The Rise of China InsurTech – both sides of the wall

2. Presentations are intended for educational purposes only and do not replace independent professional
judgment. Statements of facts and opinions expressed are those of the participants individually and,
unless expressly stated otherwise, are neither the opinion nor position of The Digital Insurer. The
Digital Insurer do not endorse or approve, and assume no responsibility for, the content, accuracy or
completeness of the information presented.

7. Working together
to accelerate the digital
transformation of insurance
08 December 2020

8. 8
Young Yang
General Manager, ASEAN
Business
ZA Tech
Jessica Tan
Group Co-CEO
PingAn
Assaf Wand
CEO
Hippo
Bruce
Carnegie-Brown
Chairman
Lloyd’s
2020 ITC Asia engagement with
the industry
1) ITC World Tour – September 2020
2)ITC Global – October 2020

9. 9
Upcoming ITC Asia events
1) ITC Asia Digital Summit – Digital Distribution and
Ecosystems – 25 February 2021
2) ITC Asia 2021 – June 2021

15. TDI’s “InsurTech Wheel”
Working together to accelerate the digital transformation of insurance

16. Working together to accelerate the digital transformation of insurance
www.the-digital-insurer.com/search-insurtech-directory/
Asia & NZ
Europe
North America
TDI INSURTECH Directory
The world’s insurtech database

17. Working together to accelerate the digital transformation of insurance
www.the-digital-insurer.com/search-insurtech-directory/
TDI INSURTECH Directory
The world’s insurtech database
Global Asia
Value Chain
Innovations
New Business
Models

18. InsurTech DYNAMIC Landscape Q 2020

20. Hong Kong’s Dynamic InsurTech Map

22. 22

30. Insurtechs: What Matters?
Value
Proposition
Pain Point
What industry pain point
are you solving?
Is it relevant to users?
Is it strategic to insurer?
Technology
Is your tech proven?
What’s the positioning of
your product/service?
Data
What data are you
collecting?
Is your data valuable?
Commercials
Fee levels
Components of fee
Interests alignment
User Journey
Can you support the user
journey?
Can you integrate?
Market Traction
Who are your customers?
How are they using your
service?

31. Insurtechs: Ingredients for Successful Partnerships
Define the Value
▪ Process automation (underwriting/claims STP fraud detection)
▪ Chatbot / natural language processing (sales and servicing)
▪ Predictive analytics
▪ Payments
▪ Telehealth / health management services
▪ Biometrics / Wearables / Health data
Find a Champion ▪ The Champion who can help navigate your way around the insurer
Stakeholder
Management
▪ Who are the insurer’s stakeholders? What are their KPIs?
Manage Expectations ▪ Timeline expectation; Provide a decent runway for B2B business
Do It Well ▪ A POC or long-term contract, prove the end result
Strategic Thinking ▪ Strategic Partnerships? Strategic Investments?

32. •
•

34. Waterdrop Fundraising · Waterdrop Mutual · Waterdrop Insurance
•
•
•
•
•
•

35. Waterdrop Fundraising · Waterdrop Mutual · Waterdrop Insurance

36. Waterdrop Fundraising · Waterdrop Mutual · Waterdrop Insurance
3
Waterdrop
Infrastructur
e
Traffi
c
Data

38. Cheche Tech
Integrated Tech Platform
• Digitized Transaction
Processes
• Big Data/AI Enabled
• “Deep” Integration with carriers
User-friendly, Scalable Products
Consumers
Referral Services
Providers
Digital Platform
Partners
Customers and
Trusted Partners
Leading
Insurance
Carriers
38
Automated Quote Engine Recommendation EngineUnderwriting Engine

39. Cheche Tech
39
￥

40. Cheche Tech
Open SaaS Platform Claims/Services ManagementDigitized MGA Model
Enabling multiple parts of the insurance value chain
Wide moat/Leading position Trillion dollar industry and growing
Growing lines of product
and service categories
Underwriting/Pricing
Reporting/Admins
Cheche Tech
One-stop digital insurance platform
Advanced claims tools
Aftermarket services
platform
Digital maintenance
management system
Financial management and reporting
Workflow automations
Customer and operational management
systems for RSPs
Redefining insurance value chain using technology
40

41. www.easitech.hk
www.17doubao.com

42. SurveyAgents Prospects Report
Insurance
Product
Survey
Forwarded
to Prospects
from App
Prospect
Opens and
Completes
Reports with
product
recommendations
produced
Prospect
Submits
Completed
Survey
Three Minutes to Produce Reports for Agent and
Prospective Customer
Agent
Report
Front End View
Back End Process
Prospect
Report

43. •Dynamically and interactively produces questions
based on prospect’s responses
Questionnaire Management System
•Analyzes hidden connections between the question and
answer sets
Knowledge Base Engine
•Uses a backtracking algorithm to trace, link and
interpret answers based on knowledge built to date
Questionnaire Analysis System
•Automatically generates the analysis required for
articulating potential risks
Risk Analysis Engine
•Intelligently matches prospects with insurance
products, using information gathered and pre-installed
linkages
Insurance Recommendation Engine
Sophisticated Technology – using algorithms and interactive
techniques - Underpins the Quality of the Reports

44. What does the Customer Report Look Like?
Demographic
analysis and
position of the
prospect within
that analysis
Quantified, AI
based analysis of
the unmitigated
risks the
customer faces
and the impact
of those risks
Based on:
a) The area of study
b) Customer analysis
c) Intelligence and
knowledge base
within the app
Product
recommendations are
produced for the area
of interest
Three different
surveys are
currently
available, covering
a) Family Risk
b) Travel Risk
c) Personal
Financial Risk
Introduction Customer Analysis Risk Analysis Recommendations

45. Bin Xu
CEO,
Xiaobang

46. What is Xiaobang Insurance
A new generation of insurance broker
Traditional broker
Offline / Partially online
Not digitalized
All human
Very limited collaboration
Xiaobang Insurance
100% online
Fully digitalized
AI-Empowered
Full-Collaboration-Enabled
VS

47. • Capable of closing high value long term insurance transactions online. No
offline meeting needed.
• The whole system is becoming smarter every day.
• Service quality is guaranteed as we can monitor every detail of every service.
• Our efficiency is already 10x higher and still has great potential.
• Renewal rate is over 95%, highest level in the whole industry.
Our advantages vs. traditional brokers

48. • If you have users that you want to monetize using insurance
• If you have insurance products that you want to distribute
Partners we are looking for

53. 7 x 8 x 1hr lessons
100% Virtual
MCQs for each
1
OUR
CHANGING WORLD
2
TECH
ENABLERS
3
DATA &
ANALYTICS
4
VALUE CHAIN
INNOVATIONS
5
NEW DIGITAL
BUSINESS MODELS
6
MARKETING &
CUSTOMER EXPERIENCE
7
STRATEGY &
TRANSFORMATION
Range of Industry
Experts

55. Feedback please