Ant Group’s insurance arm said on World Of Single Jaye (2020)Monday its partner insurers reported $1.93 billion in claims via its platform in the first half of this year, a 30% year-on-year increase, as users increasingly choose the online insurance brokerage platform thanks to its convenience. With more than 1 billion users on the platform, Alipay’s in-app tool has expanded from e-commerce-related shopping rebates when launched in 2013 to providing a range of insurance offerings including health and travel coverage. It has partnered with 90 insurance companies in China to offer more than 1,000 products, Ant Insurance said in a press release. The Alibaba-affiliated fintech company is also using ChatGPT-like tech to power its insurance services, with AI assisting users in choosing insurance products and streamlining the claims process. “No personal privacy-related data is involved when fine-tuning the insurance-centered model, as the model only needs to understand general patterns in claims processing,” according to Fang Yong, head of claims technology at Ant Insurance. [TechNode reporting]
