HONG KONG and SHANGHAI, Nov. 11, 2020 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEX: 02318; SSE: 601318) announced that Ping An Property & Casualty was named "Digital Insurer of the Year" by Insurance Asia News in their Awards for Excellence 2020.
The judges noted Ping An Property & Casualty's "groundbreaking initiatives" in artificial intelligence, telematics, image recognition and big data, which support innovations such as online claims and smartphone services. Ping An Property & Casualty's technological leadership also enabled its 47,000 staff to work seamlessly from home during the COVID-19 pandemic, proving "the firm's own internal technology has been well wired and staff well trained to deliver results even in the most difficult of circumstances."
Leading digital transformation in property and casualty insurance
With the rapid development of information technology such as big data and artificial intelligence (AI) technology, the acceleration of digital transformation in the insurance sector is a necessity. Ping An Property & Casualty's new vision to be a world-leading technological, data-driven property and casualty insurer has driven its increasing investment in scientific research. Ping An Property & Casualty has recruited overseas and domestic technological talent, reshaped itself into an agile organization and is progressively building data-driven capabilities, including cloud computing, big data, AI and mobile applications. It has also intensified the data-driven construction of various businesses and enhanced its core competitiveness.
Embarking on a comprehensive technology and data-driven transformation
In 2020, Ping An Property & Casualty has embarked on a comprehensive data-driven transformation with data being utilized through informatization and online operations. It has built a smart services and management platform connecting front, middle and back-office systems. Its digitally driven marketing, pricing, processing, risk control, claims services and operations have enhanced customer experience and operational efficiency.
Specifically, in terms of smart processing, Ping An Property & Casualty offers customized auto insurance applications and precise product portfolio recommendations to customers within seven seconds, using AI image categorization and optical character recognition (OCR) technology. The AI applications have enabled the robotic process automation of tasks including quotation, policy issue and endorsement for customers' convenience. In the retail auto insurance business, over 90% of quotes are made automatically. As no manual data entry is required, the turnaround time from quotation to policy issue is as short as 20 seconds.
Ping An Property & Casualty introduced smart claims services, "One-click Claims Services", since the onset of the COVID-19 pandemic. Users can click "Online Reporting" in the "Ping An Auto Owner" app after traffic incidents, upload images of the damage and the AI smart loss assessment robot will automatically evaluate repair solutions and costs. Users can confirm the claim and the amount can be transferred instantly using face recognition. The utilization rate of the function is currently at 87.93%.
Ping An Property & Casualty's self-developed core OCR and AI-powered smart image-based loss assessment technologies have laid a solid foundation for a data-driven system. In particular, Ping An's OCR defeated over 100 international and local participants to take the top ranking in the Robust Reading Challenge on 2019 Scanned Receipts Optical Character Recognition and Information Extraction (SROIE).
About Ping An Group
Ping An Insurance (Group) Company of China, Ltd. ("Ping An") is a world-leading technology-powered retail financial services group. With over 214 million retail customers and nearly 579 million Internet users, Ping An is one of the largest financial services companies in the world.
Ping An has two over-arching strategies, "pan financial assets" and "pan health care", which focus on the provision of financial and health care services through our integrated financial services platform and ecosystems. Our "finance + technology" and "finance + ecosystem" strategies aim to provide customers and internet users with innovative and simple products and services using technology. As China's first joint stock insurance company, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai.
In 2020, Ping An ranked 7th in the Forbes Global 2000 list and ranked 21st in the Fortune Global 500 list. Ping An also ranked 38th in the 2020 WPP Kantar Millward Brown BrandZTM Top 100 Most Valuable Global Brands list. For more information, please visit group.pingan.com.
SOURCE Ping An Insurance (Group) Company of China, Ltd.