Ping An Property & Casualty Named Digital Insurer of the Year by Insurance News Asia

Written by on November 11, 2020

HONG KONG and SHANGHAI, Nov. 11, 2020 /PRNewswire/ — Ping An Insurance coverage (Group) Firm of China, Ltd. (hereafter “Ping An” or the “Group”, HKEX: 02318; SSE: 601318) introduced that Ping An Property & Casualty was named “Digital Insurer of the Yr” by Insurance coverage Asia Information of their Awards for Excellence 2020.

The judges famous Ping An Property & Casualty’s “groundbreaking initiatives” in synthetic intelligence, telematics, picture recognition and large knowledge, which assist improvements akin to on-line claims and smartphone providers. Ping An Property & Casualty’s technological management additionally enabled its 47,000 workers to work seamlessly from dwelling throughout the COVID-19 pandemic, proving “the agency’s personal inner expertise has been nicely wired and workers nicely educated to ship outcomes even in essentially the most tough of circumstances.”

Main digital transformation in property and casualty insurance coverage

With the speedy growth of data expertise akin to large knowledge and synthetic intelligence (AI) expertise, the acceleration of digital transformation within the insurance coverage sector is a necessity. Ping An Property & Casualty’s new imaginative and prescient to be a world-leading technological, data-driven property and casualty insurer has pushed its rising funding in scientific analysis. Ping An Property & Casualty has recruited abroad and home technological expertise, reshaped itself into an agile group and is progressively constructing data-driven capabilities, together with cloud computing, large knowledge, AI and cellular purposes. It has additionally intensified the data-driven building of assorted companies and enhanced its core competitiveness.

Embarking on a complete expertise and data-driven transformation

In 2020, Ping An Property & Casualty has launched into a complete data-driven transformation with knowledge being utilized by way of informatization and on-line operations. It has constructed a sensible providers and administration platform connecting entrance, center and back-office programs. Its digitally pushed advertising and marketing, pricing, processing, danger management, claims providers and operations have enhanced buyer expertise and operational effectivity.

Particularly, by way of sensible processing, Ping An Property & Casualty provides custom-made auto insurance coverage purposes and exact product portfolio suggestions to clients inside seven seconds, utilizing AI picture categorization and optical character recognition (OCR) expertise. The AI purposes have enabled the robotic course of automation of duties together with citation, coverage subject and endorsement for patrons’ comfort. Within the retail auto insurance coverage enterprise, over 90% of quotes are made robotically. As no handbook knowledge entry is required, the turnaround time from citation to coverage subject is as brief as 20 seconds.

Ping An Property & Casualty launched sensible claims providers, “One-click Claims Companies”, because the onset of the COVID-19 pandemic. Customers can click on “On-line Reporting” within the “Ping An Auto Proprietor” app after site visitors incidents, add photographs of the harm and the AI sensible loss evaluation robotic will robotically consider restore options and prices. Customers can affirm the declare and the quantity will be transferred immediately utilizing face recognition. The utilization price of the perform is at present at 87.93%.

Ping An Property & Casualty’s self-developed core OCR and AI-powered sensible image-based loss evaluation applied sciences have laid a stable basis for a data-driven system. Particularly, Ping An’s OCR defeated over 100 worldwide and native individuals to take the highest rating within the Sturdy Studying Problem on 2019 Scanned Receipts Optical Character Recognition and Data Extraction (SROIE).

About Ping An Group

Ping An Insurance coverage (Group) Firm of China, Ltd. (“Ping An“) is a world-leading technology-powered retail monetary providers group. With over 214 million retail clients and practically 579 million Web customers, Ping An is likely one of the largest monetary providers firms on the planet.

Ping An has two over-arching methods, “pan monetary property” and “pan well being care”, which concentrate on the availability of monetary and well being care providers by way of our built-in monetary providers platform and ecosystems. Our “finance + expertise” and “finance + ecosystem” methods purpose to supply clients and web customers with progressive and easy services and products utilizing expertise. As China’s first joint inventory insurance coverage firm, Ping An is dedicated to upholding the best requirements of company reporting and company governance. The Group is listed on the inventory exchanges in Hong Kong and Shanghai.

In 2020, Ping An ranked 7th within the Forbes International 2000 record and ranked 21st within the Fortune International 500 record. Ping An additionally ranked 38th within the 2020 WPP Kantar Millward Brown BrandZTM High 100 Most Beneficial International Manufacturers record. For extra info, please go to group.pingan.com.

SOURCE Ping An Insurance coverage (Group) Firm of China, Ltd.

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