“Revolutionizing Insurance: Ping An’s AI Achievements – 10-Second Claims, 95% Vehicle Analysis Accuracy” 

HONG KONG and SHANGHAI, Nov. 22, 2024 /PRNewswire/ — Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An”, the “Company” or the “Group”, HKEX: 2318 / 82318; SSE: 601318) co-hosted The Fintech Forum on “Fintech in the Digital Intelligence Era” at the 2024 World Internet Conference Wuzhen Summit held in Wuzhen, Zhejiang with Renmin University of China and Nankai University. Government officials, academics, business leaders, and researchers from around the world engaged in in-depth discussions and exchanges on topics such as building a new financial ecosystem, empowering high-quality development, promoting smart governance and inclusiveness, and shaping a better future with fintech. The forum aimed to build consensus and contribute insights to the high-quality development of fintech in the era of smart intelligence.In his opening remarks, Richard Sheng, Board Secretary and Brand Director of Ping An, stated that data has become a new factor of production, computing power a new productive force, and digitization the primary driver of progress across industries. He emphasized that full-scenario digitization has permeated all aspects of the financial industry, particularly reshaping credit, risk control, and customer experience. This transformation significantly expands the accessibility and coverage of financial services, enhances service efficiency, and empowers high-quality social development.Digitization enhances credit processes, making finance more efficient and convenient. Credit is the cornerstone of the financial industry. Digital technology directly links credit assessment with biometrics, improving convenience, efficiency, and the quality of credit information. For example, Ping An Puhui’s micro-expression technology assists in credit evaluation, enabling credit decisions and loan disbursement within 30 minutes. This greatly enhances credit approval efficiency, making financial services more accessible to small and medium-sized enterprises.Digitization reshapes risk control, making finance more inclusive and accessible. Risk control is at the heart of the financial industry. By leveraging digital and blockchain technologies, companies can identify and assess risks more comprehensively, leading to precise pricing and end-to-end risk management. For example, Ping An P&C uses digital ear tags for yaks in Biru County, Naqu City, Tibet, to enhance risk control for yak breeding insurance, extending insurance protection to more remote herders.Digitization transforms customer experience, making services “worry-free, time-saving, and money-saving”. There are professional and technical barriers to the financial industry. Comprehensive application of digital technology enables the industry to deliver a “worry-free, time-saving, and money-saving” customer experience. For example, Ping An Life’s “1-1-1 Superfast Claim” service, powered by smart underwriting and smart claim settlement, achieves underwriting for 93% of life insur