Ping An Takes Lead in Fortune Fintech Innovator Asia list, Ranked 1st in Insurtech
HONG KONG and SHANGHAI, Nov. 7, 2024 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd.
(hereafter "Ping An", the "Company" or the "Group", HKEX: 2318 / 82318; SSE: 601318) ranked #1 in
insurtech in Fortune's first-ever Fintech Innovators Asia list. "Ping An is one of China's largest
insurers, with about 240 million retail consumers across the country. Ping An's 'Smart Verification' and
'Smart Fast Claim' services now make its enrolment and claims processing more efficient. AI-driven tools
are also reducing diagnostic times in rural areas," Fortune said. Fortune's Fintech Innovators Asia 2024
showcases the leading companies shaping the future of fintech in Asia. More than 300 companies that are
active in Asia-Pacific were ranked in five categories: insurtech, blockchain and crypto, payments,
digital banking and wealthtech. In its evaluation, Fortune considered factors including the company's
innovations and use of advanced technologies, financial performance, market impact, scalability,
regulatory compliance, security measures and unique features that improve the lives of consumers. Ping
An has been advancing its technology-driven "integrated finance + health and senior care" strategy in
recent years. Through its "one customer, multiple accounts, multiple products, and one-stop services"
model, the Company ensures customers can enjoy professional financial advisory, family doctor, and
senior care concierge services. Ping An strives to take care of customers by offering them a
"worry-free, time-saving, and money-saving" experience. Promoting business innovation through technology
Ping An Life launched its upgraded "1-1-1 Superfast Claim" services this year, featuring "one-sentence
reporting, one-click uploading, and one-minute validation." In the first six months of 2024, Ping An
Life paid more than 2.58 million claims, accounting for over 99% of all claims, among which the fastest
payment took only 10 seconds. Ping An P&C continued to enhance services for its 200 million "Ping An
Auto Owner" app users, by expanding its service scope to 82 items, including emergency assistance,
annual inspection and designated driver services. In healthcare services, Ping An provides
membership-based senior care services via online family doctors and senior care concierges. Ping An to
guides members through its end-to-end "online, in-store and home-delivered" service network supported by
artificial intelligence (AI), covering consultation, diagnosis, treatment and services. As of the end of
September 2024, Ping An's health and senior care ecosystem had more than 64,000 paying corporate clients
with more than 26 million employees. Transforming financial services with technologies for sales,
efficiency and risk management In the first three quarters of 2024, the volume of services provided by
Ping An's AI service representatives reached about 1,340 million times, accounting for 80% of Ping An's
total customer service volume in the first half of 2024. The AI service representatives responded and
handled customer inquiries and complaints swiftly. Via smart underwriting and smart claim settlement,
93% of Ping An Life's policies were underwritten within seconds, and it took an average of 7.4 minutes
to close a claim with Smart Quick Claim. Ping An also uses technology for risk control, with RMB9.1
billion in fraudulent claims saved via smart fraud risk identification, a 23.7% increase year-on-year
to. Ping An has a first-class technology team of over 21,000 technology developers and more than 3,000
scientists. It is also leader among international financial institutions in patent applications, which
totaled 53,521 as of the end of September 2024. It is ranked second globally overall in the number of
its generative AI patent applications. In order to ensure technology will better serve users of services
and products, Ping An is guided by its AI Ethics Management Committee and its "AI Ethical Governance
Statement and Policies of Ping An Group" for the development and application of AI in a comprehensive
and rational manner, and protecting personal data of customers with cutting-edge technologies. Ping An
will continue to advance comprehensive digital transformation to pursue high-quality business
development and improve the quality and efficiency of financial businesses. It will strive for product
upgrades and technological innovation, to comprehensively develop technology finance, green finance,
inclusive finance, pension finance and digital finance. By doing so, Ping An will create greater value
for customers, shareholders, employees and society. About Ping An Group Ping An Insurance (Group)
Company of China, Ltd. (HKEx:2318 / 82318; SSE:601318) is one of the largest financial services
companies in the world. It strives to become a world-leading provider of integrated finance, health and
senior care services, Under the technology-driven "integrated finance + health and senior care"
strategy, the Group provides professional "financial advisory, family doctor, and senior care concierge"
services to its 240 million retail customers. Ping An advances intelligent digital transformation and
employs technologies to improve financial businesses' quality and efficiency and enhance risk
management. The Group is listed on the stock exchanges in Hong Kong and Shanghai. As of the end of
September 2024, Ping An had more than RMB12 trillion in total assets. The Group ranked 29th in the
Forbes Global 2000 list in 2024 and 53rd in the Fortune Global 500 list in 2024. For more information,
please visit www.group.pingan.com and follow us on LinkedIn - PING AN.
