In recent years, insurtech has been transitioning from a phase of simple digitalization to a more advanced stage characterized by intelligence and data integrationThis evolution is driven by significant changes in customer demographics and the rapid advancement of technologyThe capability to build technology based on intelligent data will become a core competitive edge for insurance companiesParticularly, with the maturation of artificial intelligence and the emergence of large models, it is imperative to think deeply about how to leverage these new technologies to redo the entire insurance value chain across areas such as marketing, underwriting, claims handling, risk control, service, investment research, and more.

China Pacific Insurance (CPIC) has adopted a strategy of strategically guiding digital developmentSince its inception in 1991, CPIC has gone through a series of seven phased planning stages that highlight a shift from electronic processes and centralization to mobile access, platform utilization, and intelligent data integration

The latest round of technological planning known as the "513" initiative, outlines five innovative business directions, one insurance large model, and three core technological competenciesThis comprehensive framework aims to pioneer industry-leading intelligent capabilities that will empower high-quality growth for the company.

At the heart of these developments is a robust foundational step that underpins the digital transformationUtilizing cutting-edge technologies, CPIC provides reusable, combinable, and iterative capacities as well as customized scenario service capabilities that can efficiently empower business systems and processes to embed intelligent featuresConsolidated into an integrated intelligent empowerment platform known as "TaiShuTong," the platform is composed of a data security integration platform, a big data platform, and an AI platformOn the data integration front, CPIC has developed its own blockchain and trusted computing platforms to facilitate reliable data circulation

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On the big data side, the company has achieved centralized data management and computing, driving efficient data processing and dissemination.

In terms of artificial intelligence, CPIC has constructed a unified AI platform featuring over 100 atomic AI capabilitiesThis includes customizable solutions for intelligent data entry, interactive functions, knowledge engineering, and intelligent operational procedures, thereby accelerating the deployment of specialized AI modelsBy the end of 2023, CPIC is expected to complete its fully autonomous and controllable large model platform, powered by Huawei's Ascend technology, offering computational capacity matching that of Nvidia's A100 cards while training an extensive database of over one million entries related to the insurance sector, enhancing the performance of the L1 models.

As part of its endeavors to empower services, CPIC is also striving to create a forward-thinking service ecosystem

The company is focusing on building a green and intelligent service system that can enhance operations on various fronts: liability and investmentBy facilitating green insurance and aiding in improved ESG management efficiency, CPIC is committed to achieving the "dual carbon" emissions targets dictated by the governmentThrough technology, CPIC is expanding the service ecosystem beyond traditional boundaries and fostering a new model encompassing "financial insurance products plus digital services," aiding industrial economic upgrading.

One noteworthy innovation is the introduction of insurance products designed for individuals with existing health issuesAs society progresses and medical technology improves, people's understanding of health deepens, leading to increasingly diverse insurance needsSpecifically, there is a rising demand among individuals with chronic conditions who often find it difficult to qualify for standard health insurance under traditional commercial underwriting practices

The project team has spent considerable effort annotating, structuring, cleaning, and governing vast amounts of clinical medical dataThis effort has culminated in the development of predictive models for lung cancer incidence and treatment costs, which now serve as foundational elements for pricing these specialized insurance products.

Such advancements have facilitated breakthroughs in underwriting criteria related to lung nodules, enabling more nuanced pricing strategiesFurthermore, the integration of AI capabilities in this context supports intelligent underwriting, allowing customers to bypass the need to understand complex medical documentation and receive real-time judgments simply by uploading their informationThis not only enhances the customer experience but also reduces operational costs for CPIC.

Another significant development is the introduction of smart elevators, which operate under a new model of "insurance plus service" promoted by national and local market regulators

CPIC's smart elevator initiative employs information technology to mitigate safety risks while establishing a data-driven management modelBy integrating various technological functions—such as a lift inspection calculator, IoT data collection modes, and an intelligent elevator oversight platform—this initiative improves underwriting accuracy, risk management, maintenance quality, and claims servicing capabilities, positioning CPIC at the forefront of the insurance sector.

By forming strategic alliances with elevator manufacturers, technology partners, and maintenance service providers, CPIC aims to deliver comprehensive elevator safety management services, ensuring real-time monitoring of repair quality and elevator operation statusesThe project has already garnered successful outcomes in several cities, including Linyi, Suzhou, Nantong, Shanghai, and Cangzhou and is in the process of expanding this model nationwide.

In addition, CPIC has been targeting the younger Generation Z demographic, uniquely tailoring its operational platforms and business models to capture their attention

This new client engagement strategy, grounded in data-driven methodologies, aims to optimize customer loyalty and enhance long-term value realization.

The company has developed an intelligent customer engagement agent centered around client demandThis tool integrates multiple channels of customer identity, including personal documentation, phone numbers, and social media profilesIt provides a comprehensive view of client interactions across various touchpoints, enabling the prediction of future engagement intentions such as claims, complaints, inquiries, and purchase motivations.

CPIC's intelligent customer engagement agent has successfully incorporated numerous operational workflows resulting in significant rates of policy renewal and upselling conversionsBy streamlining customer service pathways and increasing service frequency, overall consumer satisfaction has risen dramatically.

The firm has also focused significantly on improving operational efficiency and user experience

By leveraging artificial intelligence and other digital technologies, CPIC strives to automate and enhance its operational capabilities, emphasizing speed and efficacyFor instance, in the realm of health insurance claims, the pressures of both external competitive environments and internal operational demands necessitate an urgent push towards smarter claims processing solutions.

To this end, CPIC has developed an intelligent claims processing platform that covers key operational segments such as automated reporting, document capture, fast adjudication, and financial calculationsThe incorporation of a medical insurance knowledge base ensures alignment between medical and insurance data while streamlining the procedures involved in claims management while reducing costs substantially.

On top of that, CPIC is pioneering the introduction of blockchain technology to its claims operation, enabling proactive service through swift and secure data verification processes

This has substantially improved the experience for Shanghai residents enrolled in its local health supplement program, with more than 20 million beneficiaries since the program's inception.

Sustainability remains a key aspect of CPIC’s operational ethos as it integrates and broadens its risk management strategies via digitalization aimed at fostering secure and knowledgeable financial ecosystemsAs digital threats continue to escalate, CPIC reinforces its focus on cybersecurity insurance solutions that address the growing demand from enterprises for comprehensive protection frameworks.

Moreover, through the digitization of its auditing practices and utilization of AI, CPIC is rewriting operational efficiencies, significantly enhancing the quality of audits while effectively addressing fraudulent activities through the application of digital workforce technologies.

As the industry anticipates a gradual transformation driven by advancements in intelligent tech—such as emerging AI capabilities—CPIC remains strategically positioned to navigate these shifts while facilitating high-quality growth