ZhongAn, China’s first online-only insurance company, has unveiled a roadmap to transition from digital intelligence to artificial intelligence (AI).
This transition, the insurer stated, is set to revolutionise the entire process of the sale and management of insurance, paving the way for an entirely new insurance infrastructure.
Aiming to integrate AI into the sector, ZhongAn has created the industry’s first AI-generated content (AIGC) application roadmap, the Lingxi core system, specifically tailored to the insurance sector, and the first generation of AIGC application tools for vertical use cases.
These tools include the Yichuang content management platform and the Jizhi business analytics platform.
Jiang Xing, CEO of ZhongAn, said, “The future is now upon us. ZhongAn is grateful for the opportunity to benefit from the AI era and the ability to seamlessly incorporate insurtech into industrial development and societal well-being, creating a collaborative insurance ecosystem that benefits all participants and fosters meaningful and impactful innovation.”
The AIGC application roadmap includes a feasibility report on the significance and future potential of the application of AIGC across 19 broad insurance categories and 78 business use cases, such as marketing campaigns built especially for independent insurance agents as well as campaigns highlighting the insurer’s own activities.
The use cases covered aspects such as product design and innovation, marketing and outreach, underwriting and claims, customer service, smart office, and R&D management.
One of the key objectives is to provide a useful model for the digital and intelligent transformation of the insurance industry, ZhongAn noted.
With the deployment of proprietary large-scale models for more vertical industries, AIGC will showcase the potential of seamless integration and migration of data and use cases, Jiang Jiyun, CTO of ZhongAn, explained.
This would result in the delivery of benefits such as personalised customization and risk management, and further bringing more efficient, intelligent and client-focused services.
ZhongAn’s Lingxi core system, powered by AIGC, works similarly to ChatGPT and Tongyi Qianwen’; systems which are rapidly gaining popularity in China.
Lingxi aims to establish a single model-as-as service (MaaS) platform with two application use case approaches. To help insurance providers make better use of AIGC’s capabilities, the platform enables institutional users to embed industry-specific databases into large models to achieve the rapid application of AIGC in vertical use cases.
Additionally, it offers the convenience of packaging internal application tools as large model plug-ins, Lingxi can also minimise compliance risks, reduce costs by streamlining R&D processes, and optimise the suitability of large-scale AI application use cases in the financial and insurance sectors.
To date, Lingxi has been successfully employed across various domains, including product customization, pricing dynamics, sales scenarios, claims automation, and personalised customer service, ZhongAn explained.
Shi Xingtian, head of the Data Science Application Center at ZhongAn, has emphasised the importance of systematic thinking when it comes to transforming the existing business system processes and leveraging the full potential of AIGC capabilities to add value to the business through new advances in human-computer interaction and content production.
ZhongAn highlighted that gathering together the specific expertise and talent that each stakeholder can offer is essential to enter and embrace the AI era in a timely manner, even if the incorporation of AIGC into business processes is still at the stage of theoretical deduction and practical exploration.
