News eDaily05 Sep 2017

China:PICC turns to technology to stay ahead

05 Sep 2017

The People's Insurance (Company) Group of China, the country's largest nonlife insurer, will step up its efforts in technological innovation to transform its business, the company's top management has said.

New technologies, including artificial intelligence and the Internet, will be applied, reported China Daily.

The insurer, for instance, has launched two new claim settlement services for auto insurance using the intelligent cloud platform. Policyholders can report vehicle damage and upload pictures of the vehicle through the company's app or WeChat account. There is no paper documentation, since the whole process from reporting to receiving the claim can be done online, the company said. More than 300 pieces of data are collected on the cloud platform, including cost of medication and surgery in the event these are needed. The service is currently available to VIP customers of the company in four regions , including Beijing and Shanghai.

PICC Group's net profit reached about CNY12.8 billion (US$1.95 billion) in the first half of 2017, up by 13.4% year-on-year. Its property insurance premium grew by 11% to about CNY179.7 billion, representing a 34% market share.

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