Source: asiainsurancereview.com

The CBIRC has drawn up a plan to promote the development of online property and casualty insurance business over the next two years, Shanghai Securities News has reported.

According to the plan, by 2022, the proportion of online business for motor insurance, agricultural insurance, accident insurance, short-term health insurance and home property insurance should exceed 80%. For other classes of insurance, the plan envisages the proportion of business conducted online to show an increase.

The guideline also encourages P&C carriers to provide consumers with safe and convenient online full-process insurance services. The plan encourages the use of official websites, apps, WeChat public accounts and network platforms, to accelerate the digital transformation of insurance services, and promote the interactive integration of online and offline channels.

The demand for “contactless” financial services surged during the COVID-19 pandemic control period. P&C underwriters are encouraged to explore insurance services that require no physical contact by using biotechnology, image recognition, artificial intelligence, big data and other technologies.