Podcast Episode 2: Smart Insurance: How AI Is Powering the Insurance Digital Transformation at Ping An

China’s middle class population exceeds 400 million and is set to reach one-third of the global total by 2030, driving demand for wealth management, healthcare, and premium services. With RMB5.7 trillion in premiums in 2024 and market penetration of just 4.2%, China’s fast-growing insurance market has vast potential.
How is Ping An reshaping the insurance experience with data, AI, and personalization?
In this second episode of Technology-Empowered Growth at Ping An, Group CFO Rebecca Fu and Group Chief Scientist Dr. Xiao Jing discuss how Ping An is driving digital transformation across the insurance sector. They highlight how advanced artificial intelligence (AI) and deep data integration are fueling innovation in customer experience, risk management, and operational efficiency.
Learn how Ping An is setting new industry benchmarks—automating insurance claims with AI, building real-time customer profiles, and empowering over 360,000 insurance agents with the GenAI assistant, AskBob. Ping An’s technology is also delivering robust fraud prevention, saving nearly RMB12 billion in 2024, and climate resilience through the Eagle X disaster mitigation platform, which issued 10 billion alerts last year. As China’s insurance industry shifts toward tech-enabled, data-driven services, Ping An continues to lead with vision, scale, and impact.

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00:39–04:46

China’s insurance market is rapidly expanding, fueled by supportive government policies.

05:02–07:32

Ping An sets itself apart in a homogenous market by leveraging innovative technologies.

09:18–10:33

AI-driven claims processing delivers real-time automation and robust fraud prevention, saving billions.

12:47–14:07

Smart risk management harnesses knowledge graphs for advanced underwriting and dynamic assessments.

14:47–18:20

GenAI tools, such as AskBob are boosting agent salesforce productivity and effectiveness.

20:28–22:03

Smart customer relationship management integrates wearables, health data, and wellness incentives for smarter, more personalized customer engagement programs.

22:55–25:03

AI-powered platform EagleX delivers disaster alerts and improves climate resilience.

25:18–25:55

Data privacy and ethical AI investment drive Ping An’s scalable, return on investment (ROI)-focused innovation.

26:13–29:29

A technology roadmap keeps Ping An at the cutting edge of industry transformation.

FAQ

Q： Why is China’s insurance market ripe for transformation?

A：With a growing middle class of over 400 million and a population projected to reach nearly 30% over age 65 by 2030, China faces rising demand for personalized insurance, healthcare, and retirement solutions.

Q：How is Ping An transforming the insurance industry through AI?

A：By integrating AI in insurance across claims, risk, and customer engagement, Ping An delivers hyper-personalized, scalable services. In 2024, AI-powered fraud prevention saved nearly RMB12 billion.

Q：What is Ping An’s approach to smart insurance and customer personalization?

A：Ping An creates smart insurance solutions by combining behavioral, health, and financial data to build a real-time, 360-degree view of each customer—enabling predictive services, dynamic pricing, and personalized wellness plans.

Q：How does Ping An empower its 360,000 sales agents?

A：Using Gen-AI tools such as AskBob, AI-powered training, and smart CRM systems, Ping An has driven 13 consecutive quarters of sales productivity growth by creating super-agents equipped with real-time insights and personalized support.

Q： What innovations are driving proactive risk management?

A：Ping An leverages knowledge graphs for dynamic data analysis, enabling identification and prediction in enterprise risk assessment. Additionally, its EagleX platform focuses on real-time climate risk mitigation, delivering over 10 billion disaster alerts to 67 million customers in 2024.

Q：How does Ping An ensure privacy while using big data and AI?

A：By enforcing strict data governance across business units and aligning with evolving Chinese government regulations, Ping An prioritizes customer consent and security while enabling seamless, AI-driven personalization.