Value of technology expenses of insurance companies in China 2020-2024, by type
The Chinese insurance industry is undergoing a transformative process with established enterprises and startups fighting for market shares in the online business and streamlining business operations. In 2020, insurance companies spent over 18 billion yuan on technology. According to the estimate, the technology expenses are going to exceed 40 billion yuan. For insurance companies, the most important cutting-edge technology was artificial intelligence.