Chinese insurance company Fanhua has entered into a partnership with Baidu AI Cloud to create Du Xiaobao, an AI-powered insurance sales assistant.
The collaboration aims to support insurance agents with advanced digital tools, facilitating a smarter and efficient sales experience.
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Under the agreement, Fanhua and Baidu will pool their resources to develop and manage Du Xiaobao.
Fanhua will contribute servers, insurance knowledge data, a product development team and an expert team.
Meanwhile, Baidu will provide large model dialogue, model refining capabilities and financial model middleware technical support.
Baidu’s contribution will also involve upgrading traditional insurance marketing support tools to improve language processing, emotional expression and logical reasoning.
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By GlobalDataThis partnership is expected to empower insurance agents to adapt to market changes and customer needs more effectively, ultimately boosting sales efficiency and service quality.
Du Xiaobao is due to begin beta testing with seed users in June 2024, with the official launch of version 1.0 scheduled for July 2024.
The first version will utilise intelligent dialogue to offer support to insurance sales agents in various scenarios, including insurance knowledge Q&A, product consultation, professional development, marketing and intelligent customer management.
Fanhua co-founder, vice-chairman and CEO Yinan Hu said: “Envisioning the future insurance market, we firmly believe that AI robots will become the most proficient independent brokers. It will introduce a next-generation production method, revolutionising 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.”
Baidu executive vice-president and Baidu AI cloud business group chief Dou Shen said: “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.”
Earlier in the year, Fanhua announced a $500m (3.62bn yuan) investment agreement with the Singapore-based investment company White Group and its partners.
