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Alibaba cloud Liu Weiguang: 20000 words dissect "insurance technology". How do managers do "the right thing"? (Part one)

via:博客园     time:2021/1/18 0:29:30     readed:129

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  • All levels of enterprises attach great importance to it, but when operating the new system, they have to operate it again (for the future), and the original tables have to be filled again (for the past and the present). In the short term, some workload will be increased, resulting in negative emotions;

  • The culture of Department wall and business wall is still hard to break. The digital process needs to be considered and constructed from the overall perspective. The establishment of digital middle platform capacity needs cross department coordination, but it is not clear which department is in charge, so there is no department to take the lead;

This time, with a 20000 word long article, Liu Weiguang analyzed the combination of insurance technology and business from all aspects, multi insurance types and multi angles, and the empowerment of insurance technology to business. From the perspective of five hard core technologies, namely insurance experience, opening, operation, claims settlement and new core system, he elaborated on creating the ultimate customer experience through Omni channel, full collaboration, full scene and full intelligence.

Before joining Alibaba cloud, Liu Weiguang was responsible for business promotion and ecological construction of financial technology and business development of ant blockchain in ant financial services. He once founded pivot software Greater China division company, creating the market precedent of enterprise level big data and enterprise level cloud computing PAAS platform.

Recently, Lei Feng network (official account: Lei Feng net), "AI Financial Review", will also jointly organised a deep exchange between bank cloud upgrading and financial cloud with Liu Weiguang Zhang Xiaodan, CTO ISV, new cloud financial department, and many banks, cloud manufacturers and experts. For more details, please contact the person in charge Zhou Lei (wechat: Lorraine summer).

Author: Liu Weiguang, vice president of Alibaba group and general manager of Alibaba cloud's new financial business unit

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I Introduction: insurance industry trends and challenges in the post epidemic Era

Combined with the development of domestic insurance industry in recent one or two years, based on the practice and goal of different types of insurance companies in the development of digital road, and combined with the digital characteristics of Internet insurance development, this paper makes analysis and suggestions on the development path of China's insurance technology.

Behind these problems, we must admit that,It is undoubtedly the best way to solve these problems. Today, with the development of the insurance industry, the application of more hard core technology, the further reduction of manual processes, and the deep combination of Internet technology and business have become the important characteristics of the industry at this stage.

Based on the first principles of insurance technology, this paper analyzes the new characteristics of the industry; combined with the whole life cycle of insurance business, it interprets insurance technology from the core perspective of digital growth of insurance, and finally makes a detailed analysis of the hard core technology of insurance.

II first principles of insurance technology

For insurance companies, they should return to the essence, focus on risk protection, insight into the risk needs of users, then use digital technology to enable insurance, and finally fully integrate technology and business to achieve the ultimate goal of serving users.

What is the first principle of insurance, that is, what is the essence of user insurance experience? You can use itFour words to sum up:

  • High: the higher the insured amount, the better the user's pursuit of the insured amount;

  • Low: the price is low, and the consumer's demand for insurance price is the same as that for retail, the lower the better;

  • Wide: wide coverage. The wider the coverage, the better;

  • Good: claim and service quality is good and fast.

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Feature 1: new face to face

With the development of Internet and e-commerce, customers' digital acceptance has become higher and higher, and this epidemic situation has accelerated this trend. All kinds of contactless, online and cloud based behaviors have exploded, and previously unimaginable service scenarios have now emerged, such as online legal mediation, cloud dinner parties, contactless express delivery, etc.

In contrast to the insurance industry, most life insurance customers prefer to buy insurance products through face-to-face communication. In the past, we used to say that life insurance is based on trust and temperature. Now this logic still holds, but there are some new phenomena in the extraordinary period.

For example, due to the objective situation, customers want to communicate from contact to non-contact, from face-to-face to online communication; traditional life insurance products have set strict physical examination requirements for standard parts, which is difficult to achieve now. We can see that this kind of activity that used to require meeting can be completed remotely through the cloud.

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Insurance sales has long been dominated by sub channel marketing. However, there are many disadvantages in sub channel customer management, such as scattered customer data, inconsistent information, internal management confusion and so on. It is difficult to adapt to the unified experience needs of customers in the whole insurance process. Therefore,To realize the interconnection of various channels and create Omni channel integrated customer experience is the core direction of the future development of insurance channels.

Feature 3: agent digital empowerment

In terms of internal management of insurance companies, the epidemic has forced the digitalization process of enterprises. Many insurance companies have made full use of various remote office systems to work together. Some companies have specially carried out training for remote cooperation mode to improve the efficiency of cooperation.

During the epidemic period, an insurance company quickly launched nail as an agent work cooperation platform, providing more than 800000 agents with online meetings, training, attendance, etc. Only 30 days after the launch, the number of live broadcast, training and lecture sessions has reached 300000, with an average of 10000 per day, which greatly promotes the agent's online collaboration and business empowerment, and the demand for digital collaboration has been completely released.

After the epidemic, the recruitment and training of agents has become a difficulty. Generally, it may take 6-9 months to recruit a qualified agent. Most insurance companies have standardized processes, which are usually lengthy and cumbersome, involving many rounds of offline time-consuming interviews and evaluations, resulting in low conversion rate and low retention rate.

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Feature 7: Insurance ecosystem

Where there are scenes, there will be corresponding insurance, and insurance marketing is closely combined with specific scenes.

One is to extend to the sales of ecological products, and carry out the product design and pricing process with the scene end. Many standardized and fragmented products, such as freight insurance, price insurance and delay insurance, are insured by insurance companies (including Internet insurance companies) directly with customers in the scene;

Second, expand ecological value-added services and provide other value-added services related to insurance business, such as health management, insurance evaluation, intelligent parking, loss determination and claim settlement services;

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On the basis of the insurance open ecological platform, insurance intermediaries, technical services, upstream and downstream enterprises, and enterprises in various industries will deeply participate in the insurance business and jointly build an insurance ecosystem. Insurance products will be integrated with these companies and even the industry scene.

Feature 8: intelligent service

Insurance technologies such as artificial intelligence and big data can improve business processing efficiency and customer experience for the whole business chain of insurance, such as pre insurance, underwriting and claims settlement.

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The more complex the business is and the faster it develops, the more powerful the middle platform is needed to provide support. Based on the middle platform architecture, CMB integrates the naming, rights, and playing methods of online marketing activities. Branches can configure an online activity in 5 minutes, reach the target users through app, and greatly improve the efficiency through the support of the middle platform agile architecture.

III digital reshaping insurance value chain

For insurance companies,Digitization is no longer a multiple choice question, but a survival question. As you can see above, these digital changes are emergingThe continuous enhancement reveals the trend of digital insurance industry

First, online products. Online insurance is not only the online sales, but also the whole process of insurance products. The whole process is not limited to insurance products. All other services related to life insurance are combined with insurance.

Second, younger users. For young people, what are their buying methods, buying channels and what do they believe? They pay attention to privacy protection and get used to online self-service. Many traditional insurance offline sales methods can't adapt to the habits of these young generation. Facing young customers,.

Third, marketing scene. Internet business especially hopes to establish more connections and communication with customers, but it is difficult in traditional insurance, because insurance is a relatively low-frequency business, so insurance companies need to use insurance technology to establish their own scene and Ecological Marketing scene.

Fourth, intelligent service. Online products include the intellectualization of products and services. Here, more emphasis is put on the intellectualization of services. It not only lies in the user experience, but also helps insurance companies to improve efficiency and reduce operating costs through intellectualization.

From product development and design, channel exhibition and sales, insurance and underwriting, underwriting and claim settlement, customer service, the insurance value chain is comprehensively analyzedDigital remodeling

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1. Product design and development

Pain points of traditional insuranceProduct development and pricingDepending on the law of large numbersIt can only design products for general customer groups, and actuarial assumptions are based on historical experience data, which can not be dynamically adjusted according to the actual value, and can not meet the emerging high-frequency and fragmented insurance needs in some consumption scenarios.

Insurance technology empowerment: with the help of digital technology, insurance companies can understand customers more deeply, so as to provide customized and personalized insurance products, integrate multiple solutions (life insurance, health insurance, automobile insurance, housing insurance, small business insurance, etc.) into one policy, and the price is competitive.

1) Accurate pricing of products.Through the Internet of things and big data technology, insurance companies can design and develop products and pricing more in line with customers' needs based on massive data, analysis of customer behavior, and completion of accurate customer portraits. O2, the British Telecom Operator, has entered the insurance field and launched a special auto insurance product. The feature of the product is that the safer the user drives, the more favorable the auto insurance price. Users' driving habits can be tracked through special devices, and after each driving, users can view their scores on the mobile app. O2 auto insurance products also provide services to improve driving habits and reduce driving risks, helping users improve driving scores.

2) Expand product application scenarios and product customization.For insurance products based on consumption scenarios, when users place an order, the pricing model can calculate the premium in real time according to the information of users and goods and display it in the user's payment interface. Through cloud computing, big data and other technical means, it can meet the requirements of a large amount of data acquisition and computing power generated in the process.

4) New field product creation.

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2. Channel marketing

Traditional insurance pain points:

Insurance technology empowerment:

1) Enabling agents and enhancing intelligent interaction.

2) Develop customer acquisition channels and precision marketing.Through Internet traffic and its consumption scenarios, we can form accurate customer portraits, grasp the pain points of customers, targeted to specific groups to sell products that meet the needs, improve customer conversion rate, and enhance customer stickiness. On the one hand, we can save labor costs, and on the other hand, we can improve customer acquisition efficiency. For most industries, direct contact with customers often helps to improve customer satisfaction and company profit margin. We believe that increasing communication and contact between insurance companies and customers (no longer limited to just a few interactions within the validity period of the policy) will be a key factor for insurance companies to stand out in the future. Internet and mobile applications provide an important platform for insurance companies to interact with customers on a regular basis and better understand customer behavior. Customers can make requests, inquiries or complaints through mobile applications, and receive timely replies. Insurance companies can also provide useful information and advice on fitness, weather, traffic conditions and flight delays. These additional services help to stimulate positive behavior, cross sell new products, improve customer experience, increase customer loyalty and retention.

3. Insurance and underwriting

Traditional insurance pain points:The procedure of traditional insurance is complicated, and the terms of insurance products are difficult to understand. The insurance process relies heavily on the agent's offline service.

Insurance technology empowerment:

1) Online and self-service insurance.The younger generation of customers are more and more reluctant to give their personal information to a third party to complete the insurance business, hoping to complete it online and self-service. According to a recent survey conducted by Bloomberg, respondents believe that digital channels will take precedence over agency and brokerage channels after 2020. The improvement of transparency and convenience will greatly enhance the overall customer experience.

2) Intelligent, transparent and traceable.For complex insurance terms, manual service has the advantages of consultation and interpretation of complex conditions, but it also has the problems of risk concealment, information opacity, interpretation nonstandard and so on. Combined with AI, knowledge mapping, text analysis, interactive robot and other insurance technology capabilities, the complex insurance health report and business consultation can be turned into intelligent and standardized services. At the same time, the customer insurance process is digitized to ensure the visual backtracking in the follow-up service of the insurance policy.

For example, the health notification of health insurance is not only the basis for underwriting, but also one of the important basis for claims settlement. Some customers can not get compensation when they buy health insurance. Different products have different health advice requirements. How can customers understand these health advice content at a low cost, so as not to let them have doubts about insurance. The application of knowledge mapping in the field of health information can better solve this problem.

Example: intelligent Consulting Assistant for health notification

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4. Underwriting and claims

Traditional insurance pain points:1) In the past, manual underwriting, claims and other processes had problems of poor timeliness and accuracy. Users are more sensitive to the timeliness and accuracy of underwriting and claims in insurance services. A large part of annual insurance consumer complaints come from disputes over the amount of loss and slow claims settlement. Inefficient manual services affect customer experience.

Insurance technology empowerment:

In addition, through the AI document camera, the online intelligent audit of claims materials submitted by customers is carried out, and online reminders and processing are carried out for fuzzy, lack of chapter, lack of signature, and lack of key vouchers, so as to avoid the audit after customer submission and allow customers to make secondary supplement, which greatly improves the efficiency of online interactive business.

Example: AI document camera improves the quality of reporting materials

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For example, learn from the black seed mining of look like algorithm (look like algorithm is a kind of algorithm which is often used to expand similar groups in computational advertising, and is usually used in the field of advertising), based on the given black seed, recall and risk ranking of other gang members, find other risk nodes associated with these black seeds, and achieve the purpose of improving Gang coverage.

In the fraud scenario, many fraudsters also have similar relationship, and there may be certain relationship between the fraudster and other members of the gang before and after the fraud. But in the business scenario, we can only get some black nodes. For example, when the victim reports after being cheated, we can get the passive Party (payee) of the transaction as the black node.

However, there are two situations: some victims do not report in time after being cheated, and the nodes involved in these hidden cases can not join the black seed nodes; in addition, there is a kind of intermediary nodes, these people command the fraud gang by remote control in some ways, and this kind of intermediary nodes can not join the black seed nodes. But at the same time, similar to look like algorithm, it can achieve the gain of black seed node, and then find the relationship between fraud groups.

Indication: the implementation result of fraud compensation of an insurance product

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The red node represents the black seed node, and the blue node represents other nodes (the risk node of gain). In the above two figures, (a) is a risk group, that is, each node is a member of a Mafia group, which can be used in the in-process audit stage, (b) is an abnormal group found after community search according to (a), that is, whether some members of a Mafia group are uncertain, but the probability is high.

(B) The black node in (a) is the same as that in (a), but it gains 13 other nodes compared with (a). These nodes are probably black nodes (hidden nodes) in actual business scenarios.

5. Customer service

Insurance technology empowerment:

1) Full digital customer journey.Many insurance companies are re using digital technology to reconstruct customer journey, in order to reduce the complexity of customer interaction process, improve the degree of intelligent service, and increase the proportion of online customer service. For example, from the aspect of customer remote face-to-face interview, we can realize customer service on the whole line through mobile, audio and video recording, intelligent summary, intelligent clue recognition, etc.

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Part two:Alibaba cloud Liu Weiguang: 20000 words dissect "insurance technology". How do managers do "the right thing"? (Part Two)

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