Hybrid "AI-Agent" distribution model in the next 5 years - ZhongAn Technology CEO

| 03 Apr 2018

Both AI and agency will eventually merge to form a hybrid "AI-Agent" insurance distribution model in the next five years, said ZhongAn Technology CEO Chen Wei.

At the moment, traditional insurers are still heavily reliant on agents to drive offline sales while online sales are powered by AI.

AI’s role is to enhance the customer experience and traditional business lines. With Big Data as a complement, AI adoption can quickly and accurately determine and meet the needs of every customer. This thus brings us a step closer to offering truly personalised products.

While traditional insurers are digitising and empowering their agents with various technology tools, the fact is that distribution fundamentally remains agency-driven.

Given the rapid development of AI sales in the digital space, I foresee that in the next five years, both AI and agency will eventually merge to form a hybrid “AI-Agent” distribution model once traditional insurers are finally able to fully digitise and migrate their business to the digital world.

ZhongAn Technology, established in November 2016, is a wholly-owned technology subsidiary of ZhongAn Insurance, which is jointly set up by Ant Financial, Tencent and PingAn.  ZhongAn Technology is a FinTech company focusing on research and development of cutting-edge technology in areas such as blockchain, AI, big data and cloud computing. It aims to provide technological products and solutions to the Inclusive Finance as well as Health Care industry, which helps our internal and external partners in innovation and business incubation.

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