Author: Xiang Jiayu, School of Insurance, Central University of Finance and Economics
Synopsis:
- AIGC can be applied to life insurance operations, product design and company personnel training.
- With the continuous advancement of technology and the deepening of its application, AIGC is expected to bring more business benefits and competitive advantages to the life insurance industry.
- AIGC is a "new vane" for the life insurance industry and the entire insurance industry, which will subvert the traditional operating model of the life insurance industry and set off a wave of artificial intelligence again.
With the launch of ChatGPT, artificial intelligence has entered the 2.0 era from the 1.0 era, and this technological leap has had a huge impact on the insurance industry. As an important branch of the insurance industry, the application of AIGC in the life insurance industry will also face unlimited opportunities and challenges.
AIGC+寿险业,逐步走进现实
Generative AI (AIGC) is an emerging way of content creation. It uses artificial intelligence technology, combined with big data, machine learning, and natural language processing, to automatically generate various forms of content, including but not limited to text, images, videos, and code.
In general, AIGC is convenient and efficient, and it can generate a large amount of content in a short period of time to meet the needs of various scenarios. On December 30, 2022, the birth of ChatGPT enriches the functions of AIGC, integrates human logical thinking into AIGC's algorithms, and realizes the function of human-computer dialogue communication.
● Three characteristics of AIGC:
First of all, AIGC is an automated process.
The reason why AIGC has become a symbol of artificial intelligence from the 1.0 era to the 2.0 era is that it can generate content relatively independently, and realize the independent creation of machines to a certain extent. This means that content that used to be created entirely by humans can be partially replaced by artificial intelligence, making content generation a cheaper and more efficient task. AIGC is based on the principle of big data, statistical analysis and natural language processing to achieve content generation, so the content it generates is more diverse, and it can also generate content that is more in line with the needs of demanders through the analysis of demanders, making the generated content more personalized.
Secondly, the principle of operation of AIGC is simple.
It uses deep learning to train and build a powerful language model that can understand, use, and generate natural language. The power of a language model lies in the fact that it can learn the logic and rules of language based on existing language text data to predict the next word and generate new sentences. Therefore, AIGC has established a powerful language model to complete the task of content generation through a simple operating principle.
Finally, AIGC is a human-computer interaction model.
Under human-computer interaction, users can communicate with the system and perform operations through the human-computer interaction interface. The biggest feature of human-computer interaction is that the machine operating system is user-friendly, users only need to input their needs into the interface, and AIGC outputs content results through big data and language models, so as to meet the needs of users. The whole process is user-friendly, convenient and easy to master.
●The development status of the life insurance industry in mainland China
According to the data of the seventh population census, the population over 60 years old in the mainland accounts for 18.70% of the total population, and it is expected that by 2035, the population over 60 years old in the mainland will exceed 30%. The report of the 20th National Congress of the Communist Party of China pointed out that we should thoroughly implement the people-centered development idea and build the world's largest social security system in terms of providing for the elderly, so that the people's sense of gain, happiness and security will be more fulfilling, more secure and more sustainable.
In recent years, in the face of the social status quo of an aging population and the goal of improving the pension and social security system, the demand for pension and its peripheral products has increased sharply, which will become the future growth engine of the life insurance industry. It is worth noting that the life insurance industry has entered a period of rapid adjustment, and it is necessary to solve the pain points and difficulties accumulated for a long time in the mainland life insurance market. For example, in terms of industry positioning, it is difficult to coordinate the social positioning, operating principles and logic of the life insurance industry with the needs of policyholders; in terms of product design, it is difficult to take into account the expected returns of policyholders and the income of life insurance companies at the same time; in terms of business philosophy, it is difficult to match the long-term development plan with the current investment and assessment mechanism; and in terms of corporate governance, it is difficult to coordinate the direction and structure of shareholders, the board of directors and the management governance.
● The practical application of "AIGC + life insurance industry".
First, AIGC can be applied to life insurance operations. Taking Zhongan Insurance as an example, AIGC can automatically generate marketing and promotional copywriting according to the needs of life insurance companies. AIGC can even learn and capture the individual needs of each policyholder faster and more accurately than humans, and adapt to the products of life insurance companies in a very short time, generate and create marketing copy, video, customer service and other content, greatly improving operational efficiency.
Second, AIGC can also be applied to the design of life insurance products. AIGC uses the life insurance industry information it stores, including the needs of policyholders in the market, policies and systems, census results, insurance principles, and the law of large numbers, etc., to balance the supply of insurers and the needs of policyholders through pre-trained algorithms, and maximize the interests of both parties to form a preliminary design of new life insurance products. Life insurance product designers can adjust and optimize on this basis, and finally design a more complete life insurance product that is more in line with the characteristics of the times.
Third, AIGC can also be applied to the training of life insurance company personnel. Taking Taikang Life Insurance as an example, AIGC is simulated as a policyholder, and AIGC's database and language model are used to simulate the scenario of selling insurance and all the difficulties that may be encountered, so that insurance salespeople can more comprehensively predict the actual needs of policyholders and realize the interaction between insurance salesmen and generative AI.
To sum up, the current application of AIGC in the life insurance industry has alleviated the pain points and difficulties in its industry positioning and product design to a certain extent. At the same time, AIGC has given full play to the basic functions of generative AI in the life insurance industry, improving the operational efficiency of the industry.
However, the full rise of AIGC is marked by the launch of ChatGPT on December 30, 2022, so AIGC has not been used in the insurance industry for a short time, and generative AI technology has not yet been fully applied to all aspects of the development of the life insurance industry. At present, there are still many links that are trying to introduce AIGC technology.
AIGC leads the new trend of life insurance in the future
Overall, the application of AIGC in the life insurance field is changing the way the industry operates, improving customer experience, improving risk management capabilities, and driving innovation in life insurance products. With the continuous advancement of technology and the deepening of its application, AIGC is expected to bring more business benefits and competitive advantages to the life insurance industry.
● AIGC不断赋能寿险业
For the life insurance industry, the big data system contained in AIGC can sort out and screen the population data of all parties, locate the current social demographic structure and aging level in a timely manner, and facilitate life insurance companies to adjust their products and operation strategies.
AIGC is trained on massive unsupervised data, and its large model has strong logic learning ability, demand understanding ability, language expression ability and problem solving ability. In the future, AIGC's more complete training model and language model can once again improve the efficiency of insurance product design, so that the development of life insurance products can achieve "assembly line generation" like factory processing.
In addition, it is a new trend to expand the communication objects of AIGC not only to life insurance industry workers, but also to try direct communication between AIGC and policyholders. AIGC's learning content and stored data go far beyond the single field of life insurance, but also include medical, psychological, health and other related disciplines. AIGC's friendly interface with policyholders can guide policyholders to answer questions, more accurately locate the physical condition of policyholders, dig deeper into the most fundamental needs of policyholders, and provide the most suitable life insurance products for the insured through its internal algorithms, combined with the age characteristics, physical condition, economic ability and other factors of the insured.
In addition to this, AIGC has strong observation and computing capabilities. Based on past data, some leading insurance companies can train a large model with Chinese life insurance characteristics and promote it throughout the life insurance industry. Small and medium-sized life insurance companies can optimize and modify the industry model, which not only saves the high cost of training the large model, but also can be more suitable for the company's own characteristics, which can greatly promote the overall development of the industry.
●To solve the pain points of the life insurance industry, AIGC is worth looking forward to
According to the above analysis, it can be seen that there are problems in the life insurance industry in terms of industry positioning, product design, business philosophy, corporate governance, etc., and the application of AIGC in the life insurance industry has initially solved the pain points and difficulties in its industry positioning and product design, but its solution has not met expectations. At the same time, AIGC urgently needs to be used to alleviate the difficulties of the life insurance industry in terms of business philosophy and corporate governance.
First of all, the problem faced by the industry positioning is that it is difficult for the life insurance industry to meet the needs of policyholders. In the future, by introducing "digital human", a new form of AIGC based on artificial intelligence technology and image recognition technology, a virtual image with human form, characteristics and abilities generated through modeling, rendering and other operations, it can simulate the changes of human physiological structure and expression in business practice, better understand the insurance needs and wishes of customers in different scenarios, and make timely verbal, facial and physical responses to it, so as to achieve real-time, Dynamically improve the quality and accuracy of services around customers, introduce the products required by customers or recommend products to purchase more quickly and accurately, help consumers make decisions, and create a more professional, friendly, smarter and more intuitive customer experience, so as to alleviate the problems of communication errors and mismatch of life insurance plans that may exist in the process of selling life insurance products by manpower.
Secondly, the problem faced by product design is that it is "difficult to balance" the income of policyholders and life insurance companies. As a very large liability financial institution, the income expectation of an insurance company is inconsistent with the income expectation of the policyholder. For life insurance policyholders, especially those who have applied for savings life insurance, they are more expecting long-term returns and do not pay much attention to short-term benefits, while life insurance companies are more looking forward to investing the premiums paid by policyholders into the capital market to obtain immediate high returns and accumulate large-scale insurance funds, but this also means that they will face greater risks.
Therefore, through the introduction of AIGC, its powerful big data system and algorithm model can be mobilized to balance the short-term high income of life insurance companies and the long-term stable income of policyholders, and find a middle point to alleviate the problem that it is difficult to balance the benefits of the two.
Thirdly, the problem faced by the business philosophy is that it is "difficult to match" the long-term development plan and the short-term investment assessment. Since AIGC can not only grasp national policies and market trends at the macro level, but also understand the profit needs of life insurance companies from the micro level, AIGC is introduced to find a balance between the two through its powerful algorithm system, so as to alleviate the problem that long-term planning and short-term investment of life insurance companies are difficult to match.
Finally, the problem in corporate governance is that the board of directors and management have the problem of "difficult coordination" of corporate governance direction. The board of directors focuses on the long-term interests and long-term development of the company in the future, while the management focuses on the short-term interests and the day-to-day operations of the company. AIGC uses human logical thinking to analyze the decision-making characteristics of the board of directors and management, and then take advantage of each other's interests to coordinate the long-term and short-term development plans of life insurance companies.
On the whole, AIGC has shown considerable advantages in the operation and marketing and product design of the life insurance industry, and will continue to influence and promote technological changes in the life insurance industry in the future.
It can be said that AIGC is a "new vane" for the life insurance industry and even the entire insurance industry, which will subvert the traditional operation model of the life insurance industry and set off a wave of artificial intelligence again. Specifically, AIGC can improve operational efficiency, accurately capture personalized needs, expand the interests of both insurers and policyholders, and help the life insurance industry achieve more innovative, efficient and intelligent human-machine symbiotic operation. In the future, AIGC has unlimited application potential in life insurance market trend forecasting, in-depth data analysis and mining, personalized life insurance product design, establishment and promotion of life insurance models with Chinese characteristics, and solving pain points and difficulties in the life insurance industry.
However, new technologies also mean new risks. It is still necessary to reduce the possible risks of AIGC and promote the sustainable development of AIGC by strengthening the protection of user information, improving the transparency of industry operation, and regularly maintaining and optimizing algorithm models.
(Editor in charge: Liu Qiang)
