The Chinese insurance industry is undergoing a transformative process with established enterprises and startups fighting for market shares in the online business and streamlining business operations. In 2020, insurance companies spent over three billion yuan on AI technology. Insurtech companies use artificial intelligence to determine the individual risk assessment of customers to make pricing more efficient and personalized.
Value of insurance companies' expenses on cutting-edge technologies in China in 2020 with a forecast until 2024
(in billion yuan)
Characteristic
Cloud computing infrastructure
AI and big data
Blockchain
RPA/IPA
OCR
Data platform
Others
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iResearch. (December 27, 2021). Value of insurance companies' expenses on cutting-edge technologies in China in 2020 with a forecast until 2024 (in billion yuan) [Graph]. In Statista. Retrieved September 02, 2024, from https://www.statista.com/statistics/1303839/china-cutting-edge-technology-expenses-of-insurance-companies-by-type/
iResearch. "Value of insurance companies' expenses on cutting-edge technologies in China in 2020 with a forecast until 2024 (in billion yuan)." Chart. December 27, 2021. Statista. Accessed September 02, 2024. https://www.statista.com/statistics/1303839/china-cutting-edge-technology-expenses-of-insurance-companies-by-type/
iResearch. (2021). Value of insurance companies' expenses on cutting-edge technologies in China in 2020 with a forecast until 2024 (in billion yuan). Statista. Statista Inc.. Accessed: September 02, 2024. https://www.statista.com/statistics/1303839/china-cutting-edge-technology-expenses-of-insurance-companies-by-type/
iResearch. "Value of Insurance Companies' Expenses on Cutting-edge Technologies in China in 2020 with a Forecast until 2024 (in Billion Yuan)." Statista, Statista Inc., 27 Dec 2021, https://www.statista.com/statistics/1303839/china-cutting-edge-technology-expenses-of-insurance-companies-by-type/
iResearch, Value of insurance companies' expenses on cutting-edge technologies in China in 2020 with a forecast until 2024 (in billion yuan) Statista, https://www.statista.com/statistics/1303839/china-cutting-edge-technology-expenses-of-insurance-companies-by-type/ (last visited September 02, 2024)
Value of insurance companies' expenses on cutting-edge technologies in China in 2020 with a forecast until 2024 (in billion yuan) [Graph], iResearch, December 27, 2021. [Online]. Available: https://www.statista.com/statistics/1303839/china-cutting-edge-technology-expenses-of-insurance-companies-by-type/