Driving Innovation with Generative AI

Generative artificial intelligence (generative AI) is reshaping industries and redefining innovation, from transforming healthcare diagnostics to streamlining financial services. Its potential is vast, but harnessing it requires more than ambition: it needs robust IT infrastructure, access to extensive data, expertise, and strong governance frameworks.

For over a decade, Ping An has been at the forefront of technological innovation, uniquely positioned to thrive in this transformation. By leveraging its experience, vast data resources, and cutting-edge AI technologies, Ping An has created a foundation to unlock the full potential of generative AI across industries such as finance, healthcare, and senior care.

Ping An’s technological journey began in 2013 with the launch of its "technology-driven finance" strategy. By 2017, its approach evolved into the "finance + technology" dual-engine strategy, making AI one of its five core technologies. This forward-thinking approach has driven breakthroughs in AI development, powered by big data drawn from Ping An’s encrypted retail customer base of more than 240 million and supported by the scalable and secure Ping An Cloud infrastructure.

Ping An’s proprietary AI technology has achieved remarkable advancements:

• Vision: Vehicle damage video assessment tools with 95% accuracy and multi-disease medical imaging solutions with over 90% accuracy
• Hearing: Voiceprint recognition technology with over 99% accuracy in recognizing credit card and insurance customers for identity verification by phone and 90% accuracy in identifying millions of individuals flagged for security, fraud or money laundering issues
• Speech and Reading: Natural language understanding (NLU) voice robots which have won first place in four global competitions, with intent recognition accuracy exceeding 90%, which will enhance AI customer service

These achievements are powered by a world-class team of more than 3,000 scientists and 21,000 developers who are driving innovation to improve Ping An’s operations, enhance customer experiences and strengthen risk management.

Ping An’s reputation as a global AI leader is validated by its extensive intellectual property portfolio. According to the World Intellectual Property Organization (WIPO), Ping An ranks second globally with 1,564 generative AI patent applications. As of September 30, 2024, Ping An had filed a total of 53,521 patent applications, cementing its position as a leader in technological innovation.

Ping An’s AI capabilities are seamlessly integrated into its operations across various businesses, delivering real-world results and positioning Ping An as a leader in financial technology, healthcare, and senior care:

• Life & health insurance: Ping An Life’s “111 Fast Claim” service offers “one-sentence reporting, one-click uploading and one-minute validation”. 93% of insurance policies can be underwritten within seconds, and the average claim processing time is only 7.4 minutes.AI-powered health data analyses dynamically adjust premiums, rewarding healthier customers with lower rates while ensuring precise risk pricing for high-risk individuals.
• Auto insurance: AI-powered image-based damage assessment reduces claims processing from hours to minutes, significantly improving customer satisfaction and reducing operational costs.
• Integrated finance: The "one customer, one account, multiple products, and one-stop service" model uses behavioral data to provide personalized services, enhancing customer loyalty and operational efficiency.
• Healthcare and senior care: AI enhances medical imaging, consultation, diagnosis, treatment, customer service, and senior care with around-the-clock management, creating a closed-loop ecosystem that meets diverse customer needs.

In February 2025, Group businesses Ping An Health and OneConnect Financial Technology deployed open-sourced generative AI models, including DeepSeek, into their healthtech and fintech ecosystems, setting the stage for even greater innovation.

• Ping An Health: DeepSeek is used to deliver faster diagnostics and personalized health plans. This builds on Ping An Health’s existing AI ecosystem, which includes Ping An Medical Master, its large language model (LLM) based on its five medical databases that cover diseases, prescriptions, medical products, medical resources and patient consultation data. It supports business scenarios such as medical consultations, data interpretation, diagnosis and emotion monitoring. Platforms such as Ping An Doctor’s Home, a workbench for improving doctor efficiency, further enhance healthcare services.
• OneConnect: By integrating DeepSeek and other open-source models such as Qwen, OneConnect has created a dual-engine system, combining open source large models with its proprietary AI Agent Platform for financial institutions to use for scenarios such as wealth management, lending, remote banking and office assistance. This improves semantic comprehension, logical reasoning, and multi-turn interactions with customers, tailored to banking needs. Additionally, deployment on private clouds ensures data security for financial institutions, while advanced compression and knowledge distillation technologies reduce computation costs for banks.

As generative AI reshapes industries, ethical and responsible AI development is more important than ever. Ping An’s AI ethics policy prioritizes data protection, transparency, and accountability.

With access to data from over 240 million retail customers, Ping An employs advanced encryption, secure storage, and anonymization techniques to safeguard sensitive information while enabling responsible AI development.

By embedding these principles into its governance framework, Ping An builds trust and drives sustainable progress, ensuring a future where technology responsibly empowers people and businesses alike.

Ping An’s journey with generative AI highlights its commitment to innovation with purpose. By integrating cutting-edge AI technologies with open-source models, Ping An enhances customer experiences and provides more affordable, efficient and customized solutions to its 240 million retail customers in China. As the world embraces this new era of generative AI, Ping An remains a trusted partner, driving meaningful change across industries while adhering to its principles of responsibility and transparency.