China Life to expand technology use to sell more policies, press on with H-share, property strategy
Executives from mainland’s top insurance company make case for use of technology to reach out to consumers in remote corners of the country
China Life Insurance, the biggest insurer on the mainland, plans to use big data, artificial intelligence and the internet to expand its business after it reported a 68 per cent net profit growth for 2017, according to its senior executives.
“We will invest more in our internet platform to access consumers in remote villages,” said Xu Hengping, vice-president of China Life at a press conference to announce the company’s results on Friday. “We will also use AI and big data to understand the insurance needs of children and other members of family.”
The company had said in August that it planned to team up with Chinese internet giant Baidu as part of an ambitious plan to invest US$1 billion in artificial intelligence.
“The application of AI and big data will be important to the future development of the insurance industry in China,” China Life chairman Yang Mingsheng said then.
Online insurer ZhongAn Online Property & Casualty, said recently that it aims to raise service quality by using AI for the pricing of products, underwriting, fraud detection and customer services.
China Life will also continue to invest in H shares in Hong Kong and make other overseas investments as it helped the insurer to report solid profit growth.
