The insurance industry is on the cusp of a transformative era, driven by groundbreaking advancements in artificial intelligence (AI) technologyAs we approach early 2025, the remarkable open-source large model known as DeepSeek is making waves throughout the financial and insurance sectorsThis model, with its exceptional capabilities in natural language processing, inferential analysis, and data handling, is rapidly becoming a game-changerLeading organizations such as Xinhua Insurance and Beida Forgo Life Insurance have already integrated DeepSeek into their operations, exploring its potential across various applications including smart customer service, targeted marketing, and underwriting claims management.

Among the pioneers in adopting this technology, Xinhua Insurance stands outOn February 7, they announced the successful integration of two DeepSeek models—DeepSeek-R1 and DeepSeek-V3—into their "Xinhua Home" app, creating a personal AI assistant designed to support a plethora of intelligent applicationsA representative from the company emphasized that utilizing resources from the Lianchuang Laboratory is a significant step toward deeply embedding AI within their operational frameworkThe company aims to continuously develop AI capabilities in its insurance services, striving to enhance customer experience while streamlining operational efficiency.

In parallel, Beida Forgo Life Insurance has followed suit, officially launching their intelligent business assistant named "Fang Ling" on February 14, powered by the DeepSeek modelInitially, Fang Ling will focus on the foundational capability of "smart knowledge retrieval," providing agents with comprehensive answers about fundamental insurance concepts, laws and regulations, supervisory policies, sales strategies, and industry trends.

A spokesperson from Beida Forgo Life Insurance explained that as the empowerment efforts progress, they will initiate a knowledge training program within the company's domain

Advertisements

This program will gradually encompass product introductions, sales logic, basic legal interpretations, and professional opinions relating to legal and business mattersAdditionally, there will be a concerted effort to enhance systematic training for agents on AI toolsIn the future, the smart assistant will expand to cover a broader array of applications, introducing features such as "AI rehearsal" and "underwriting assistant," ultimately creating a comprehensive support system throughout the various stages of business operations to help agents leverage AI tools for growth, transformation, and breakthroughs, thereby significantly improving customer satisfaction.

Moreover, insurance asset management companies such as Taiping Asset are also actively exploring the applications of DeepSeek in financial investment analysis, market trend forecasting, and risk control management.

According to Chen Hui, director of the China Actuarial Technology Laboratory at Central University of Finance and Economics, the release of DeepSeek’s next-generation models indicates that the application of AI large models will gradually become more accessible, facilitating the widespread implementation of AI technologyHe believes that the open-source nature of DeepSeek allows smaller and medium-sized insurance companies to carve out niches and achieve competitive advantages, thus transforming them into "invisible champions" within the industry, rather than the technology remaining dominated by larger enterprises.

The question arises: how will DeepSeek empower the insurance industry? Industry experts point out that its applications primarily span several sectors, including intelligent customer service and targeted marketing, intelligent underwriting and claims processing, as well as smart assistant tools for insurance agentsFor instance, traditional insurance customer service often relies on pre-set Q&A templates that struggle to meet the personalized demands of customers

Advertisements

However, DeepSeek's robust natural language processing capabilities allow for a more precise interactive experience for customersIn terms of insurance product recommendations, DeepSeek can analyze a customer’s history, health status, and financial situation to generate customized insurance solutions, significantly enhancing conversion rates.

Underwriting and claims processing are crucial components of insurance operations, and DeepSeek has much to offer here as wellIt can swiftly dissect medical records and health examination reports, providing essential risk assessment support for underwritersDuring the claims process, AI can initially review claim documents and determine the scope of payments, thus reducing the workload associated with manual review and enhancing overall efficiencySome insurance companies have already utilized AI technology to optimize the claims approval process, cutting the review time for complex cases down to a third of its original duration.

As AI technology becomes more widespread, it is also revolutionizing the work of insurance agentsThe AI assistants launched by Xinhua Insurance and Beida Forgo Life Insurance enable agents to access product information more efficiently, generate customer communication scripts, and refine sales strategiesChen Hui notes that the adoption of DeepSeek will accelerate the transformation of insurance agents from "sales-oriented" professionals into "expert consultants." The fundamental task of information dissemination will be delegated to AI, allowing agents to focus on providing high-value advisory services, such as family wealth planning, asset inheritance, and retirement planning.

Despite the myriad of opportunities that DeepSeek presents to the insurance sector, Chen Hui warns that insurers must proceed with caution when implementing AIThere are various challenges that need to be addressed, including the risks associated with data security and regulatory compliance, the accuracy and reliability of AI models, and the ability of insurance professionals to adapt to these technological changes

Advertisements

Advertisements

Advertisements