Ping An Becomes First Chinese Company Honored at Efma-Accenture Innovation in Insurance Awards
(Hong Kong, Shanghai, 22 June 2020) Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEx:2318; SSE:601318) is pleased to announce that Ping An Property & Casualty Insurance Company of China, Ltd. (“Ping An Property & Casualty” or the “Company”) received the Silver Award in the Customer Experience category at the Efma-Accenture Innovation in Insurance Awards 2020. Ping An is the first and only Chinese company to receive the award, an affirmation as a global leader in technological innovation.
Established in 2016, the Efma-Accenture Innovation in Insurance Awards is a joint initiative by professional services company Accenture and Efma, a non-profit industry network of over 3,300 insurance brands and banks in 130 countries. These awards recognize the most innovative projects, initiatives and ideas in insurance globally. Winners are chosen by industry peers, with a rigorous, independent judging and voting process.
This year’s competition was fierce, with nearly 360 award submissions from 240 institutions in 45 countries across Europe, North America, Asia Pacific and Africa, with nine innovations were shortlisted by the awards committee for each award category. In addition to Ping An, notable participants included Allianz, AXA Partners and Zurich Insurance.
The award-winning Credit-Based Smart Auto Insurance Claim Solution developed by Ping An Property & Casualty is the first system to enable drivers to make insurance claims through their mobile phones and receive compensation deducted from a dynamic credit quota – a tailored system based on driving behavior and history, including traffic violations and credit records. A traditional claim settlement for a single-party case without injuries would take 10.59 days, compared to an average 188 seconds with the Credit-Based Smart Auto Insurance Claim Solution.
The system is based on an artificial intelligence (AI) smart claims credit model built with technologies such as image damage assessment, optical character recognition (OCR) bills identification, and biometrics. Since its launch in January 2019, over 10 million auto owners have received safe driving credits and over 113,000 customers have received autonomous claim settlements through the system.
John Berry, CEO of Efma said, “We’ve continually seen innovative talent coming from Ping An. I’m not surprised that this year, insurance professionals chose Ping An as a winner in the Customer Experience category. The Credit-Based Smart Auto Insurance Claim Solution impressed us with its speed and efficiency – a good example of a win-win solution for the customer and the insurer alike.”
Meng Fanxu, Product Director of Ping An Property & Casualty said, “We are thrilled to be recognized for our achievements in improving the customer experience. Under the Group’s ‘finance + technology’ strategy, Ping An Property & Casualty attaches great importance to developing core technologies and is increasing our technological R&D investments in order to provide customers with diverse, excellent products and services. The Company is committed to putting our customers first, by providing professional services and products for our customers through cutting-edge technologies.”