Get the hottest Fintech Hong Kong News once a month in your Inbox
Ping An Insurance China announced the launch of 10 innovative services backed by the world’s leading AI technology. The services are jointly launched by the Group’s subsidiaries, including life and P&C insurance, annuity, bank, credit card, securities, Caifubao, Lufax, Puhui, Ping An Good Doctor and Ping An Technology.
Most of these innovative services are the first of their kind in the respective industries. On the back of Ping An’s cutting edge technology in face recognition, cloud computing and big data, these services aim at providing users with smart and top class experiences. They feature three main daily life scenarios — health, travel and wealth management — and focus on “smart, convenient”, “technological innovation” and “service speed”.
Alex Ren, President of Ping An Group, said:
Alex Ren
“In Ping An’s service offerings, the user experience always comes first. We have been consistently expanding R&D and investment in innovative technology in order to enhance our service efficiency and customer experiences. In the era of ‘Internet of Everything (IoE)’ and “Intelligence of Everything”, technology has been redefining everything. Behind the scenes, the key is the talents who make best use of the technology and benefit from the technology. The AI innovative services we are launching this time share the goal of making everyone’s travel, family life, health and wealth management more convenient.”
Over the last decade, Ping An has gradually transformed itself from a capital-driven enterprise into a technology-driven one. Each year, Ping An invests approximately RMB 7 billion annually in innovative technology R&D. It uses innovative technologies (such as AI) to disrupt traditional financial business models and service models. At present, most of these technologies (such as face recognition) are mature and are applied into various business units. In the future Ping An will consider exporting some of these new internally developed technologies to external clients for a fee.
Ping An already generate revenues from providing a number of its existing technology services to external clients (e.g. Cloud SAAS offering, Face Recognition, Blockchain settlement). On 6 September Ping An Group launched its “Insurance cloud” which gives domestic insurers access to some leading technologies including “Smart Verification” and “Smart Fast Claim”. So far Ping An Group has been approached by 20 insurers for its Insurance Cloud offering.
The First AI Customer Service and AI Doctor in Insurance Industry Make Health Management Easy
Ping An Life — “AI Customer Service”
The “AI Customer Service” is the latest artificial intelligence service launched by Ping An Life.
It enables Ping An Life to remotely verify customer’s identity by matching up big data with their face and voiceprint. This greatly reduces the time needed for customers to handle their business online. The launch of “AI Customer Service” has to a great extent solved the problems of slow identification and slow claim in the industry. It provides safe, reliable and efficient customer service anytime, anywhere.
Also, on the back of its nationwide customer service center network, Ping An Life has established an online smart platform for four of its major business functions — outlet counters, policy administration, underwriting and claims settlement. The platform enables Ping An Life to handle 100% of its policy administration business in one go.
Ping An Good Doctor — “AI Doctor”
“AI Doctor” is the key project of “Ping An Good Doctor”, which contains the smart auxiliary diagnosis and treatment systems, smart hardware for health status and “Modern Hua Tuo” program.
The smart auxiliary diagnosis and treatment system has accumulated hundreds of millions of online diagnoses and health counseling data. All of these can be used for online medical pre-diagnosis, triage and consultation, and therefore enhance the efficiency of treatment.
At the end of 2017, “Ping An Good Doctor” is planning to launch a smart health status hardware for family. It will become the family doctor for all users by means of managing their health care daily.
In addition, the “Modern Hua Tuo” program from “Ping An Good Doctor” has integrated a tremendous amount of AI technology into the traditional Chinese medicine diagnosis and treatment and other health care services. It is determined to push forward the traditional Chinese medicine industry towards standardization and digitalization.
“Ping An Good Doctor” has invested RMB3 billion in developing the AI medical chain and service chain.
Ping An Annuity — Collect Annuity Payment by “Face Recognition”
Ping An Annuity has launched a smart annuity service which enables its customers to collect their annuity payment quickly, efficiently and securely. Thanks to face recognition, digital signatures and big data analysis, this smart service does away with filling up an application form or handing in documents. Customers may access and retrieve their annuity information online and track the retrieval process directly and transparently through the “Good Benefit” app.
Smarter Travel Claims, the Era of Customized “Cloud Claims” on Auto Insurance
Ping An Property & Casualty — “Cloud Claims” on Auto Insurance
Ping An Property & Casualty’s “Cloud Claims” is a smart claim customized service based on the analysis of customers’ label, the scene of accident, customers’ needs, and processing methods. The two highlights of “Cloud Claims” are “personalization” and “transparency”. On the one hand, it fulfills the various needs of customers as the owner of the car may customize the method of reporting and examining the accident, maintenance solution, and use various channels to submit claim documents.
On the other hand, “Cloud Claims” can provide information on claims’ sections, progress, maintenance process and cost of the whole claim process to provide transparency of the entire claim process and answer any enquiries the customers may have.
Benefiting from the customized service provided by “Cloud Claims”, data show that the recommendation rate of Ping An Casualty by the customers reached 82.18% in the first half of 2017.
Fintech Makes Wealth Accumulation More Convenient with Accuracy and Safety
Ping An Pocket Bank — “Smart Investment Consultancy Service”
Ping An Pocket Bank launched the Smart Investment Consultancy Service for the public investors. The service applies big data and AI calculation on quantitative asset allocation methodology and the Black-Litterman model, which is commonly used by foreign investment banks such as Goldman Sachs. It is also able to customize the investment portfolio according to customers’ risk appetite, closely monitor and adjust the asset allocation, help increase the investment return.
Ping An Bank’sCredit Card Center — Advanced Anti-Fraud Monitoring System
For anti-fraud, the risk management team of Ping An Bank’s credit card center has developed the big data detection model which is based on customers’ behaviors from millions of financial data after years of studies. Applying efficient decision-making engine to achieve all time and real time anti-fraud monitoring, it effectively blocks any fraudulent credit card transaction and avoid customers from losing any money.
From January 2016 to the present, with the activation of the smart anti-fraud system, Ping An Bank’s credit card center applied instant risk control for over 800 million financial trades, directly and indirectly reducing economic loss of approximately RMB65 million.
Ping An Securities — “AI Smart Stock Investment”
Ping An Securities has launched the “AI Smart Stock Investment” service. It could perform quantitative analysis on stocks and offer recommendations on stock positions and switching stocks. Based on trading techniques learned through big data machine and practical training, it results in a differentiated smart asset allocation solution and smart assistance for decision marking for professional clients, making equity investment easier and smarter.
Ping An Caifubao — “Smart Wealth Management”
As the online private wealth management platform facing high-end customers, Ping An Caifubao launched the “Smart Wealth Management” service. Incorporating innovative technologies such as big data, cloud computing, voiceprint recognition, machine learning and biological features recognition with the KYC and sales model, it helps develop smart stack and remote service and sales system. Risk appetite of clients could therefore been identified for a more professional one-on-one asset allocation service.
Lufax — “Know Your Customer Management System”
Another highlight at the news conference, Lufax’s “Know Your Customer Service” (“KYC”) has upgraded the aspects of “Product Service Rating” (which contains certain standards to judge the quality of service) and “Precise Assessment of Investor”. It utilized fintech means to make product ratings as a better reference and investor assessment more accurate, with a view to enhancing the precise matching of products and investors. Lufax’s “Know Your Customer Management System” is effective and efficient. It has provided excess risk reminders and blocks for 1.21 million people and 2.26 million transactions within a year, with a total transaction value over RMB370 billion.
Ping An Puhui — “Face Recognition” Technology
Ping An Puhui launched the “face recognition” technology in its lending service and solved the traditional problems of verifying the borrowers. Users only need to enable their cell phone camera, let the system take a picture of their faces for recognition and complete verification remotely. The accuracy of the system is as high as 99.8%.
In the scenario of asset quality approval, Ping An Puhui relies on the smart approval model to assess borrower’s credibility more effectively and multi-dimensionally. This can precisely project the risk level one can take and complete the scientific pricing and reasonable credit of the approval. Therefore, it can effectively resolve the financing difficulty of small and micro companies and the problem of credibility shortage in the market.
Ping An said,
“2017 is the company’s ‘service year’. We will exploit innovative technology such as AI to continue to enhance our service capability and bring to consumers more industry leading and ultimate service experiences, and let AI make life simpler.”
