Open up the "last mile", Sunshine Insurance uses technology to link emerging consumers

　The insurance industry is ushering in a change, and a group of Gen Z groups that grew up in the rapid development stage of Internet technology have gradually become the main force of insurance consumption. Technology runs through their growth path, and it also continues to shape their unique consumption habits and concepts.

　　"How to get the recognition of Gen Z consumers" has become the main problem facing insurance companies.

　　Sunshine Insurance, which has recently submitted a prospectus to the Hong Kong Stock Exchange, also has its own answers on this topic. As one of the pioneers in exploring Internet insurance among insurance companies, sunshine insurance combined technology and insurance main business as early as 2013. So far, Sunshine Insurance, which has started the era of digital transformation 2.0, has also placed the "data technology strategy" in the group's six major development strategies to empower the development of the main business, improve service levels, and gain the favor of customers.

　　For emerging consumers, how will Sunshine Insurance open the door to experience for them? How does Sunshine Insurance break through the barrier with Generation Z and successfully open up the "last mile"?

　　Forward-looking layout insurance + technology

　　Before Gen Z became a mainstream consumer group, an Internet revolution from BATJs swept across all walks of life in 2013.

　　In this wave, Sunshine Insurance is keenly aware of the connection between finance and the Internet, and strives to promote the same frequency resonance between insurance companies and Internet technology, and to reform and reconstruct the organizational structure, operating processes, products and services under the traditional model with Internet thinking.

　　In 2014, Sunshine Insurance established the Internet Finance Division in the Group, followed by the Internet Business Development Center and the Data Management Department to explore innovations in the field of Internet insurance. This is also the first attempt of the Group to "Internetize" its organizational structure. Since then, Sunshine Insurance has also established an internal Internet index at the group level to measure the progress of the Internet strategy of each business segment. This is unique in the entire insurance industry. In 2019, Sunshine Insurance launched organizational changes and structural adjustments, and set up a special science and technology center, including the Department of Scientific and Technological Innovation Promotion, the Department of Application Development, the Department of Technology Management, the Department of Infrastructure, the Department of Information Security, the Department of Big Data and Artificial Intelligence, and the Science and Technology Research Institute, providing strong support for rapidly responding to the needs of subsidiaries and business units.

　　In terms of operating models, Sunshine discovered the value of data earlier than its peers. At that time, Sunshine Insurance consciously accumulated data, and then tried its best to find out the model of data analysis, analyze the law of data, and improve the ability of data application. In recent years, with the increasing prominence of data value, Sunshine Insurance has made every effort to build a data-centric ecosystem and operation management model, realize the coordinated development of various business fields, and truly upgrade Sunshine into a financial insurance service enterprise with data as the core capability.

　　In terms of products and services, Sunshine has introduced 5G, AI and other technologies to create smart products. In 2019, Sunshine independently developed the "'Sunshine Face Doctor' AI Visual Learning Predictive Health Indicator Technology". Last year, Sunshine Service was upgraded again, launching cloud customer service 5G video.

　　According to the prospectus, in recent years, Sunshine Insurance has become more and more "generous" in science and technology investment. As of December 31, 2021, Sunshine has registered 20 patents, covering artificial intelligence, big data, information security and other technologies. In 2019, 2020 and 2021, Sunshine Insurance's technology investment was RMB867 million, RMB1,012 million and RMB1,077 million, respectively, accounting for 0.9%, 0.9% and 0.9% of the total revenue for the same period. According to the Statistics of the China Insurance Industry Association, the information technology investment of insurance institutions in 2020 was RMB35.1 billion, accounting for 0.6% of operating income; sunshine Insurance's technology investment accounted for more than the industry average.

　　To win the favor of customers with technology

　　The last mile between insurance companies and customers comes from the distance between products and customers, and this is the most important link for new consumer groups. Only by opening up the last mile can we reach the hearts of consumers and truly obtain customers.

　　There is such a real case that once happened in the sunshine. During the epidemic last year, Mr. Wang's car accidentally had a small scratch, he connected with the surveyor video through the Sunshine Insurance "one-click compensation" APP, took a few photos of the vehicle scraping place, location, etc. After uploading, a few minutes of kung fu claim payment has arrived, and the intelligence and convenience of this claim made Mr. Wang sigh.

　　In Sunshine, such cases are not in the minority.

　　At present, based on data and intelligent drive, claim services represented by life insurance "direct compensation" and property insurance "flash compensation" are becoming the new business card of Sunshine Insurance.

　　For example, the "Claims Smart Eye" service launched by Sunshine Life realizes functions such as intelligent identification, clarity detection and intelligent verification through OCR technology, which improves efficiency and accuracy through streamlining processes. Through the claim "smart eye", the system can automatically identify and detect whether the picture meets the upload requirements in milliseconds, give prompt feedback immediately in the photo shooting link where the customer submits the claim materials, guide the customer to retake the non-standard photo, avoid the trouble of re-shooting and uploading the subsequent acceptance link due to the unclear and incomplete photo, and save time, worry and effort.

　　Another example is the "one-click compensation" tool of Sunshine Property & Casualty Insurance, which can realize remote video surveying, image recognition technology applied to the loss determination link of automobile insurance to achieve rapid loss determination in small cases; in 2021, "one-click compensation" has provided about 1.2 million claims services.

　　In 2021, Sunshine Insurance opened the era of digital transformation 2.0, and the prospectus also disclosed the specific results of Sunshine Insurance's digital transformation, in addition to product innovation, Sunshine digital transformation also mainly includes digital customer insight, digital marketing, digital risk control, and digital operation capabilities.

　　In terms of future strategic development, the data technology strategy has become one of the focuses of Sunshine Insurance, which strives to comprehensively strengthen the data technology capabilities and accelerate the transformation of digital operations.

　　A series of black technology and digital achievements have also made Sunshine favored and recognized by customers.

　　As of December 31, 2021, Sunshine Life had approximately 8.7 million individual customers and nearly 10,000 group customers across China, while Sunshine P&C served approximately 17.2 million individual customers and approximately 420,000 group customers.

　　In terms of market share, according to the data released by the China Banking and Insurance Regulatory Commission and the Insurance Industry Association, in terms of the original insurance premium income, the market share of Sunshine Property & Casualty Insurance will be 2.7% in 2020, ranking 7th among 87 property insurance companies in China; in terms of original insurance premium income, Sunshine Life's market share will be 1.7%, ranking 12th among 91 life insurance companies in China.

　　As of the end of 2021, the company has won the top 500 Chinese enterprises for 11 consecutive years, and has been selected as "China's 500 Most Valuable Brands" by the World Laboratory for 10 consecutive years.