China Life(SH:601628) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-09 11:43Core Insights - The digital transformation of the insurance industry in China is accelerating due to multiple factors including policy guidance, market drivers, and technological advancements, fundamentally reshaping service models and core processes [1][2] - The industry is transitioning from being "risk compensators" to "lifecycle service providers," with technology as the core driving force behind this transformation [1] Policy and Market Drivers - The development of digital finance is crucial for deepening financial system reforms and promoting the integration of the real economy with the digital economy, enhancing service efficiency and reducing costs [2] - Regulatory bodies, such as the former China Banking and Insurance Regulatory Commission, have issued guidelines to accelerate the digital transformation of the banking and insurance sectors, aiming for high-quality development and a new digital financial landscape [2] Customer-Centric Transformation - Over the past decade, the insurance industry has shifted from "scale-driven" to "customer-oriented," with increasing demand for online, scenario-based, and personalized services [3] - Companies are focusing on enhancing customer experience as a key competitive advantage, necessitating the reconstruction of traditional core systems to improve flexibility and responsiveness [3][4] Technological Advancements - AI and big data technologies are reshaping core insurance processes, enabling precise decision-making and efficiency improvements in underwriting and claims processing [6] - For instance, China Life has achieved a 95.17% intelligent underwriting review rate and an 83.9% online reinsurance rate, maintaining industry-leading claims processing times [6] Operational Efficiency - The digital transformation is not only enhancing customer service but also streamlining every aspect of the insurance value chain, leading to significant improvements in operational efficiency [5] - China Life has implemented an intelligent claims processing system that can complete payouts in as little as three minutes, showcasing the effectiveness of automation [6] Future Trends - The future of insurance technology is expected to focus on three core trends: cloud-native technologies, artificial intelligence, and data intelligence [7] - Cloud-native technology will facilitate the transition from closed systems to open ecosystems, while AI will enable personalized interactions and proactive risk management [7][8] Data Management - China Life manages a vast amount of insurance data, covering over 32 billion policies and 600 million customers, with daily data flow exceeding 110 billion records [8] - The company has achieved the highest level of data management capability certification, becoming the first in the insurance industry to do so [8]