Artificial intelligence (AI) technology has become deeply integrated in the insurance industry, transforming every aspect of the sector — from claims and distribution to underwriting and pricing.
The insurance industry entered the era of “medium intelligence” in 2020, with an AI utilization rate of 75 percent, according to a study by the Insurance Society of China.
With this seismic, tech-driven shift, carriers are positioning themselves to respond to the changing business landscape.
By adopting AI and its related technologies, digital underwriter ZhongAn Online P&C Insurance improved the user retention rate on its platform by 19 percent and boosted growth in premiums by 122 percent in 2020. More than half of the company's service scenarios are covered by AI-enabled intelligent customer service, helping double its operational efficiency.
Claims processing, a primary function of carriers, has also been largely automated. ZhongAn officials said for its core products, particularly the Personal Clinic Policy series, 90 percent of users can apply for claims online, and claims-processing times have been dramatically reduced from days to minutes or even seconds.
As AI becomes even more integrated in the industry, brokers, consumers, financial intermediaries, insurers and suppliers will become more adept at using advanced technologies to enhance decision-making and productivity, lower costs and optimize the customer experience, consulting firm McKinsey & Company said in a recent report.
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Sep 11, 2025
