Ping An Hosts Fintech Forum on Digital Intelligence at 2024 World Internet Conference Wuzhen Summit

Hong Kong and Shanghai, INTI – Ping An Insurance (Group) Company of China, Ltd. (referred to as "Ping An") co-hosted the Fintech Forum on “Fintech in the Digital Intelligence Era” during the prestigious World Internet Conference Wuzhen Summit 2024. The forum was organized in collaboration with Renmin University of China and Nankai University, bringing together government officials, academics, business leaders, and researchers from across the globe. Discussions centered on building a new financial ecosystem, promoting high-quality development, driving smart governance, and enhancing inclusiveness in fintech to pave the way for a better digital future.

The forum aimed to foster collaboration and generate actionable insights to accelerate the development of financial technology in an increasingly digital and intelligent world. Through engaging panels and presentations, the participants explored the transformative power of technology in reshaping traditional finance and enabling more efficient, accessible, and inclusive financial services.

The Impact of Digital Intelligence on Finance

In his opening remarks, Richard Sheng, Board Secretary and Brand Director of Ping An, highlighted the paradigm shift in the financial industry. “Data has become the new factor of production, computing power a critical productive force, and digitalization the primary driver of progress across industries,” Sheng remarked. This shift is particularly evident in how digitalization has permeated the financial sector, reshaping credit assessment, risk control, and customer experience.

Revolutionizing Credit Processes

Credit serves as the cornerstone of the financial industry. By leveraging cutting-edge digital technology, credit assessments have become more efficient, transparent, and inclusive. Ping An's micro-expression technology, for example, accelerates credit evaluations, enabling decisions and loan disbursement within 30 minutes. This innovation has significantly enhanced access to financial services, particularly for small and medium-sized enterprises (SMEs), traditionally underserved by conventional financial systems.

Advancing Risk Management with Technology

Risk management, the heart of financial operations, has seen a remarkable transformation with digital tools like blockchain. These technologies enable comprehensive risk identification, precise pricing, and end-to-end risk mitigation strategies. A notable example is Ping An P&C’s use of digital ear tags for yaks in Tibet. This innovation improves risk assessment for livestock insurance, providing coverage to remote herders who were previously excluded from traditional insurance schemes.

Transforming Customer Experience

One of the key outcomes of digitalization is a superior customer experience. Ping An has redefined service delivery with initiatives like its "1-1-1 Superfast Claim" system. Leveraging AI, this service achieves 93% instant underwriting for life insurance policies and an average claim settlement time of just 7.4 minutes, with the fastest claim processed in 10 seconds. This customer-centric approach ensures a “worry-free, time-saving, and cost-saving” experience, empowering policyholders and setting new industry standards.

Moreover, the Ping An Auto Owner app utilizes AI to provide personalized services such as smart recommendations and customized assistance. Features like a 5-second dispatch for designated drivers and a 30-minute arrival time for roadside assistance showcase the company's commitment to seamless and efficient customer support.

AI: The Backbone of Digital Transformation

Xiao Jing, Chief Scientist at Ping An, delivered a keynote speech titled "AI Empowers Digital and High-Quality Development of the Financial Industry". He underscored the pivotal role of artificial intelligence in driving comprehensive digitalization, which he described as the key pathway to achieving high-quality development in the financial sector.

Ping An’s advancements in AI have set benchmarks in key areas like visual analysis, voice recognition, and natural language processing. Highlights include:

• Visual Analysis: Over 95% accuracy in vehicle image assessment and medical diagnostics for multiple diseases.
• Voice Recognition: Achieving over 99% accuracy in voiceprint recognition for 1:1 scenarios and over 90% for blacklist databases with tens of millions of entries.
• Natural Language Understanding (NLU): AI-driven speech robots ranked globally as No. 1 on four occasions, with an accuracy rate exceeding 90% in intent recognition.

These capabilities are integrated into Ping An's "Ping An Brain", an intelligent engine powering its operations in finance, healthcare, and senior care. The technology is applied across diverse functions, from marketing (via digital humans) to customer service (through intelligent speech bots) and operations (using multimodal digital robots).

Global Collaboration for a Better Fintech Future

The Fintech Forum also featured notable speakers, including Lin Shangli, President of Renmin University of China; Chen Yulu, President of Nankai University; Wencai Zhang, Managing Director of the World Bank; and Mansi Kalra, Managing Director at JBA Risk Management. Discussions covered a wide range of topics, such as the current state of fintech, global trends in innovation, and emerging challenges in data transactions.

Representatives from leading institutions like the Shenzhen Data Exchange and Shanghai Data Exchange provided insights into the evolving landscape of data utilization in finance. The forum emphasized the importance of international collaboration in navigating the complexities of a rapidly digitizing world.

Ping An’s Commitment to Sustainable and Inclusive Growth

As a global leader in financial technology, Ping An reaffirmed its commitment to people-centric and technology-driven solutions. The company emphasized its focus on sustainable growth through initiatives in fintech, green finance, inclusive finance, and digital finance.

Ping An's strategy, anchored in its "integrated finance + health and senior care" model, aims to drive innovation while addressing the diverse needs of its customers. By aligning its objectives with its value proposition of delivering “worry-free, time-saving, and cost-saving” services, Ping An seeks to redefine the financial landscape and contribute to the broader goal of global economic development.

Building a Robust Digital Future

Digital intelligence is reshaping the financial industry at an unprecedented pace. As a trailblazer in fintech innovation, Ping An is at the forefront of this transformation, leveraging technology to create accessible, efficient, and inclusive financial services. The 2024 World Internet Conference Wuzhen Summit served as a testament to Ping An’s vision of fostering a digital ecosystem that not only empowers businesses but also uplifts communities.

Through continued investment in research, strategic partnerships, and a relentless focus on customer needs, Ping An is poised to lead the next chapter of the digital revolution in finance, shaping a future that is both prosperous and equitable.