Ant Insurance’s partner insurers in China processed $1.93 billion in claims through its platform in the first half of 2024, marking a significant 30% year-on-year increase.
Established in 2013, Ant Insurance initially focused on e-commerce-related products such as shopping rebate shipping insurance. Over the years, it has expanded its offerings to include comprehensive services like health insurance, leveraging Alipay’s extensive user base of over one billion primarily young adults in their thirties across China.
Traditionally, commercial health insurance in China featured high-cost critical illness plans with annual premiums around RMB 10,000 (USD 1,375), targeting individuals after major life events like marriage or parenthood. Ant Insurance has revolutionized this landscape with innovative products such as the Haoyibao health insurance series, which guarantees renewal for six years and caters to diverse demographics from children to the elderly.
The company has introduced pioneering services like AI-driven insurance planning and EasyClaims, an expedited settlement solution. These innovations enhance customer accessibility and operational efficiency. The AI Docs Scanner and AI Structured Extraction automate document processing from medical institutions across China, freeing human auditors to handle more complex cases.
Fang Yong, head of claims technology at Ant Insurance, highlighted their approach: “Our AI capabilities are designed to augment human auditors rather than replace them, improving operational efficiency and focusing on complex cases.”
Ant Insurance also emphasizes talent development through incentive plans aimed at encouraging employees to develop automation solutions that surpass industry standards. “These plans foster self-motivation and drive innovation among our team,” Yong noted during a media conference call.
With a portfolio expanding to include over 1,000 products in collaboration with 90 insurers, Ant Insurance aims to democratize insurance access nationwide, making it more inclusive and accessible.
Looking ahead, Ant Insurance aims to transform the claims settlement process by utilizing AI for on-the-spot payouts, reducing upfront payments for hospital fees. “Our goal is to make this technology accessible to all, not just high-net-worth customers, and apply our AI capabilities across all types of medical insurance,” Yong stated.
