Ant Group's insurance arm has launched a blockchain-based digital operation platform for insurance companies in China.
The Xingyun platform promises to help insurers improve operational efficiency and customer experience from sales to operations to customer service.
For example, for insurance claim settlements, the AI-powered digital tool on Xingyun can identify 107 types of verification documents with an identification accuracy rate above 95%, says Ant.
Insurers can also launch their digital storefronts on the Ant Insurance platform through Xingyun to offer services to consumers directly.
Over 60 firms have already adopted the Xingyun platform, says Ant.