Bi Wei, CEO of One Connect's Insurance Division, delivers a speech at an industry forum on June 25, 2019 in Beijing.
OneConnect, a financial technology service company under Ping An Group, announced a plan to explore the role of innovative technologies in sales, risk management, and operations in the insurance sector, a move to tap China's rapidly developing fin-tech industry.
"Innovative technologies are reshaping the insurance industry as artificial intelligence and blockchain have been used in product design, marketing and sales, after-sale services, risk management, and many other fields, and are receiving good results," chairman and CEO Ye Wangchun said on Tuesday.
Going ahead, tech innovation will be a focus of competition among major players in the insurance industry, Ye said at an industry forum themed on tech adaptation in China's insurance industry.
The company also launched a white book on technology and risk management in insurance with the Insurance Society of China. According to the white book, many insurance companies in China are having third-party technology service providers to reduce cost.