While it is undeniable that the advent of new technologies has empowered the insurance industry, online insurance sales has also exposed some hidden dangers and problems within the industry. In 2019, the China Banking and Insurance Regulatory Commission received about 19,900 consumer complaints with regards to online insurance sales. Compared with offline traditional avenues, online operations make it difficult to establish customer trust and long-term communication, which makes it difficult for customers to be receptive to internet marketing, and highly impossible to promote large-scale conversion.
In order to make up for the shortcomings of the online insurance industry, BIG uses blockchain technology as the underlying architecture of the platform, along with big data computing and AI as the core of the platform's operations to promote the digital transformation of insurance.
Turning Weaknesses into Advantages
The BIG insurance platform is the world's leading customizable and extensible insurance ecosystem based on blockchain, Internet of Things and artificial intelligence. Companies, agents, policy holders, and regulatory agencies face the following problems and issues: cumbersome identity verification and processing, high marketing and sales costs resulting in high premiums, lack of transparency and ambiguity in contract terms, claims dispute, long underwriting and settlement time, low efficiency leading to loss of business opportunities, large losses for policyholders should they surrender their policies, and agents misleading consumers during the sales process.
Through blockchain technology, as well as the team’s expertise and the implementation of artificial intelligence, the BIG insurance chain can establish trust between insurance providers and potential insurance applicants; simplify and accelerate the insurance application process; generate underwriting results at a faster rate; reduce marketing and sales costs; increase user loyalty and protect user privacy; provide more discounts for policy holders; help insurance regulatory agencies and insurance companies strengthen compliance measures and avoid misleading sales.
On the BIG insurance platform, policyholders, platform managers, third-party actuaries, and users can efficiently interact under transparent and preset rules to realize the technological empowerment of insurance formats.
As the pillar of the financial industry, insurance provides measures to control risks and long-term funding for the stability and development of the entire society. As the leading domestic blockchain insurance service platform, BIG has empowered the insurance ecosystem through technology, and used digital operations to accurately solve the market needs and issues of consumer protection and agent acquisition. With the help of blockchain, artificial intelligence, big data and other insurance technology methods, BIG has transformed all aspects of Internet insurance with all-round technology, which has improved efficiency, reduced costs, and fundamentally established a sustainable insurance platform.
