In its report “The next phase: Chinese insurers embracing the digital transformation era”, Fitch Ratings believes that technological innovation and the growing popularity of e-commerce will transform China's insurance market [4] structure.
The pandemic is forcing many insurers to re-evaluate their digital capability in handling sales, underwriting, risk assessment and claims.
The rating agency expects insurers to deploy new digital technologies such as Big Data, artificial intelligence, cloud computing and blockchain.
Fitch Ratings [5] says the application of technologies will help insurance companies meet the needs of customers increasingly attracted to digital solutions. Nowadays, a rising number of Internet users process their financial transactions online.