China Net Finance, November 26, the 2019 Digital Era·Insurance Summit Forum and the China Ding Insurance Industry Awards Ceremony, co-sponsored by China Net and Jinri Insurance, were grandly held in Beijing today. Guo Haitao, deputy general manager of the Information Technology D

China Net Finance, November 26, the 2019 Digital Era·Insurance Summit Forum and the China Ding Insurance Industry Awards Ceremony jointly sponsored by China Net and Jinribao were grandly held in Beijing today. Guo Haitao, deputy general manager of the Information Technology Department of China Life Insurance, attended the meeting and give a speech. Guo Haitao said that as an insurance company, creating an ever-present experience requires three capabilities: first, agility, which requires insurance companies to maintain a high degree of technological acumen and demand mining capabilities to speed up product iterative development; second, intelligence, which requires the use of advanced analysis and artificial intelligence Conduct in-depth customer portrait insights and put customers at the center of all decisions; third, openness, opening up technology and service capabilities to the outside world, building a smart ecosystem together, and achieving win-win results.

The following is the transcript of the speech:

Dear guests, I am very happy to have such an opportunity to communicate and share with you here. The topic I am communicating with you today is "Application of Insurance Technology in the Digital Era".

1. What challenges do we face in the digital era? How to deal with it?

In the era we live in, everyone has heard a lot about big data, the Internet of Things, artificial intelligence, blockchain , and is familiar with them. What kind of technological era are we in? Here I will analyze and answer three questions with you, and finally find the characteristics of this era.

Excuse me, how many apps do you have installed on your mobile phone? How long do you use your mobile phone every day? Everyone here may have many more apps installed on their mobile phones than ordinary people. From the statistics, we will find that the number of APPs installed by people of different age groups is different, but at least the minimum installed number reaches 40, which shows that we live in the era of APPs and mobile phones. The time spent on mobile phones every day is up to 5 hours. In addition, instant messaging, online videos, and short videos are the three categories of applications that occupy the most time. At the same time, it is found that the age group of 15-19 installs the most apps. They are our future. customer base, I believe that everyone here cannot do without their mobile phones.

The second question is how many smart devices do you have around you? Have you become accustomed to it?

including at home, Xiaomi , Xiaodu, sweepers, aircraft security inspection, high-speed rail travel, and train stations all use artificial intelligence to solve problems. Machines are becoming smarter and smarter. Driverless driving and voice commands have brought convenience to life anytime and anywhere in our era, and we have indeed taken it for granted. When you turn on the wireless router at home, you will find that the wireless router at home is connected to one or twenty devices inadvertently. This is the era of intelligence.

The third question is how much data has been generated so far? The emails we send, the pictures we upload, and the WeChat business cards we exchange during meetings all generate data every day, including smart watches, IoT devices, online shopping, express logistics, etc. A large amount of data is generated every day. Data shows that by 2020, population growth will be far lower than data production, and the data burned into a disc can reach 23 times the distance from the moon.

Summary Intelligence, mobility, and big data are the characteristics of our era, collectively referred to as the characteristics of the digital era. The characteristics of this era require digital experience to be king and data to be important. We should focus on platforms, links and ecosystems, which will shorten the time for enterprises to maintain competitive advantages and make the entire business model change very quickly.

As the insurance industry, how should we face the characteristics of this era? How to change the existing business model? This requires us to choose digital transformation to . Five major trends in the digital transformation of the insurance industry:

1. Rely on digital media to contact and serve customers through all channels, and fully understand customer behavior and habits.

2. Build a new ecosystem, achieve high-frequency contact, and acquire massive customers.

3. Use digitalization to break through industry boundaries and customize insurance products and services. Many guests talked about this in the morning. We need to interconnect with third parties and more companies to achieve cross-border services and sharing.

4. Change customer products and services through mature technologies such as big data analysis modeling and artificial intelligence.

5. Promote organizational change in the digital era.

As a traditional insurance industry, we have made corresponding changes in the organizational structure.In terms of our technology sector, we have subdivided it into sectors such as technological innovation, and under each sector, because China Life is a state-owned enterprise and a central enterprise, we used to support the company's development through organizational structures such as departments and offices. At this stage, Support business development with rapid iteration and agility in a team-based model.

As the largest state-owned insurance company, how does China Life Group face the changes in the digital era? After Wang Bin, the new chairman of China Life Group, came to China Life last year, he put forward the strategic thinking of "three transformations, four types and three modernizations" and profoundly proposed a two-step strategic deployment. The group revitalized China Life's strategy and emphasized the importance of technology to It plays an important role in the transformation and development of the group and its companies.

We have mentioned technology to varying degrees in the "Three Transformations, Four Types and Three Modernizations", from a human-driven transformation to a dual-wheel drive of human resources and technology. The "Four Types of Enterprises" are technology-driven enterprises, which are realized in the "Three Modernizations" One of the major breakthroughs is in technological innovation. The group stands at a higher level and has the determination and motivation to drive science and technology from top to bottom.

As a property and casualty insurance company and an important subsidiary of the group, we are standing in a new era of high-quality development of the company. The company has put forward higher requirements for information work, and IT positioning has undergone important changes. In the past, IT supported the company to grow bigger. , in the future, technology will lead the company to become stronger. China Life Property & Casualty Insurance Company was founded in 2007 and has gone through 12 years. In just 12 years, the company's premium scale has jumped from zero to 80 billion this year. For the IT team, it has been very difficult these years because the company has grown too fast and the requirements, demands, and support for IT have changed. is particularly important. Build leading technological capabilities in the property and casualty insurance industry, give full play to the empowering role of technology, and implement the three-year action plan for property and casualty insurance to make up for shortcomings, expand platforms, and build advantages, from the past IT-supported 1.0 era to the future technology-led 2.0 era. .

2. Technology empowers company operations and business development. After more than ten years of development,

has supported the company's development and established its industry status. We need to lead in the future. This year’s current president, Liu, is also an IT person. He was first engaged in the IT industry. After he arrived at a property and casualty insurance company, he attached great importance to IT empowerment. The company is reshaping the China Life Property & Casualty Insurance brand from top to bottom, "With me, your finances are at ease." Reshape and strive to build a first-class property and casualty insurance company with excellent services. It integrates comprehensive protection and considerate services, and condenses thoughtful protection, worry-free claims, warm services, and convenient contact to protect your peace of mind. The new brand oath is both external and It should be embodied in the form and continuously strengthen the emotional bond between us and our customers. It must also be internalized in the heart. The company's rapid improvement of service capabilities poses a huge challenge. The company strives to highlight financial resources, with the ultimate focus being peace of mind.

as a technology must fulfill the promise and oath of the brand. The insurance industry is currently undergoing a comprehensive wave of digital transformation. This is accelerating customer insights, optimizing service operations, and building a platform ecosystem, which provides unlimited imagination space for technological breakthroughs. We are customer-centric and make full use of new technologies such as big data, artificial intelligence, cloud computing, and blockchain to support multi-channel integration and comprehensive risk management and control. We support intelligent automatic cloud factors and multi-track flexible operations, and support transparency and seamlessness. The personalized customer experience fully supports the implementation and fulfillment of the brand oath of "With me, your finances are at ease".

The president of Shuidi also mentioned this morning that Shuidi has done a lot of cooperation with insurance companies. As an insurance company, "Insurance Surnamed Bao", as a social security subject, wants to provide services to customers with more protection. At the same time, as an insurance company, The origin of insurance companies is more focused on risk. As an insurance company, we will focus more on the risk perspective and the perspective of customer risk probability, and even identify the corresponding customers. I think as a central enterprise, the mission and responsibility in these aspects will be more important.

Insurance technology is the application of new technologies in new scenarios. Technology empowers all types of people in various scenarios. For corporate customers, first, we must ensure that customers can reach the company directly, improve customer service capabilities, and provide many mobile Internet applications to make customers more convenient and convenient; second, we must realize mobile sales teams, In addition, the original paper-based electronic version has been used to improve the overall sales capabilities and customer docking capabilities.I met some old friends in the insurance industry a few days ago. They were saying that after the paperless office and electronic insurance policies in the past few years, as an insurance company, you can’t see your customers. In the past, you might have to come to deliver insurance policies or even collect money and credit cards. Now Through a variety of payment channels, now customers really can’t be seen if they are not in danger, and they can’t be seen if they are in danger. We can make corresponding claims settlements for customers through remote video and deposit them directly into the account. If the customer wants direct compensation, he or she can go to the corresponding 4S point to directly assess the damage. After the car is repaired, he can drive home directly. Therefore, we feel that we know a little about our customers, but we feel like we are getting further and further away from them.

For our business management team, in order to improve the business management capabilities, we have also improved a lot of automation capabilities, improved operating efficiency, and reduced personnel costs. For managers, what they most want to see every day is our various analysis reports. The analysis reports are displayed in front of managers at all levels in real time, and in different dimensions, other industries, entities, and groups are compared accordingly. This is also for Managers are helped by improving their decision-making skills.

Technology empowers comprehensive business areas We have defined seven areas. The function is to build a loss prevention cloud platform, provide customers with corresponding typhoons, send risk warnings to our insured customers, and teach customers to avoid losses caused by corresponding risks. In terms of digital ecology, digital platform, and digital operation, it has taken nearly three years to complete the construction of a new generation of core systems, which has given our company a new heart. The old system is a technology from before 2000, and currently there are many new technologies and new technologies. It is already difficult for content to support business development on the old system. Therefore, the renewal also gives more innovation and technology empowerment power in the future, smart underwriting, loss verification, anti-fraud, especially for the entire agricultural insurance, China Life i Agricultural Insurance System, customer center hub, Multimedia contact center, multi-functional customer self-service terminal equipment; digital marketing is the intelligent recommendation of insurance solutions and services, and digital products provide a more refined basis for product pricing based on external third-party data. In terms of digital services,

creates a customer-oriented "1+1+1" service system through China Life Property & Casualty Insurance's official account, APP and mini program, and also provides customer service terminals, smart multimedia contact centers and customer center hubs. Enhance the pleasant experience at the front desk.

Property & Casualty Insurance Company has formed a multimedia contact center with 1+1+1” public accounts, APPs and air service mini-programs. After the integration was launched, the number of monthly users reached 1.25 million, an increase of 16.4% compared with before the integration. Online voice robots were launched to communicate through voice and text to provide customers with corresponding services, including consulting and handling services. At the same time, we have launched video services, one-click video, online security inspection, compensation at the touch of a button, and compensation is paid instantly.

has introduced machines in digital marketing. Learning, the explanation of risk factors is more comprehensive, a lot of intelligent calculations are carried out, and the optimal solution is obtained by matching the pricing of thousands of people. It uses OCR and face recognition to improve the entire entry efficiency. Only one item of content is required for renewal customers. Realized, new insurance customers can complete the order within 100 seconds by entering 6 items.

seems to be a simple operation, but behind it is a big data analysis of all our existing customers' accident situations, car models, and even regions. , when customers apply for insurance, we determine the user's group and region based on the corresponding risk factors, and recommend our insurance plans to them according to their corresponding preferences, including discounts, etc., which can intelligently reach customers in the first time.

In terms of digital products. As a property insurance company, it is quite different from life insurance. It can be said that everything it insures is virtual and real. This building can be insured, and this equipment can also be insured.For the insurance products of property and casualty insurance companies, it is a very big challenge in the entire product creation stage. In the past, it took two weeks to a month for a property and casualty insurance product, but the growth of the new generation of products is also provided by PwC. Our solution - product factory, realizes the modeling of all products through product factory, and truly abstracts insurance products into the creation of models in various dimensions. Through such abstraction, it ensures that insurance products can be omnipresent, and through new The first-generation product factory meets the needs of product customization and can be assembled, configured and put online. It improves the development efficiency of complex products by 10 times, and old products can be put online within half a day. This also strongly supports the rapid launch of innovative insurance products in the Internet digital era. In terms of digital operations,

provides many tools and capabilities for people in different positions. Through intelligent algorithms, underwriting personnel are provided with many factors to determine and make decisions on underwriting risks. Now the automatic underwriting ratio is very high, basically reaching 90%. For employees and managers, it is necessary to provide faster mobile office, mobile reporting and mobile underwriting functions internally to improve the overall office efficiency and management efficiency. Now employees no longer need to bring computers with them when they go on business trips, because all work or work-related matters can be handled through mobile phones. For claims investigators,

provides mobile, especially video tools, to help improve claims processing efficiency. The automation of claims verification personnel is reflected in different cases, accident types, and vehicle loss levels. We will use past historical data to provide a standard for the entire claims verification personnel.

brings more convenient operations to customers in terms of agricultural insurance. Through mobile devices, they can go to the fields to measure the corresponding plots, including collecting farmers’ information, which accelerates the technological advancement of farmers in the entire agricultural insurance field. In terms of pig faces and cattle Face recognition, as an insurance company's risk prevention aspect, further avoids the possibility of "customer fraud". For back-office staff,

can replace manual computer operation through process robots, saving labor costs and increasing efficiency by nearly a hundred times. The original empowerment of employees was through the improvement of corporate training or the standardization of employee work standards and abilities. However, through technology empowerment, employees' service capabilities for customers are improved, and some standardized abilities that were originally required are released through automated functions and capabilities. Release more to provide users with warmer services. In terms of digital platform,

internally leverages the enterprise WeChat platform to establish many chimney-style APPs and different application systems. After full mobilization, it releases lightweight applications through enterprise WeChat and establishes an external docking platform to build API openness capabilities, trying to achieve Open insurance. In the targeted poverty alleviation project,

used blockchain distributed storage technology and multi-party data maintenance on the foundation's public welfare platform. This project won the first People's Network Good Insurance Outstanding Poverty Alleviation Project Award.

We have done some corresponding work, but the digital transformation needs to be further deepened, and technological empowerment work is always on the way.

, as the goal of China Life Property & Casualty Insurance’s digital transformation, is to build a first-class property and casualty insurance company in China with the vision of digital China Life Property & Casualty Insurance.

Third, the future assumptions and scenarios

"have my money at ease", service is from the heart, improve customer capabilities, follow the service closely, and enrich touch-point projects.

6 o'clock, China Life reminds you that if you drive today, you need to provide 50 yuan, so I hope you can reduce your travel risk by taking a taxi.

6:45, we told customers that there is haze today and it is best to join the sports accident insurance.

15:00, the bracelet reminds you during working hours that because you have not stood up for long periods of time, it will have an impact on your health. I hope you will join the white-collar interactive self-service insurance of China Life Property & Casualty Insurance. On the way to get off work,

can see that it provides protection for your family. I hope you can come and experience the corresponding service capabilities provided for your family on the weekend.

22:00, after you order the air ticket, you can check into the hotel signed by China Life Group at the destination. This is the third-party ecosystem we imagine in the future.

As an insurance company, creating a seamless experience requires three abilities.

First, agility requires insurance companies to maintain a high degree of technological acumen and demand mining capabilities to speed up product iterative development.

's second is intelligence, using advanced analytics and artificial intelligence to conduct in-depth customer portrait insights and putting customers at the center of all decisions.

The third is openness, opening up technology and service capabilities to the outside world, jointly building a smart ecosystem, and achieving win-win results.

In terms of comprehensively consolidating the basic digital platform, we need to increase our capabilities in two aspects. First, improve the customer big data platform, improve customer analysis and mining capabilities, especially the computing power of real-time big data based on numerous data, and continue to promote to C The research and application of new technologies, especially the further exploration and application of emotion recognition and virtual reality, smart wear and smart homes.

comprehensively opens up the digital customer journey, builds a customer journey map, optimizes the customer's full life cycle experience, comprehensively sorts out the company's processes and touch points from the customer's perspective, builds a cross-channel and cross-touch point customer journey map, comprehensively improves customer service experience, and creates The omni-channel customer interaction model strengthens intelligent self-service and uses the intelligent service capabilities of artificial intelligence and intelligent equipment to provide customers with all-weather service experience and enhance the entire service brand. To comprehensively build an ecological business model,

needs to cooperate with Zonglianheng to build an AI+Internet+ecosystem. UBI products based on user behavior will become an important part. It will work with car companies to provide customers with cars as a carrier, comprehensively covering car use and social networking. , financial security ecosystem for healthy living. Build API open capabilities, build a win-win model, and achieve open sharing by integrating internal and external capabilities of the company and external partners to achieve a broader ecosystem and provide customers with comprehensive financial solutions. The stage that

is currently in is still a stage of technological empowerment, and the most important thing is to achieve technological leadership. As insurance, from the initial insurance as product compensation and disaster compensation to the second stage of insurance as a service, we must help customers prevent disasters and losses; ultimately, insurance is a feeling and make customers feel at ease. This is the ultimate goal of an insurance company. Let customers reach the realm.

A market without growth is very difficult. You may not agree with this kind of growth. The growth rate I am talking about is the change of commercial vehicle premiums in the property and casualty insurance industry to , which has caused a huge drop in premium income. We have three After the province's commercial vehicle tariffs were revised, auto insurance premium income dropped by 30-40%. At the same time, China's economy is currently in a bad stage. Only in such a period can we maintain stability in response to changes. Thank you.

(Editor: Zeng Qiang)