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Value of insurance companies' expenses on cutting-edge technologies in China in 2020 with a forecast until 2024 (in billion yuan)

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Sources

Release date

December 2021

Region

China

Survey time period

2020

Supplementary notes

*Estimate.

One yuan equals to 0.16 U.S. dollars and 0.14 euros (As of April 2022).

Other technologies include: Privacy-preserving computation, data management, DevOps, Low-code development platform, 5G technology

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Cutting-edge technology expenses of insurance companies in China 2020-2024, by type

Published by Jenny Yang, May 6, 2022

The Chinese insurance industry is undergoing a transformative process, with established enterprises and startups fighting for market shares in the online business and streamlining business operations. In 2020, insurance companies spent over billion yuan on AI technology. Insurtech companies use artificial intelligence to determine the individual risk assessment of customers to make pricing more efficient and personalized.

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