Ant Insurance’s partner insurers in China reported $1.93 billion in claim payouts through its platform in the first half of 2024, marking a 30% year-on-year increase.
Since its establishment in 2013, Ant Insurance has expanded beyond e-commerce-centric offerings like shopping rebate shipping insurance to a comprehensive range that includes health insurance and more. Leveraging Alipay’s expansive user base of over one billion, the platform primarily serves young adults in their thirties across China.
“In China, commercial health insurance traditionally consisted of high-cost critical illness plans with annual premiums around RMB 10,000 (USD 1,375). Sales heavily relied on face-to-face interactions, typically targeting users after major life events such as marriage, home buying, or parenthood,” the company stated in a press release.
Key innovations include the Haoyibao health insurance series, which guarantees renewal for six years and covers diverse demographics from children to the elderly. Additionally, Ant Insurance has introduced pioneering services such as AI-driven insurance planning and EasyClaims expedited settlement solution, aiming to enhance customer accessibility and service efficiency.
The AI Docs Scanner and AI Structured Extraction functions play a crucial role by automatically scanning and recognizing various documents, such as invoices and prescriptions, from medical institutions across China. “Our AI capabilities primarily aim to reduce labor-intensive tasks for human auditors rather than replace them, enabling auditors to focus on more complex cases and improving operational efficiency,” noted Yong, a spokesperson for Ant Insurance.
Regarding employee development, Ant Insurance implements annual incentive plans to encourage the creation of automation solutions that surpass industry standards. “These plans foster self-motivation and drive innovation among our employees,” Yong emphasized during a recent media conference call.
The platform continues to expand its portfolio in collaboration with 90 insurers, offering over 1,000 products to make insurance more inclusive and accessible nationwide.
Looking ahead, Ant Insurance outlined its strategic direction, aiming to transform the claims settlement process into a more immediate experience for customers using AI. “Currently, the process requires upfront payment of hospital fees followed by document submission for compensation,” Yong explained. “Our goal is to enable on-the-spot payouts through AI, streamlining the process and reducing out-of-pocket expenses during hospitalization. We aim to democratize this capability across all types of medical insurance, not just those targeting high-net-worth customers.”
This initiative underscores Ant Insurance’s commitment to leveraging technology to enhance customer experiences and accessibility in the insurance sector.
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