(Yicai Global) Sept. 6 -- China Pacific Insurance (Group) Co. (CPIC) [SHA:601601] has struck an agreement with telecom equipment giant Huawei Technologies Co. in Shanghai to extend their cooperation in such areas as data centers, artificial intelligence (AI) and digital security to digitally transform its insurance business.

Huawei will supply cloud computing, Big Data and speech recognition technologies to help CPIC build data centers, apply AI technologies to its insurance business and achieve digital security management, cnstock.com reported yesterday.

By working more closely with Huawei, CPIC will fully exploit its full insurance license advantages to provide quality, one-stop services and products to customers in a quicker manner and thereby become a leading player in the sector, the insurer said.

CPIC and Huawei set up a new technology application lab after their first strategic cooperation agreement in 2014. The pair has achieved progress in the research of Big Data applications, cloud construction at companies and full channel services over the past three years, the report said.

Founded in 1991, CPIC is China's second-largest property insurer and third-biggest life insurance provider, ranking No. 52 among the country's top 500 companies last year, per public information.