Fanhua Announces Strategic Partnership with Baidu AI Cloud for Application of Large Model in Insurance Distribution
03 Juni 2024 - 12:03PM
FANHUA Inc. (Nasdaq: FANH) (the “Company” or “FANHUA”), a leading
independent technology-driven financial services provider in China,
today announced that it signed a strategic cooperation agreement
(“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.
Pursuant to the Agreement, the parties will
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. This collaboration will 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.
Commenting on the collaboration, Mr. Yinan Hu,
co-founder, Vice Chairman and Chief Executive Officer of Fanhua
said, “We are excited about the strategic partnership with Baidu.
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. 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,
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.”
Dou Shen, Executive Vice President of Baidu Inc.
and Chief of Baidu AI Cloud Business Group commented, “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. 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.”
About FANHUA
Established in Guangzhou in 1998 and listed on
NASDAQ in 2007 (Nasdaq: FANH), FANHUA is a leading independent
financial services provider in China with strong technology
capabilities and a commitment to empowering financial advisors and
fostering sustained value creation for customers.
Our mission revolves around creating an
inclusive and collaborative platform for independent financial
advisors, as well as various insurance/financial sales
organizations, enabling our partners to optimize their practices by
offering them end-to-end business solutions spanning compliance,
technology, products, services, operations, capital flow, and
professional training. Leveraging advanced technology, artificial
intelligence, and data-driven insights, Fanhua is at the forefront
of revolutionizing financial services delivery, accelerating
digital transformation, and driving industry growth.
With a comprehensive approach to financial
services, we connect millions of Chinese families with various
financial institutions and service providers, offering a diverse
range of opportunities and personalized solutions for insurance
protection, retirement planning, health management, asset
management, and family governance services, covering the full
lifecycle of our customers’ needs.
Forward-looking Statements
This press release contains statements of a
forward-looking nature. These statements, including the statements
relating to the Company’s future financial and operating results,
are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. You can identify these
forward-looking statements by terminology such as "will",
"expects", "believes", "anticipates", "intends", "estimates" and
similar statements. Among other things, management’s quotations
contain forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on current expectations, assumptions, estimates and
projections about FANHUA and the industry. Potential risks and
uncertainties include, but are not limited to, those relating to
its ability to attract and retain productive agents, especially
entrepreneurial agents, its ability to maintain existing and
develop new business relationships with insurance companies, its
ability to execute its growth strategy, its ability to adapt to the
evolving regulatory environment in the Chinese insurance industry,
its ability to compete effectively against its competitors,
quarterly variations in its operating results caused by factors
beyond its control and macroeconomic conditions in China and their
potential impact on the sales of insurance products. Except as
otherwise indicated, all information provided in this press release
speaks as of the date hereof, and FANHUA undertakes no obligation
to update any forward-looking statements to reflect subsequent
occurring events or circumstances, or changes in its expectations,
except as may be required by law. Although FANHUA believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. Further
information regarding risks and uncertainties faced by FANHUA is
included in FANHUA’s filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F.
Source: FANHUA Inc.
For more information, please contact:
FANHUA Inc.
Investor Relations
Tel: +86 (20) 8388-3191
Email: ir@fanhgroup.com
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