Waterdrop(US:WDH) Zhi Tong Cai Jing·2025-10-16 04:39Core Insights - The article discusses the transformative impact of AI on the underwriting process in health insurance, highlighting the shift from traditional manual methods to AI-driven intelligent decision-making [1][2][5]. Group 1: AI Underwriting Transformation - AI underwriting systems can now understand and analyze medical texts, health questionnaires, and insurance terms, moving from "process assistance" to "intelligent decision-making" [1][2]. - The use of algorithms replaces manual judgment in non-structured segments, significantly improving efficiency and accuracy in health risk identification and underwriting recommendations [2][3]. Group 2: Case Study - Waterdrop's AI Underwriting Expert "KEYI.AI" - Waterdrop's AI underwriting expert "KEYI.AI" has achieved an 80% reduction in average processing time and a 260-fold increase in response speed, with an accuracy rate of 99.8% [3]. - The system also enhances customer experience by matching rejected clients with suitable products six times more effectively and offers 24/7 "second-level response" capabilities [3]. Group 3: Industry Trends and International Expansion - Several insurance technology companies are initiating international expansion plans, with Waterdrop establishing a licensed insurance brokerage in Hong Kong and aiming to leverage its domestic success in international markets [4]. - The industry is witnessing a shift towards "smart insurance," where AI not only enhances underwriting but also improves overall service quality and customer understanding [5][7]. Group 4: Governance and Regulatory Considerations - The rise of AI underwriting introduces new governance challenges, including the need for algorithm transparency, data security, and fairness in risk assessment [8][9]. - The industry must balance the scientific efficiency of AI with the necessity for regulatory frameworks that protect public interests [9]. Group 5: Future Outlook - The essence of AI underwriting is to enhance human capabilities rather than replace them, focusing on scientific risk identification and understanding customer needs [10]. - Future competition in the insurance sector will hinge on algorithm precision, data sensitivity, and service philosophy, marking a significant shift towards an "intelligent decision-making era" [10].