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 12 months” 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 help improvements corresponding to on-line claims and smartphone companies. Ping An Property & Casualty’s technological management additionally enabled its 47,000 employees to work seamlessly from house throughout the COVID-19 pandemic, proving “the agency’s personal inside expertise has been properly wired and employees properly skilled to ship outcomes even in probably the most tough of circumstances.”
Main digital transformation in property and casualty insurance coverage
With the speedy improvement of knowledge expertise corresponding to huge 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, huge knowledge, AI and cell purposes. It has additionally intensified the data-driven building of varied 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 via informatization and on-line operations. It has constructed a wise companies and administration platform connecting entrance, center and back-office methods. Its digitally pushed advertising, pricing, processing, threat management, claims companies and operations have enhanced buyer expertise and operational effectivity.
Particularly, by way of sensible processing, Ping An Property & Casualty presents personalized 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 challenge and endorsement for purchasers’ comfort. Within the retail auto insurance coverage enterprise, over 90% of quotes are made mechanically. As no guide knowledge entry is required, the turnaround time from citation to coverage challenge is as quick as 20 seconds.
Ping An Property & Casualty launched sensible claims companies, “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 visitors incidents, add pictures of the harm and the AI sensible loss evaluation robotic will mechanically consider restore options and prices. Customers can verify the declare and the quantity might be transferred immediately utilizing face recognition. The utilization charge of the perform is presently 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 contributors 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 companies group. With over 214 million retail clients and practically 579 million Web customers, Ping An is among the largest monetary companies corporations on the earth.
Ping An has two over-arching methods, “pan monetary belongings” and “pan well being care”, which deal with the supply of economic and well being care companies via our built-in monetary companies platform and ecosystems. Our “finance + expertise” and “finance + ecosystem” methods goal to supply clients and web customers with modern and easy services and products utilizing expertise. As China’s first joint inventory insurance coverage firm, Ping An is dedicated to upholding the very 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 checklist and ranked 21st within the Fortune International 500 checklist. Ping An additionally ranked 38th within the 2020 WPP Kantar Millward Brown BrandZTM Prime 100 Most Invaluable International Manufacturers checklist. For extra info, please go to group.pingan.com.
SOURCE Ping An Insurance coverage (Group) Firm of China, Ltd.