面朝“大海”，保险科技突围“报行合一”寻增长

Core Insights - Nuanwa Technology, a leading domestic insurance AI technology company, has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step in the insurance technology sector [1] - The company has achieved profitability starting in 2023, with adjusted net profits projected at RMB 18.51 million, RMB 57.50 million, and RMB 24.90 million for the years 2023, 2024, and the first half of 2025 respectively [1][2] - The insurance technology industry is under pressure from regulatory changes and market conditions, prompting companies to leverage technology for competitive differentiation and explore new growth avenues [1][4] AI Implementation - AI technology is becoming central to enhancing operational efficiency and user experience in the insurance technology sector [2] - Nuanwa Technology's AI systems, "Alamos" and "Robopo," automate the underwriting and claims processes, achieving a 97.5% policy renewal rate and a 63.0% cross-selling rate in the first half of the year, significantly above industry averages [2] - The company has facilitated RMB 10.7 billion in first-year premiums and intercepted over one million high-risk applicants, reducing claim rates by 10 to 23 percentage points [2] Industry Trends - Companies like Shouhui Technology and Waterdrop are focusing on AI underwriting and advisory services to automate key processes, enhancing efficiency and accuracy [3] - Waterdrop's AI initiatives have led to a 100% user coverage with its AI customer service and a 99.8% accuracy rate in underwriting [3] - The regulatory push for digital transformation in the insurance sector is creating substantial market opportunities for third-party technology service providers [4] Strategic Developments - Insurance technology firms are deepening their vertical market focus, developing customized products, and building ecosystem partnerships to create competitive advantages [5] - Waterdrop has launched 174 customized insurance products in 2024, with over 92% being tailored offerings, while Car Car Technology has partnered with 15 major car manufacturers to integrate insurance services into their apps [6] - Zhibao Technology is expanding its service boundaries through ecosystem collaborations, including partnerships in disaster management and health insurance [7] Profitability Improvements - Several listed insurance technology companies are showing signs of profitability improvement, with Waterdrop reporting a net operating income of RMB 838 million and a net profit of RMB 140 million in Q2 2025 [8] - Shouhui Technology has achieved a total premium of approximately RMB 4.9 billion in the first half of 2025, with a net profit increase of over 900% [8][9] - Companies are finding a better balance between technology investment and commercial benefits, with a focus on quality over scale [9] International Expansion - Nuanwa Technology is considering international markets as a key focus for future growth, aiming to replicate its technology capabilities in suitable overseas markets [10] - Waterdrop has established a licensed insurance brokerage in Hong Kong and is expanding its international business [10][11] - Car Car Technology plans to initiate its internationalization process in Q4 2025, targeting the Asia-Pacific and European markets [11]