China regulator pushes online verification of insurance products

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Photo/Shetuwang

The China Banking and Insurance Regulatory Commission has detailed policies to encourage insurers to digitalize verification of life insurance products to make the process more efficient.

China piloted online verification for multi-year life insurance policies in Beijing in 2017, which relied on technologies including facial recognition to confirm customer identities and inform them of policy details during the cooling-off period.

The pilot has produced positive effects, making the process more convenient and efficient compared with traditional face-to-face confirmations, the regulator noted in an online notice on its website aimed at pushing the practice nationwide.

The notice specified the conditions for insurers to digitalize the verification, including requirements of information systems and management mechanisms.

It also banned insurance companies from verification through third-party platforms to ensure data security.

The nationwide application is of great importance in enabling insurers to optimize services using emerging technologies, the regulator noted, adding the move will also help reduce face-to-face contact as China goes all-out to contain the novel coronavirus outbreak.

 

Email: lansuying@nbd.com.cn

Editor: Lan Suying