Ali Cloud Took The First Big Financial Cloud Behind: The Digitalization Of The Property Insurance Industry

In June 1st, China Insurance Group signed a comprehensive cooperation agreement with Alibaba group. According to the agreement, Ali cloud will build a new generation of distributed insurance core system for China Insurance Company under the China Insurance Group. It is reported that the total amount of the cooperation is nearly 700 million yuan, which has become the largest single domestic financial cloud field.

For Ali cloud and China property insurance, the significance of this cooperation is very significant. On the one hand, this is the largest benchmark project that Ali Yun has been landing in the financial field since it started expanding the vertical industry line last year. On the other hand, it is also a key step in the process of digital transformation with Chinese property insurance, which has a history of 34 years.

Wang Yongxiang, assistant general manager of China General Administration of property and casualty, told an economic report reporters in June 2nd that the cooperation between China Property Insurance and Ali cloud has both the requirements of the national macro level. The Banking Regulatory Commission has issued a written request. By 2022, the digitalized application of the property insurance industry should reach 80%. At the same time, it also needs the transformation of Chinese property insurance. "We hope that the future can become one." It is truly a customer centered, technology driven and innovative driven insurance company.

According to its introduction, China property insurance has been going on for a year or so since the start of the project, and next, the implementation cycle plan for the whole project is three years. On the day of signing the contract, the two sides also held the unveiling ceremony of the "Digital China 1000 days countdown". The Chinese property insurance invited two senior technical experts from Ali to be the "independent members" of the company informatization work committee to participate in the project planning, guidance and discussion regularly.

Wang Yongxiang said that for the insurance industry, this cooperation may be the first time that the insurance company has completed the entire site preparation to rebuild its business mode, business philosophy and IT matching.

Insurance industry transformation

In the insurance industry, a company's "customer centered" approach is actually not a very empty goal, because most insurance companies take the policy as the center.

Hu Dailei, the innovation and development center of China property and casualty insurance company, told the twenty-first Century economic report that from the day of the birth of insurance, its essence is a contract, with the form of insurance policy. For an insurance company, its system is to record every policy information, and not to accommodate users' needs and services.

But in the Internet era, insurance is not only a contract, but also a digital commodity, which can interact with customers or even customize. Under such circumstances, the original policy centered system can not meet the diversity of customer needs.

"Therefore, we urgently put forward to make changes, the direction of change can be summarized as customer on-line, business on-line and management on-line." Hu Dailei said, with product research and development as an example, in the past, a demand may be waiting for half a year or even longer to be implemented. With the help of Ali Zhongtai technology, many mature business modules can be precipitated. When there are new demands, it is no longer necessary for each module to be newly developed, so that the product may be online for two or three weeks or even shorter.

From business scenarios, it is easier to understand the difference between policy centered and customer focused. Wang Yongxiang said, for the users of the car, he may have bought accident insurance and health insurance besides vehicle insurance. In the traditional mode, when the user needs to claim an accident, the background needs to be processed first to the vehicle insurance system, and then to the accident insurance system and health insurance system.

"This is the design philosophy of the original system of property insurance company, which is based on the policy as the core and differentiated according to the insurance category." Wang Yongxiang said, but this mode is certainly not the best mode of user experience, such as Invoicing, now the three insurance company's insurance system can only open three invoices, but from the perspective of users, clearly open one.

Therefore, the "customer centered" proposed by the Chinese property insurance company can also be understood as the "one ID" concept in the Internet field. That is, from the bottom platform, the customer's unique logo, whether he undertakes or claims, is able to present his panoramic views when customers access services, and then all the customers' problems can be solved through a service.

"This is what traditional insurance companies have always dreamed of." Hu Dailei said, but the traditional structure of the company can not support this demand, so this time and Ali cloud cooperation, the foothold is to reconstruct a brand new system.

Both sides build together

It is reported that the fully distributed core system of the two sides will use Ali cloud full set of proprietary cloud platforms, data stations, business platforms and financial technology products, and innovative introduction of financial cloud common platform. This is the first time in the history of the insurance industry to build a core system based on hybrid cloud mode.

Specifically, the whole scheme will include a series of product technologies and services including Ali's "flying Apsaras" cloud computing operation system, distributed middleware system SOFAStack, distributed database platform OceanBase, financial data intelligent platform, financial core suite bPaaS, insurance expert service, mPaaS mobile development platform, gold fusion nail and so on.

Zhang Chi, chief architect of the new financial division of Ali Yun Yun, told reporters that in the process of cooperation, the underlying platform of the whole system will be provided by Ali cloud, but to the middle stage and application level, it will be jointly developed and designed by China Property Insurance and Ali Yun.

It is understood that the two sides have divided the entire three year cycle into three stages. In the first year, the main task is to lay the foundation and seek some breakthroughs at the same time. For example, we need to quickly launch some intelligent marketing and service system products.

The goal of the second year is to build up the framework of the central Taiwan business, including the simultaneous completion of the insurance related product lines. In the last year, China property insurance will work with ALI Yun to develop some intelligent, data and mobile capabilities for the future.

Wang Yongxiang told reporters that for Chinese property insurance, they expect to deliver not only a system in the future, but a whole set of ideas, organization and mode. "We hope that China property insurance can become a self driving change organization, be able to deal with future market changes more flexibly and make use of the latest technology to create more customers' interests for customers."

In addition, Wang Yongxiang also expressed the hope that after the two sides work together to build a team, Ali can understand the ability of Chinese property insurance, and then dig out some undeveloped business resources in the Ali economy to innovate together.