Core 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]

Core Viewpoint - China Life Insurance is leveraging digital finance to enhance customer experience and operational efficiency through innovative services like the quick claim service that eliminates the need for traditional claims processes [2][4]. Group 1: Digital Transformation - The company has established a digital operation control center that provides real-time data on sales, compliance, and service metrics, showcasing its commitment to digital transformation [4]. - China Life's insurance app has 160 service functions and 1.6 billion registered users, with over 11 million monthly active users, indicating a strong digital engagement [4][5]. - The company has integrated technology across all business processes, including sales, operations, risk control, and finance, achieving significant improvements in customer experience and operational efficiency [5]. Group 2: Technological Infrastructure - China Life's digital infrastructure is built on a "large backend + small frontend" model, allowing for efficient system integration and rapid deployment of applications [7][8]. - The company has adopted a cloud computing strategy, utilizing a hybrid cloud model to enhance data management and reduce costs [8]. - The implementation of the new insurance contract standards (IFRS17) has been automated, with China Life handling a data volume that is estimated to be equivalent to half of the total policies of the top seven life insurance companies combined [9]. Group 3: Open and Intelligent Development - The company emphasizes a focus on data rather than just technology, aiming to create value through open collaboration and innovation [11]. - China Life is advancing its research and development capabilities by integrating artificial intelligence into its software development processes, achieving approximately 30% code generation assistance [11]. - The company is exploring new business models by leveraging cross-industry experiences and creating a customer-centric service ecosystem that integrates online and offline channels [11][12].

Core Insights - China Life Insurance is implementing a digital financial model that allows for real-time insurance payouts without the need for claims processing, enhancing customer experience [2] - The company has established a comprehensive digital service framework that integrates various online and offline service channels, demonstrating its commitment to digital transformation [3][5] Digital Transformation - China Life has developed a digital operation control center that provides real-time operational data across sales, compliance, and service metrics, showcasing its digital capabilities [3] - The company’s insurance app offers 160 service functions, with 160 million registered users and over 11 million monthly active users, indicating strong customer engagement [4] Sales and Operations - The sales process has been fully digitized, with significant improvements in customer experience, exemplified by the ability to process 142,000 online policies in one hour during peak periods [5] - The company is set to automate over 17 million claims in 2024, achieving a 70% automation rate, which significantly enhances operational efficiency [5] Technological Infrastructure - China Life's digital strategy is built on a "large backend + small frontend" model, utilizing cloud computing and a hybrid cloud infrastructure to optimize data management and reduce costs [6][7] - The company has transitioned to a fully interconnected system that integrates over 20,000 outlets and millions of devices, facilitating efficient information flow [7] Regulatory Compliance - Following the implementation of the new insurance contract standards (IFRS17), China Life has automated the generation of compliance reports, handling a data volume that is among the largest in the industry [8] Open Innovation - The company emphasizes a data-centric approach to create value, focusing on leveraging diverse technologies and talents to enhance digital services [9] - China Life aims to advance its research and development capabilities from automation to intelligence, incorporating AI technologies to improve software development processes [10] Customer-Centric Approach - The company is committed to providing seamless online and offline services tailored to diverse customer needs, aligning with its core philosophy of "finance for the people" [10]

Core Viewpoint - China Life Insurance is redefining financial services through digital transformation, focusing on customer needs and leveraging technology to enhance service quality and efficiency [1][4][13] Group 1: Digital Infrastructure Development - China Life has established a comprehensive digital infrastructure encompassing "cloud-network-end" to support its insurance services [1] - The company has built the industry's first secure, green, and resilient hybrid cloud, significantly improving system operation and data processing efficiency [2] - A "big backend + small frontend" technology layout has been implemented to support services for hundreds of millions of customers [2][3] Group 2: Technology and Data Utilization - The company emphasizes a problem-oriented approach, focusing on data to create value rather than merely on technology [5][6] - China Life has developed a robust data management mechanism, ensuring real-time, consistent, and accurate data, which enables effective operation of AI-driven models [6][12] - The establishment of a technology product responsibility system allows product managers to have significant decision-making power, enhancing innovation and accountability [6][9] Group 3: Customer-Centric Service Model - China Life has created a new insurance service ecosystem centered around customer needs, integrating online and offline services [9][10] - The company has developed an "air customer service" model, allowing customers to complete complex transactions without visiting physical locations [11] - The digital service system has reduced claim processing times significantly, with some claims being settled in as little as 3 minutes [11][12] Group 4: Achievements and Recognition - China Life's data center has achieved international operational standards, and its hybrid cloud has received awards for innovation in the financial sector [12] - The company has been recognized for its data management capabilities, achieving the highest maturity level in national assessments [12] - The digital transformation efforts have positioned China Life as a model for the insurance industry's digital evolution [13]

Core Viewpoint - China Life Insurance is transforming its operations through a comprehensive digital infrastructure that redefines financial services, focusing on customer needs and leveraging technology as a primary driver for change [1][10]. Group 1: Digital Infrastructure Development - China Life has established a "cloud-network-end" digital infrastructure, extending insurance services from physical locations to a digital ecosystem [1]. - The company has built a secure, green, and resilient hybrid cloud, enhancing data processing efficiency and enabling agile business innovation [2]. - A flat network structure has been implemented to support connectivity across numerous branches and devices, facilitating real-time data access and customer service [3]. Group 2: Technology and Data Focus - The company emphasizes a technology-driven approach, viewing technology as a bridge to create value rather than a barrier [4][5]. - A robust data management mechanism has been established to ensure data quality, which is crucial for AI applications and big data analytics [5]. - The organization employs a product responsibility system, allowing product managers to have significant control over product development and outcomes [6]. Group 3: Customer-Centric Service Model - China Life has developed a platform-based model that integrates online and offline services, enhancing customer experience and service delivery [8]. - The company has created a comprehensive digital service system, achieving a monthly active user count of over 11 million for its insurance app [9]. - Innovative service models, such as "Air Customer Service," have been introduced to streamline complex transactions, significantly improving service efficiency [9]. Group 4: Ecosystem and Collaboration - The company collaborates with local governments and healthcare providers to create integrated service platforms, enhancing the insurance service lifecycle from prevention to post-claim support [8]. - By leveraging partnerships with technology firms like Huawei, China Life fosters an open technology ecosystem that encourages innovation [4][5]. - The digital transformation serves as a model for the insurance industry, showcasing how technology can enhance customer trust and service quality [10].

Core Viewpoint - China Life Insurance Company is leveraging digital transformation to redefine financial services, focusing on customer needs and enhancing operational efficiency through advanced technology and data management [1][17]. Group 1: Digital Infrastructure - China Life has established a comprehensive digital infrastructure encompassing "cloud-network-end" to extend insurance services from physical locations to a digital realm [1]. - The company has built the industry's first secure, green, and resilient hybrid cloud, significantly improving system operation and data processing efficiency [3]. - A "big backend + small frontend" technology layout supports the company's services for hundreds of millions of customers, facilitating agile business innovation and data value creation [3][6]. Group 2: Data Management and Technology - China Life emphasizes the importance of data management, ensuring real-time, consistent, and accurate data to support AI and big data applications [9]. - The company has implemented a product responsibility system, allowing product managers to have significant decision-making power over technology routes and product outcomes [10]. - The organization promotes an open technology ecosystem, collaborating with partners like Huawei Cloud to enhance innovation and service delivery [8][9]. Group 3: Customer-Centric Services - The digital platform serves as a "sky city" connecting millions of users, enabling efficient service delivery through a modular approach to system design [11]. - China Life has developed a comprehensive digital service system, integrating online and offline channels to provide seamless customer experiences [13][14]. - The company has introduced innovative services like "Air Customer Service," allowing customers to complete complex transactions remotely, significantly improving service accessibility [14][15]. Group 4: Industry Leadership and Recognition - China Life's data center has achieved international operational standards, and its hybrid cloud has received accolades for innovation within the financial sector [16]. - The company has been recognized for its high-level data management capabilities, becoming the first in the insurance industry to achieve the highest maturity level in data management [16]. - The digital transformation efforts are seen as a model for the insurance industry, demonstrating how technology can enhance service quality and customer satisfaction [17].

Core Viewpoint - China Life Insurance Company is committed to enhancing its operational capabilities and service quality through digital transformation and innovation, achieving significant improvements in various performance metrics while maintaining a strong focus on risk management and consumer protection [1][5][6]. Group 1: Performance and Achievements - China Life has achieved a remarkable performance, maintaining an A-class operational evaluation for nine consecutive years and leading the industry in service quality and risk assessment for 26 quarters [1][6]. - The company reported a significant increase in operational efficiency, with underwriting and claims approval rates reaching 95.2% and 99% respectively, and a doubling of clients benefiting from "claims prepayment" services [3][4]. Group 2: Digital Transformation and Service Enhancement - The company is accelerating its digital financial practices, focusing on customer-centric services and data-driven operations, which has led to a 99.9999% accuracy rate in regulatory reporting data [2][3]. - China Life has developed a digital service matrix centered around its insurance app, serving over 30 billion people and enhancing customer experience through AI technologies [3][4]. Group 3: Consumer Protection and Risk Management - The company has established a comprehensive consumer protection framework, achieving a 52.5% increase in consumer outreach through educational initiatives [4][5]. - China Life is proactively managing risks by integrating compliance into all operational levels, maintaining a robust risk monitoring and early warning system, and achieving high ratings in risk assessments [5][6].

Core Viewpoint - China Life Insurance Beijing Branch emphasizes a people-centered approach, focusing on consumer rights protection and enhancing service quality to meet the needs of the public [1][8]. Service Channels - The company has developed a comprehensive service system that integrates online and offline channels, allowing customers to access services easily through various platforms [2][3]. Online Services - The launch of the Life Insurance APP enables customers to handle most service requests online, with a projected 860,000 services provided through the app in 2024 [3]. Claims Service - In 2024, the company processed approximately 848,800 claims with a payout amount of 1.185 billion yuan, achieving a claim approval rate of 99.81% [4]. Intelligent Services - The company has expanded its customer contact points with intelligent services, including voice navigation and online customer service, to meet diverse customer needs [5]. Value-Added Services - A new "butler-style service system" for VIP clients will be introduced by 2025, offering specialized services in health, lifestyle, legal, and insurance management [6]. Elderly Services - The company has implemented a dedicated hotline and simplified app version for elderly clients, ensuring they receive priority service and support [7]. Consumer Protection - The company has established a standardized consumer protection mechanism and achieved a top-level rating in consumer rights protection evaluation for 2024 [8]. Service Experience - The company has created 13 demonstration service outlets and implemented ten warm-hearted services, achieving a customer satisfaction rate of 99.99% [9]. Future Outlook - The company aims to enhance its core competitiveness and service capabilities, adhering to a customer-centric philosophy to meet the public's aspirations for a better life [10].

Core Viewpoint - China Life Insurance Company emphasizes high-quality service as a core value, enhancing customer perception of the brand through innovative service models and digital technology integration [1][2] Group 1: Service Innovation - The company launched the "Quick and Warm" claims service brand in 2019, focusing on "Simple, Quality, Warmth" as key service attributes [1] - The introduction of the "Critical Illness One-Day Compensation" service promises claims processing within one working day for eligible critical illness claims, allowing for immediate compensation upon diagnosis [1] - In 2024, the company’s Henan branch paid out 2.962 billion yuan in claims to 632,000 clients, with 31,300 clients benefiting from "one-stop online" settlement [1] Group 2: Digital Transformation - Since 2019, the company has embraced digital technology, developing a new "Smart Operation" model that integrates resources nationwide while maintaining traditional service advantages [1] - The Henan branch's app provided intelligent services to 8.42 million users in 2024, achieving a 100% paperless insurance application rate for personal long-term insurance [2] - The company has established a dual-channel service system, utilizing its app, official WeChat account, and mini-programs to ensure 24/7 service availability [2] Group 3: Customer-Centric Initiatives - The Henan branch has implemented special services for elderly clients, including priority queuing, green channel services, and facilities like reading glasses and wheelchairs [2] - The company has received accolades for its consumer rights protection efforts, being recognized as an "Outstanding Unit for Consumer Protection Education" and "Exemplary Institution for Financial Consumer Rights Protection" in 2024 [2]

Core Viewpoint - The insurance industry plays a crucial role in social risk management, focusing on safeguarding people's livelihoods and supporting economic development. China Life Shandong Branch emphasizes a people-centered development philosophy and strives to provide comprehensive and convenient services through technological innovations [1]. Service Network and Customer Experience - The service network of Tai'an China Life is built on a comprehensive service channel model, with 356,772 registered users on the online life insurance APP and six offline service outlets across the city as of December 31, 2024 [2]. - The 95519 customer service hotline operates 24/7, complemented by 13 service channels including online platforms, smart customer service, and physical outlets, ensuring customers can access services anytime [3]. Online Services and Customer Satisfaction - Tai'an China Life offers a one-stop online service for policy management, claims, and health management, with an average of 55,300 monthly users and 414,500 service interactions in 2024, maintaining high customer satisfaction ratings [4]. - The company has achieved national-level mobile internet application security certification for its APP, ensuring high standards for customer data and fund security [4]. Digital and Intelligent Services - The new "Smart Operation" model enhances service quality through multi-touchpoint collaboration via the life insurance APP, promoting "no-run" service options and optimizing online insurance application processes [5]. - Features like remote recording for policy underwriting and self-service kiosks are introduced to facilitate customer interactions and meet diverse service needs [5]. Claims Service and Efficiency - In 2024, Tai'an China Life processed 85,360 claims with an average processing time of 0.541 days and a claim approval rate of 99.60%, positioning it among the industry leaders [6]. - The company focuses on providing quick and warm claims services, utilizing technology to enhance customer experience and service efficiency [6]. Elderly and Disabled Services - Tai'an China Life offers tailored services for elderly clients, including a dedicated hotline and an accessible APP interface, ensuring ease of use for older customers [6][7]. - The company has established a supportive environment for disabled individuals, providing necessary facilities and home service options to enhance accessibility [7]. Value-Added Services - The company expands its offerings in health, elderly care, and cultural education through various community events and programs, aiming to create a comprehensive elderly care service system [8]. Consumer Rights and Protection - Tai'an China Life prioritizes consumer rights protection, integrating it into governance and management practices, and actively addressing customer concerns [9][10]. - The company is committed to enhancing service quality and expanding service channels to provide warmth and convenience to consumers [10].