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With the assists from AI for high efficient claims, golden age has come for China’s Insurance industry.

By  : Tony Chen Updated  :   2017-11-03 13:40:45

 

 

The recent years has marked the increasingly important role of Artificial Intelligence (AI) for the preparation of encouraging insurance industry including sectors such as insuring, underwriting, as well as claims settlement, where advanced technologies smart recognition of face or voice, and cloud computing have accessed quietly overnight.

 

Hence, it is not rare to see the broad use of AI in the sector of Insurance. Even early in April, 2016, Hong Kang Life, an insurance company became the first player domestically to adopt the technology of AI in industry through the smart comparison of photos between ID cards and the corresponding records of Ministry of Public Security instead of manual work.

 

 

“AI Customer Service”, a self-developed technology on the basis of AI as the core designed by PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD, is proposed to offer an one-stop service after matching and verifying information of clients with big data through biometric identification such as face or voice.

 

Similarly, on 1st Sep, China Pacific Insurance (group) Co.,Ltd (CIPC) deployed an online AI insurance consultant un der the name of Alpha Insurance to provide ideally customized solutions on family insurances by using machine learning algorithms such as Pathfinder Network Scaling Map and Collaborative filtering given the factors life cycles and financial status to calculate the capability index linked to family risk control. As a result, on 18th Sep, there turned out to be over 3.6 million visit on Alpha.

 

Then only on 4th Sep, the AI client service with human voice called “XiaoHui”, also from CIPC, was in pilot operation. XiaoHui, with a highly humanized tone and speaking way, is supposed to perform her role in scenarios of Auto insurance return visit through communications.

 

 

The widely use of AI in insurance has enabled its process more convenience-based and visual-based. Thanks to its constant refining and impressive performances on more business nodes, which allow for a much smarter service as well as an open supply chain, AI is definitely making it possible for traditional insurance business upgraded as a bellwether of Fintech.


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