ZhongAn Insurance Releases China First Insurance AIGC Application White Paper

by Lindsey Francy May 26, 2023 News
ZhongAn Insurance Releases China First Insurance AIGC Application White Paper

PR NewswirePR Newswire

The first ever white paper on generative artificial intelligence technology has been released by China's ZhongAn Insurance and ZhongAn Technology. An in-depth analysis of more than 30 specific areas where AIGC technology could be implemented in the insurance field, along with ZhongAn's own exploration of the technology's potential, can be found in the "aiGC/chatGPT Insurance Industry Application White Paper" The integration of artificial intelligence into the Chinese insurance sector is a significant step forward.

As stated in the report, the Transformer structure resolves the issue of, according to Jiang Xing, the inflection point in the evolution of artificial intelligence technology has arrived, and we firmly believe that its potential and speed of evolution will far exceed our imagination. AIGC has better ability to comprehend and interpret complex sentence structures. It can understand long-term dependency in text, comprehend context and meaning, and generate more accurate, coherent, and semantically enriched text.

The industry advancement of AIGC propels.

The United States, the European Union, and China have all advocated for the development of artificial intelligence technology.

A comprehensive analysis of AIGC's 33 different applications is offered in the white paper. Insurance product design, actuarial science, marketing, operations, and customer service can be improved by these applications. They have the ability to improve research and development for insurance companies.

The white paper states that insurance institutions need to tackle the challenges of LLM model selection quickly. They should encourage the use of AIGC technology in areas such as smart customer service and code intelligence generation. In the future, personalized marketing will be the focal point of competition for insurance institutions, and every insurance company should strive towards this direction.

In the product marketing process, AIGC technology can be used daily to quickly generate and produce various marketing materials. The time taken to produce marketing materials can now be cut in half. Several sets of visual materials in different styles can be created to give sales and marketing an edge.

An intelligent customer service system can be established using AIGC. Customers will be able to communicate with the insurance company through natural language and AIGC will be able to respond to their queries based on their requirements. AIGC can provide superior customer service by recognizing the emotional state of customers.

In the future, AIGC technology could be applied to the claims process, according to the white paper. Based on the claim application materials and policy information provided by customers, AIGC can automatically or assist customers in completing the claim application, claiming, claims assessment, review, settlement, and other processes.

There is an application mode for AIGC.

For the past 10 years, ZhongAn Insurance has been trying to blend technology and insurance across its entire process. AIGC technology and other large-scale model capabilities are incorporated into its product lineup. The company will be able to investigate an AIGC model application mode that is reliable, repeatable, and manageable.

Niu Chenghao, co-CEO of ZhongAn Technology, said that the company is looking into the possibility of integrating AIGC into its products. Through practical applications and AIGC technology usage, the firm hopes to integrate the technology into its tech products.

Two-fold advantages are offered by the implementation of AIGC technology. It can improve the quality and efficiency of various operations. AIGC technology can help insurers make better informed decisions by using machine learning and big data. AIGC technology can address challenges in the technology industry, such as limited initial data, complex operational systems, and intricate systems, resulting in more efficient and quicker product deployment.

AIGC+ insurance has a bright future.

According to The White Paper, AIGC technology is an essential strategic asset for insurance companies to achieve success in the future.

Obstacles faced by the industry in utilizing AIGC generative artificial intelligence technology include copyright hurdles during marketing, difficulties in adapting insurance data for model training, and potential risks regarding the confidentiality of customer data.

Compliance issues regarding the proper use of core insurance data and the accuracy of output results may come to the forefront. A comprehensive approach to consider data quality, semantic comprehension, security risks, and user demands is required in practical application. In order to achieve optimal collaborative efficiency, developers and users must possess the necessary skills and experience.

Challenges and opportunities go together. AIGC technology shows natural language comprehension, vast data handling, multi-domain applicability, model scaling, and customization, giving it extensive potential and prospects in the finance industry. The evolution of business development trends should be closely followed by the insurance company.

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