China Life Insurance Company – Enterprise Tech Ecosystem Series
The annual ICT spending of China Life Insurance Company was estimated at $5.8 billion in 2021. A major share of this spending earmarked for software, hardware, and ICT services. China Life Insurance Company, a subsidiary of China Life Insurance (Group) Company, offers a range of life insurance products. It provides term life insurance, whole life insurance, endowment insurance, universal life insurance, group life insurance, and annuity policies. China Life also provides accident and health insurance products such as medical expense insurance, disease-specific insurance, and defined benefit insurance. The company serves individuals, SMEs, and large institutional clients in China. It markets and distributes products through direct sales representatives, insurance agency companies, commercial banks, and insurance brokerage companies.
The China Life Insurance Company enterprise tech ecosystem series report provides insight into China Life’s fintech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, and its estimated ICT budget.
Digital Transformation Strategies
Under its China Life Revitalization strategy, the company aims to strengthen its capacity in multiple fields. It is focusing on strengthening risk management and control, augmenting asset liability management, and improving corporate governance. It also plans to accelerate digitization across its operations in order to improve sales, service, and management, as well as augmenting the customer experience for retail and wholesale customers. The company has upgraded its legacy IT infrastructure through the creation of a platform layer and developed over 170 APIs to interoperate multiple databases, standards, and interfaces. Additionally, it is centralizing and standardizing its network of 30,000+ offices, upskilling staff, and speeding up integration of service platforms to simplify its insurance value chain operations.
To gain more insights on digital transformation strategies and initiatives of China Life Insurance Company, download a free report sample
China Life Insurance Company Technology Theme Focus
China Life is exploring technologies including AI, machine learning, and big data to provide enhanced payment experiences, achieve operational efficiencies, and minimize fraud.
China Life Insurance Company Technology Theme Focus
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China Life Insurance Company Technology Initiatives
China Life Pension Company entered into a strategic agreement with Style Analytics to leverage its Portfolio Analysis platform. China Life integrated Style Analytics’ platform into its business, enabling it to deliver personalized and intuitive insights for equity funds, risk, and performance. This partnership helps China Life provide customers with optimized portfolios aligned with their investment goals.
For more insights on other technology initiatives of China Life Insurance Company, download a free report sample
China Life Insurance Company ICT Spend by Function
- Communications
- Data center
- Network
- Application
- End-user computing
- Service desk
- Management
China Life Insurance Company ICT Spend by Function
For more insights on ICT spending by function, download a free report sample
China Life Insurance Company ICT Spend by Channel
- Internal development and maintenance
- Technology vendors (direct)
- Local resellers
- Telcos
- ICT services providers/Consulting firms
- Specialist outsourcers
- Systems integrators
China Life Insurance Company ICT Spend by Channel
For more insights on ICT spending by channel, download a free report sample
China Life Insurance Company External ICT Spend by Segment
- ICT services
- Software (including Cloud SaaS)
- Hardware (including Cloud Iaas)
- Network and communications
- Consulting
- Others
China Life Insurance Company External ICT Spend by Segment
For more insights on external ICT spending by segment, download a free report sample
China Life Insurance Company Tech Ecosystem Overview
| Total ICT Spending 2021 | $5.8 billion |
| ICT Spend by Function | Communications, Data Center, Network, Application, End-User Computing, Service Desk, and Management |
| ICT Spend by Channel | Internal Development and Maintenance, Technology Vendors (Direct), Local Resellers, Telcos, ICT Services Providers/Consulting Firms, Specialist Outsourcers, and Systems integrators |
| External ICT Spend by Segment | ICT services, Software (including Cloud SaaS), Hardware (including Cloud Iaas), Network and communications, Consulting, and Others |
| Technology Theme Focus | Artificial Intelligence, Big Data, and 5G |
Reasons to Buy
- Gain insight into China Life’s fintech operations.
- Discover its fintech strategies and innovation initiatives.
- Learn about its product launches, partnerships, and investments.
Key Players
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