Fanhua and Baidu AI Cloud Partner on AI-Powered Insurance Sales Assistant

The aim is to create a digital personal assistant for every insurance sales agent, leveraging AI technologies such as large models.

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Fanhua Inc. (Guangzou, China), an independent technology-driven financial services provider in China, announced that it has signed a strategic cooperation agreement with Baidu AI Cloud to jointly develop “Du Xiaobao,” an AI-Powered insurance sales assistant application equipped with professional service capabilities. This initiative aims to drive the digital and intelligent transformation of the insurance industry, providing insurance agents with a more intelligent and convenient sales experience.

Yinan Hu, co-founder, Vice Chairman and Chief Executive Officer, Fanhua.

The companies have agreed to combine their respective resources to jointly develop and operate “Du Xiaobao.” Fanhua will provide servers, insurance knowledge data, a product development team, and an expert team, while Baidu will offer large model dialogue, model refining capabilities, and financial model middleware technical support. Baidu will also help upgrade traditional insurance marketing support tools in areas such as language processing, emotional expression, and logical reasoning. The companies’ collaboration aims to enable insurance agents to better respond to market dynamics and customer needs, thereby improving sales efficiency and service quality.

The “Du Xiaobao” project is expected to commence beta testing with seed users in June 2024, followed by the official launch of version 1.0 in July 2024. This initial version will utilize intelligent dialogue to provide insurance sales agents with comprehensive support across multiple scenarios, including insurance knowledge Q&A, product consultation, professional development, marketing, and intelligent customer management. The aim is to create a digital personal assistant for every insurance sales agent, leveraging AI technologies such as large models.

 “We are excited about the strategic partnership with Baidu,” comments Yinan Hu, co-founder, Vice Chairman and Chief Executive Officer, Fanhua. “As a leading global AI company, Baidu has made numerous technological accomplishments and strong innovative capabilities in artificial intelligence, making this partnership a tremendous new growth opportunity for us. Fanhua has always been at the forefront of the industry in leveraging technology to empower insurance distribution.

AI Robots will be the most Proficient Independent Brokers

Dou Shen, EVP, Baidu Inc. and Chief of Baidu AI Cloud Business Group.

“Envisioning the future insurance market, we firmly believe that AI robots will become the most proficient independent brokers,” Yinan Hu adds. “It will introduce a next-generation production method, revolutionizing the operational systems and models currently used in the insurance industry. With the application of AI large models, customers can enjoy a more professional and convenient insurance purchasing and claims service experience. Fanhua and Baidu will join hands to usher the insurance industry into a new era, achieving leaps in productivity and efficiency.”

“As a leading insurance intermediary in China, Fanhua brings a wealth of insurance expertise and extensive experiences in both insurance business operations and digitalization and intelligence development, providing a solid foundation for achieving our shared goals,” says Dou Shen, EVP, Baidu Inc. and Chief of Baidu AI Cloud Business Group. “We believe that with our combined efforts, AI robots will become the new driving force in insurance distribution, and our large model technology will see broader application and sustained development on Fanhua’s platform.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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