Ping An OneConnect Launches Four Intelligent Solutions, Empowering the Insurance Value Chain

Ping An OneConnect, in collaboration with the Insurance Society of China, held AI · Empowerment · Ecology The 2 China Insurance Technology Application Forum in Beijing. Ping An OneConnect, a leading technology service platform for the entire financial industrial chain, is an associate company of the Ping An Insurance (Group) Company of China, Ltd. (“Ping An Group”). Ping An Group is one of the world’s largest comprehensive financial service companies, and the world’s most valuable insurance group by market value*. Leveraging AI, big data and blockchain, OneConnect launched four insurtech solutions at the forum, targeting three areas: insurance risk control, operation and marketing. For the first time, OneConnect proposed the construction of an auto aftersales ecosystem by empowering insurance companies via the provision of technologies, helping them complete their digital transformation and reshaping the overall insurance ecosystem.

The intelligent risk control solution optimizes risk control for insurance companies in underwriting and claim settlement. Along with technological development, the risk of insurance fraud is becoming ever more pronounced, with fraudsters more professional and more cases being gang crimes. According to an evaluation by the International Association of Insurance Supervisors (IAIS), 20 to 30 per cent of all claims filed each year worldwide are likely to have been fraudulent in some aspect. The FBI estimates the total cost of non-health insurance fraud to be more than US$40 billion per year. For the vehicle insurance sector, OneConnect created a solution allowing for immediate resolution and payment of claims that it dubbed the Smart Flash Compensation Solution, offering an end-to-end professional vehicle insurance settlement service. Based on Ping An Group’s 30 years of experience, the solution comes equipped with a best-in-class database alongside professional risk management and control, covering 70,000 vehicle models, 120,000 repair facilities, 35 million data records on parts and work hours, and six categories comprising more than 30,000 anti-leakage rules. At the same time, via AI image recognition and accurate matching between comprehensive big data databases separately covering all vehicles, auto parts, repair facilities and costs for services, insurance companies can determine the appropriate damages to be paid out in seconds, improving efficiency, and reducing risks of leakage and fraud.

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The intelligent workflow solution helps insurance companies enhance their comprehensive competence in overall management and operations and enables a digital transformation that covers every step of the process in dealing with a claim. Ping An OneConnect’s customer service robots have already dealt with over 400 million customer service actions in the aggregate and can replace 70 per cent of customer services that are repetitive or manual in nature. The intelligent remote audio service allows customers to complete the full process online, including insurance buying, settlement of claims, follow-up calls from the same claimant as well as persistency within five to ten minutes without requiring the claimant to come to the insurance company’s office in person. The two intelligent solutions can be applied to insurance verification, settlement of claims, follow-up calls and customer service scenarios.

A solution for intelligent marketing provides a new agent management tool for insurers and can be implemented across their human resource management process, including agent selection, training and incentivization, creating a new human resource ecosystem by combining technology and management that can effectively enhance talent retention and increase per capita productivity for insurers.

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According to KPMG‘s analysis of the ten major trends in the insurance technology sector for 2019, the era has come for the insurance industry where ecosystems rock, with the Chinese insurance industry represented by Ping An Group leading the way. Built on its extensive experience and numerous cases in the vehicle insurance sector, Ping An OneConnect has launched an intelligent ecosystem solution by first integrating the auto aftersales ecosystem into the insurance service market. The solution creates a comprehensive intelligent auto aftersales service platform for insurers that includes auto repair, use, maintenance and other vehicle-related services. Insurers can leverage the integrated platform and enable visualized management of the full online and offline processes by using AI technologies, such as intelligent dispatch, intelligent operation and intelligent quality inspection. Connected to 16,000 4S dealerships, 20,000 integrated repair facilities and 8,000 maintenance chain stores, among other providers of claim settlement and auto aftersales services, Ping An OneConnect has been committed to assisting insurers in building an auto aftersales insurance ecosystem.

At the conference, Ping An OneConnect also unveiled its four new product lines: the intelligent platform for assessing and determining the severity of human injury, intelligent insurance scoring, intelligent customer services and intelligent rescue systems as part of its efforts to drive the technological transformation of the insurance industry.

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