Health Insurance

Artificial Intelligence（AI）has swept the whole financial market with the changes it has brought. Take insurance industry for instance, Japanese life insurer Fukoku Mutual Life Insurance Company has adopted AI in 2017 and laid off 30% of manpower in claims department. A series of AI robots, represented by IBM Wat son, has joined and served USAA, Softbank, Singapore Development Bank and hundreds of other enterprises and institutions in dozens of countries
and/or regions. Ex Global VP of Google has said that the best application area of AI is in finance. As an important part of finance, insurance is heavily based on knowledge and experience, which enjoys natural advantage of possessing massive data which is much needed for training AI. In this era of AI, how insurance practitioners take control of AI and create value by making AI our safe and efficient assistant?

Blockchain technology provides a decentralized, peer to peer while secured framework, thanks to it’s highly reliable structure and algorithm. Comparing to the Internet, Blockchain will reach wider and access more data and resources while protecting copyrights. The combination of AI and Blockchain will fully utilize the resources by mass-data analysis through maximized deep learning. 

Insurance is an fast growing and enormous industry without volume limitation. According to German insurance giant,Allianz Group, global insurance premium income reached 3.65 trillion Euro in 2016, which exceeded annual GDP of world’s 3rd largest economy Japan. China is now the 2nd largest economy after achieving 20% growth in 2017. Behind such immense growth, Insurance industry remain inefficient as it is still highly manpower intensive and is traded through multiple layers of intermediaries. Insurance industry is highly relied on trust but, unfortunately, the frequent breaches of contracts or regulations by practitioners have seriously damaged the reputation of the industry, and the fake insurance policies or other fraudulent acts have constrained insurance industry from developing further healthily.