Ping An Launches Two AI-Based Products

Last month Ping An unveiled two new products: Smart Verification and Smart Fast Claim.

Smart Verification uses AI technologies such as face recognition and voice recognition to build a biological record of each customer, to allow companies to easily verify the person, its behaviors and attributes.

Smart Fast Claim is the only AI platform for loss assessment and risk management that has been implemented in the auto insurance industry in China. It contains four major technical highlights: (1) High-precision image recognition: smart recognition accuracy up to 90% or more of car models, exterior parts and 23 damage levels. (2) Immediate one-click damage identification: users can upload an image to assess the price of maintenance proposal in a few seconds. (3) Precise price setting: prices are generated through three methods to generate precise costs that factor the prices of automotive parts in various provinces and municipalities. (4) Smart risk control: a risk library that may help reduce the cost of claims. When fully implemented in the industry, the platform is expected to improve the overall claims efficiency and reduce the number of disputes and risk of leakage, bringing  ~RMB20 billion revenue for risk leakage control and enhancing the claims efficiency by over 40%.