On July 3, the 2024 “7.8 National Insurance Publicity Day” series of live broadcasts were held online. The theme of the dialogue focused on “The Digital Transformation of the Insurance Industry to Promote the Development of the Digital Economy.” Du Yanbin, a member of the Management Committee of Taikang Insurance Group Co., Ltd., co-CEO, and general manager of Taikang Technology Operations, stated that digital finance is essential for the development of the digital economy and finance. From the perspective of the financial industry, digital technology has significantly enhanced insurance services. Not only has it transformed insurance companies’ operational methods, but it has also improved the customer experience. Insurance companies should leverage digital technologies, such as big data and artificial intelligence, to empower finance, strengthen the foundations and capabilities of digital finance, and make it accessible and ubiquitous.
The 2024 “7.8 National Insurance Publicity Day” event is guided by the State Financial Supervision and Administration Bureau and hosted by the China Insurance Association. Since its inception in 2013, this event has been widely praised within the industry and has become a cultural identifier for the insurance sector. This year’s annual theme of “7.8 National Insurance Publicity Day” is “Insurance makes every step forward more confident.” The China Insurance Association and Xinhuanet have jointly launched a series of live dialogues, focusing on hot topics, inviting professionals to explain insurance knowledge and address questions from insurance consumers.
Du Yanbin emphasized that the application of digital technology in the insurance industry is constantly deepening. It not only enhances the competitiveness of insurance companies, but also delivers greater value to consumers. This assistance will become increasingly significant with technological advancement. As technology continues to advance and innovation in the financial field progresses, digital finance will play a more crucial role in customer service and consumer rights protection. Investing in digital finance will also accelerate the rapid development of new productivity. In light of this, Taikang Insurance Group will continue to refine its technological service levels, providing consumers with a safer, more convenient, and efficient financial service experience, comprehensively serving the development of new productivity.
Du Yanbin believes that in the era of longevity, customer needs are becoming increasingly diversified, complex, and demanding. Taikang Insurance Group remains committed to enhancing customer satisfaction with the entire insurance service process, achieving professional operations from individuals to families, continually improving the user experience, and strengthening the ability to serve society and people’s livelihoods. With technological innovation as the core driving force, they will continually improve the quality and efficiency of financial services.
Du Yanbin stated that Taikang Insurance Group will focus on strengthening the “good service” objective in 2024. Through the “Tai Life App,” five categories of services are provided to customers, offering Taikang customers “one-click, one family, a lifetime” diversified services, enabling easy policy management and claims submission. The Tai Life App is built on the three major accounts of longevity, health, and wealth, fostering customer management platform capabilities, empowering three-end business, and maximizing customer value. It currently serves 36 million Taikang customers.
In recent years, the Tai Life App has accelerated the pace of digitalization and intelligence construction by developing a digital operation platform and exploring the application of AI big models, supporting the upgrade of “insurance + service,” deepening digital services, and further enhancing customers’ online service experience and customer operation efficiency. The Tai Life App provides customers with a variety of intelligent applications such as family consultants, wealth consultants, intelligent claims assistants, product terms interpretation, intelligent product recommendations, intelligent search services, etc. Automation, efficiency, and convenience are the ultimate goals.
He introduced that Taikang Life Insurance has created an exclusive claims service system of “one simple, two warm, three fast”. “One simple” refers to mobile phone claims with one-click application. Whether it’s a minor dog bite or a high-value claim for serious illness or death, customers can apply online through their mobile phones without time or space restrictions. Currently, Taikang Life Insurance’s mobile phone claims rate is as high as 99.9%. The credit compensation model realizes the subversion of traditional allowances and intelligent review, without manual intervention throughout the process, with 0-second review, second-level account arrival, and 2-second case settlement and payment, delivering the ultimate claims experience to customers.
Du Yanbin pointed out that the trend of science and technology finance is irreversible. Only by actively adapting to and actively participating in this trend can we accurately capture the opportunities presented by the times and achieve steady and sustainable development. In the future, Taikang will continue to keep pace with the times, constantly explore and practice new models and new paths of science and technology finance, and contribute to promoting technological innovation and high-quality economic development. Guided by the new life insurance model of “payment + service + investment” three-end collaboration, technology will continue to empower, leveraging the ecological advantages of Taikang Insurance Group, serving the people in a market economy way, resonating with national strategies and people’s livelihoods, and injecting greater momentum and vitality into the construction of “digital finance”. (Yang Meng)
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Digital Transformation Driving the Future of Insurance: Insights from Taikang Insurance Group
A Focus on Digital Finance and Empowering Customer Service
The insurance industry is undergoing a digital transformation, driven by the increasing adoption of technology and the shift towards a digital economy. This transformation is not only reshaping how insurance companies operate but also enhancing the customer experience in significant ways. As Du Yanbin, member of the Management Committee of Taikang Insurance Group Co., Ltd., co-CEO and general manager of Taikang Technology Operations, stated during the 2024 "7.8 National Insurance Publicity Day" online live broadcasts, digital finance is becoming an essential element for the development of the digital economy and finance overall.
The Impact of Digital Technology in the Insurance Industry
Digital technology is enabling insurance companies to:
- Improve operational efficiency: Automation of tasks, data analytics, and streamlined processes are optimizing internal operations and freeing up resources for value-added activities.
- Enhance customer engagement: Personalized services, AI-powered chatbots, and real-time interactions are creating a more engaging and positive customer experience.
- Expand reach and accessibility: Online platforms and mobile applications are making insurance services more accessible to a wider audience, regardless of location.
- Foster innovation: Digital tools are enabling the development of new products and services that cater to evolving customer needs.
Taikang Insurance Group: A Leader in Digital Transformation
Taikang Insurance Group is at the forefront of the digital transformation within the insurance industry. The company is leveraging digital technologies such as big data and artificial intelligence to empower its financial operations. Taikang’s commitment to digital finance is evident in their efforts to:
- Make financial services ubiquitous: By embracing digital tools, Taikang aims to ensure that financial services are readily available and accessible to all.
- Consolidate the foundation and capabilities of digital finance: Taikang is investing in building robust digital infrastructure and developing innovative solutions to enhance its digital capabilities.
- Improve customer service and protect consumer rights: Taikang is investing in digital tools that optimize customer service, streamline processes, and enhance transparency.
The Role of Technology in Enhancing Customer Satisfaction
Taikang recognizes that customer needs are becoming increasingly diverse and complex in the era of longevity. Their goal is to elevate the entire insurance service process and achieve professional operations for both individuals and families. The company focuses on:
- Continuously improving user sense of gain: Taikang strives to ensure that customers perceive the value and benefits of their insurance services.
- Strengthening the ability to serve society and people’s livelihood: Taikang is committed to using its resources to improve the well-being of individuals and communities.
Taikang Life App: A Digital Platform for Enhanced Customer Service
Taikang’s dedication to customer service is embodied in their "Tai Life App" platform. This comprehensive app provides customers with five categories of services, enabling them to:
- Manage policies with ease: Users can easily access and manage their insurance policies through the app.
- Submit claims seamlessly: Claims submission is simplified and streamlined through the app, reducing hassle and waiting times.
- Experience personalized services: The app offers a range of intelligent applications, including family consultants, wealth consultants, intelligent claims assistants, product terms interpretation, intelligent product recommendations, intelligent search services, and more.
Examples of Taikang’s Innovative Use of Technology
Taikang Life Insurance is demonstrating its commitment to digital innovation through initiatives such as:
- "One simple, two warm, three fast" claims service system: This system simplifies the claims process, enabling customers to submit claims online through their mobile devices. The app offers real-time status updates, 24/7 support, and automated claims processing, making the entire process more efficient and convenient.
- Credit compensation model: This model utilizes technology to automate the claims assessment process, eliminating manual intervention and accelerating payment. Claims are processed rapidly and efficiently, providing customers with a seamless and hassle-free experience.
Future Outlook: Embracing Technological Advancement
Taikang acknowledges that the trend of scientific and technological finance is irreversible. They are committed to actively adapting and participating in this trend to seize the opportunities presented by technological advancement. Taikang’s efforts to cultivate innovation and develop new models for science and technology finance will contribute to:
- Promoting technological advancement: Taikang is actively investing in research and development to drive innovation in the financial sector.
- Fostering high-quality economic growth: By leveraging technology to improve efficiency, enhance customer service, and expand access to financial services, Taikang aims to contribute to sustainable economic development.
- Building a robust "digital finance" ecosystem: Taikang is leveraging technology to create a more efficient and accessible financial ecosystem that benefits both individuals and businesses.
Conclusion
Taikang Insurance Group is demonstrating leadership in the digital transformation of the insurance industry. Through their commitment to innovative technology, customer-centric approach, and dedication to serving society, Taikang is poised to continue driving growth and innovation within the financial sector. Their efforts to embrace the power of digital finance will likely shape the future of insurance and contribute to the broader development of the digital economy.