Ant launches blockchain platform for insurers

Ant Group’s insurance arm launches a digital operation platform for insurance companies in China

Ant insurance

Ant launches blockchain platform for insurers. Source: shutterstock.com

The Xingyun platform from Ant Insurance should help insurers improve operational efficiency and customer experience, as reported by Finextra.

Insurance companies would be able to launch their digital storefronts on the Ant Insurance platform via Xingyun to offer direct services to consumers. These services may include not only insurance policies themselves but also educational content etc. Over 60 companies have already joined the platform. These include Taiping Life Insurance Co., Ltd., ZhongAn Online P&C Insurance Co., Ltd. and China Pacific Insurance (Group) Co., Ltd.

A combination of blockchain technology and AI would enhance the accuracy of insurance decisions. Thus, for insurance claim settlements, Ant’s AI-powered digital tool can identify 107 types of verification documents with an identification accuracy rate above 95%. Smart platform tools would positively impact the whole business process including sales, operations and customer service. 

Moreover, the company believes 90% of medical insurance claimers will be able to get their proof documents approved the first time they upload them into the system, and receive their reimbursement within two days of submission.

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