Ant Insurance Launches China’s First Digital Operation Platform for Insurance Companiesby Fintech News Hong Kong September 7, 2022
Ant Group‘s online insurance agency platform Ant Insurance has launched digital operation platform Xingyun (translated as nebula) for insurance companies in China.
According to Ant Insurance, the Xingyun platform is the first of its kind in the country.
Powered by Ant Group’s technologies, the Xingyun platform can help insurers improve operational efficiency and customer experience through smart digital operation covering the whole business process including sales, operations and customer service.
The company says that Xingyun can identify 107 types of verification documents, such as receipts from hospitals, for insurance claim settlements with an identification accuracy rate of above 95%.
It also added that 90% of medical insurance claimers will be able to get their proof documents approved the first time they upload them into system and receive their reimbursement within two days of submission.
Insurance companies can also launch their digital storefronts on the Ant Insurance platform through Xingyun to offer services such as user education content and product sales to consumers directly.
Currently, over 60 insurance companies have adopted the Xingyun platform, including China Pacific Insurance Group, Taiping Life Insurance and ZhongAn Online P&C Insurance.
“The Ant Insurance platform is committed to supporting the digital operation of insurance partners and will continue to open up more technological capabilities and provide more digital solutions to meet the evolving needs of insurers in their digital transformation journey,”
said Fang Wang, General Manager of Ant Insurance.