China Life looks to new technology to boost insurance sales as interim profit misses forecasts
The company remains positive about the long-term outlook for its business
China Life Insurance, the nation’s largest insurer in terms of premium income, is looking to new technology to boost sales and efficiency after reporting half-year profit that missed forecasts.
The company has already teamed up with Chinese internet search giant Baidu to invest US$1 billion in artificial intelligence, blockchain and other start-ups, and wants to use the new technology to boost sales to remote areas, cut down usage of paper documents and help manage risks.
“We are very keen on the digitalisation of our sales and claims channels. We believe digitalisation will enhance our service quality and turnover,” said China Life president Lin Dairen, in a post results briefing in Hong Kong on Friday.
Earlier this week its closest rival, Ping An Insurance, also said it would push into the development of new technology. Its technology business made up 7 per cent of operating profit in the first half, the first time the business became a key profit contributor.
China Life has 1.65 million sales agents registered with its electronic platform, China Life e-Bao, while turnover on the platform in the first half rose by 49.2 per cent year on year.
