China Reinsurance Group (China Re), the country’s largest reinsurance firm, launched its digital transformation strategy in Beijing on Tuesday, making arrangements for the group’s transition in the coming five years.
The company put forward a “1234” working idea with one goal, two integrations, three logics, and four unifications, and clarified the “basis” of the digital transformation.
According to the strategy, China Re will promote the integration of technology and business, as well as fully leverage the advantages of reinsurance, actively carry out risk reduction services and provide comprehensive risk solutions with technology at the core.
It was also revealed that by 2035, China Re expects to become a world-class comprehensive reinsurance group empowered by digital technology.
Zhuang Qianzhi, Deputy Secretary of the Party Committee and President of China Re Group, highlighted how the new generation of technological innovation and industrial transformation represented by AI and other technologies are developing in depth, and insurance technology with digitalization as the core. As a result, this is accelerating penetration, in-depth empowerment, and reshaping the insurance industry and business model.
The strategy also revealed that across the next five years, China Re Group will, guided by the topology map and roadmap plan, strengthen the concept and thinking of digital transformation, as well as consolidate the foundation of digital technology, unify the digital architecture, promote business model reform and process reengineering.
Wang Yuxiang, Vice President of the Insurance Association of China, explains that digital transformation is a “major opportunity” for the future development of the insurance industry.
Elsewhere, China Re Group’s digital transformation topology map adheres to “foundation first, data-oriented, middle-level and business-oriented”, opening up the main artery of the digital base, establishing a unified and interoperable digital infrastructure.
In their Q123 results, China Re reported an increased net profit of RMB 1,235 million and a combined ratio – at its own level – of 103.35%.
