expertise and talent that each stakeholder can offer so that entry into and embrace of the AI era can occur in a timely manner, even if the incorporation of AIGC into business processes is still at the stage of theoretical deduction and practical exploration says ZhongAn.