Insurance sector will make use of tech in future

Chinese's insurance sector will be more tech-savvy in risks management in the future, industry experts said.

"The insurance industry will apply more innovative technologies, like digital technology, to integrate innovations in science and technology with risk management in domains like medical insurance, endowment insurance and natural catastrophes," said Yao Qinghai, chairman of the Insurance Institute of China, at a summit.

Technological innovation is changing the whole finance industry as well as the service pattern for the insurance industry, according to Yao.

In particular, aspects of risk management, service for the real economy, service to ensure people's livelihood are seeing prospects in incorporating technological innovations with the insurance industry.

In the future, artificial intelligence, gene technology, automatic driving systems and other related technologies will have a great impact on risk pricing and loss assessment in the insurance industry, and it will also improve the whole industry chain, Yao said.

According to a report on China insurance tech investment and financing, private equity companies have invested more than 11.3 billion yuan ($1.8 billion) between 2012 and 2017 in this sector. Last year, there were 43 cases of financing in the insurance tech industry, reaching 1.6 billion yuan.

Fan Hang contributed to this story