Pin An’s Gamble; How AI Fintech Is Revolutionizing the Insurance Business

Pin An’s Gamble; How AI Fintech Is Revolutionizing the Insurance Business

In the competitive world of global financial services, Ping An Group ( SEHK: 2318) has proven to be a market leader in the use of Blockchain, AI, Big Data, Cyber Security and Cloud technologies. Starting with 10 AI developers back in 2015, the company now boasts a team of over 1000, and its accomplishments are paving the way for smaller financial service providers to integrate new products and technologies into their strategies moving ahead.

 

Among the many groundbreaking solutions developed by Ping An, the SMART Flash Claim system offers insured customers the convenience of filing auto accident claims online and receiving accurate payment calculations in seconds, with 98.7% of claims paid within 24 hours. For Ping An’s customers, the process involves filling out an online form and uploading several pictures capturing the accident damage, which are then analyzed by the system’s AI technology. The features of Ping An’s system, such as object detection, image processing and anomaly detection are now available and ready to be incorporated into the toolkits of smaller insurance providers around the world.

 

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Today, SMART Flash Claim processes over 30,000 claims each day and more than 11 million claims annually. The system has dramatically improved the customer experience and prevented the loss of billions of yuan in fraudulent claims. As a forward-thinking solution, this system joins others developed by Ping An to provide efficient and personalized service to its 576 million customers across a variety of business ecosystems (financial services, healthcare, auto industry, and smart city solutions).

 

Ping An secured its reputation as a global innovator by committing to the technology that would place it ahead of its competitors, and it was that commitment that allowed it to attract further investment from such companies as Morgan Stanley, Goldman Sachs and HSBC. In total, Ping An invests nearly 10% of its annual profit into increasing its technology profile, earning it a place on the 2019 Dow Jones Sustainability Emerging Markets Index—the first company from Mainland China to be selected.

 

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The benefits of AI technology are not reserved for corporate giants anymore. Robust AI systems can be developed and deployed by small to medium-sized businesses at affordable prices, delivering the ability to personalize the customer experience, increase the effectiveness of CRM systems, or add advanced features like image processing and anomaly detection into custom apps.

In a recent survey conducted by Vistage, 29.5% of SMB CEOs believe that AI will have a greater impact than IoT on the profitability of their businesses. That number is expected to increase as AI continues to prove its value in customer acquisition, retention, and satisfaction.

 

Do you have a strategy that includes strong investment in technology? How could your business or organization benefit from additional AI or Big Data tools to help you grow? Contact us for a consultation on how we can boost your technology profile and provide innovative solutions for the obstacles in your way.

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