ZhongAn Online Property and Casualty Insurance, China's first online only insurer, has unveiled its big data platform called Data Cube, as part of its effort to create a big data ecosystem in the industry and serve its vehicle-sector partners by sharing data with other insurers.
By using artificial intelligence and algorithms to analyse people's behaviour, driving habits and creditworthiness, Data Cube provides a more accurate framework for car service companies to develop new products and upgrade their services, reported Global Times.
"We will connect players from various parts of the industry chain including users, insurance companies and retailers, and provide data storage, accurate product pricing and anti-fraud applications for our partners," said Peng Yong, director of ZhongAn Auto Big Data Lab.
ZhongAn, together with Sinosafe Asset Insurance and Urtrust Insurance, initiated an alliance which established a big data laboratory. Data Cube is a collection of the lab's research results. ZhongAn also said more insurance and internet companies hope to join the alliance and the lab's scale is expected to expand.
According to a report released by Oliver Wyman, a New York-based management consulting services provider, the value of China's car insurance market is expected to rise from CNY683 billion (US$104 billion) in 2016 to CNY1.2 trillion in 2021.
The size of the car insurance technology market will increase from CNY124 billion to CNY412 billion, indicating a golden era for the industry, said the report.
In September, ZhongAn raised $1.5 billion through a Hong Kong IPO. It shareholders include Ant Financial, Alibaba's digital payments offshoot, Tencent and Ping An Insurance.