Big data and AI – the future of car insurance according to China’s first internet-only insurer
ZhongAn plans ‘ecology that includes various scenarios for the future of the automotive industry’
Big data and artificial intelligence are at the heart of a platform announced last week by ZhongAn Online Casualty and Property Insurance, China’s first internet-only insurer.
“Mobile internet and digital technologies are transforming the car industry. So the car insurance industry must change as well,” Wang Yu, head of car insurance at ZhongAn, said in an interview with the South China Morning Post.
The platform will include companies along the car value chain and provide a one-stop shop for buyers and owners. “Imagine shopping for your car and you can take care of matters related to car purchase insurance, loans, after purchase services, investment management and usage-based car insurance (UBI) during one visit,” said Wang.
The platform will help ZhongAn boost its car insurance revenues and increase its share in China’s increasingly competitive car insurance market, which was worth US$112 billion in 2017.
“It’s more than just car insurance. Through the platform, we want to build an ecology that includes various scenarios for the future of the automotive industry,” Chen Jin, the ZhongAn chief executive, told a press conference in Beijing last week.
ZhongAn’s platform will have four segments – car retail, car finance, transport and connected cars. The company has partnered with dozens of companies to offer relevant services on the platform, including car manufacturers Changan Automobile and BYD, online car retailers Yixin Group, Guazi.com and Maodou.com, ride-hailing company Didi Chuxing and designated driver app eDaijia.
