Ping An Co-hosts Fintech Forum on Empowering Fintech Development in the Digital Intelligence Era at 2024 World Internet Conference Wuzhen Summit

HONG KONG and SHANGHAI, Nov. 22, 2024 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An", the "Company" or the "Group", HKEX: 2318 / 82318; SSE: 601318) co-hosted The Fintech Forum on "Fintech in the Digital Intelligence Era" at the 2024 World Internet Conference Wuzhen Summit held in Wuzhen, Zhejiang with Renmin University of China and Nankai University. Government officials, academics, business leaders, and researchers from around the world engaged in in-depth discussions and exchanges on topics such as building a new financial ecosystem, empowering high-quality development, promoting smart governance and inclusiveness, and shaping a better future with fintech. The forum aimed to build consensus and contribute insights to the high-quality development of fintech in the era of smart intelligence.

In his opening remarks, Richard Sheng, Board Secretary and Brand Director of Ping An, stated that data has become a new factor of production, computing power a new productive force, and digitization the primary driver of progress across industries. He emphasized that full-scenario digitization has permeated all aspects of the financial industry, particularly reshaping credit, risk control, and customer experience. This transformation significantly expands the accessibility and coverage of financial services, enhances service efficiency, and empowers high-quality social development.

Digitization enhances credit processes, making finance more efficient and convenient. Credit is the cornerstone of the financial industry. Digital technology directly links credit assessment with biometrics, improving convenience, efficiency, and the quality of credit information. For example, Ping An Puhui's micro-expression technology assists in credit evaluation, enabling credit decisions and loan disbursement within 30 minutes. This greatly enhances credit approval efficiency, making financial services more accessible to small and medium-sized enterprises.

Digitization reshapes risk control, making finance more inclusive and accessible. Risk control is at the heart of the financial industry. By leveraging digital and blockchain technologies, companies can identify and assess risks more comprehensively, leading to precise pricing and end-to-end risk management. For example, Ping An P&C uses digital ear tags for yaks in Biru County, Naqu City, Tibet, to enhance risk control for yak breeding insurance, extending insurance protection to more remote herders.

Digitization transforms customer experience, making services "worry-free, time-saving, and money-saving". There are professional and technical barriers to the financial industry. Comprehensive application of digital technology enables the industry to deliver a "worry-free, time-saving, and money-saving" customer experience. For example, Ping An Life's "1-1-1 Superfast Claim" service, powered by smart underwriting and smart claim settlement, achieves underwriting for 93% of life insurance policies within seconds and an average claim settlement time of 7.4 minutes, with the fastest claim paid in 10 seconds. This concept behind this technology is to maximize policyholder benefits and proactively seek reasons for claim approvals. The Ping An Auto Owner app uses AI for smart recommendations and customized services, shifting from a one-size-fits-all to a tailored approach. Designated driver services are dispatched in 5 seconds and arrive within 5 minutes, while roadside assistance arrives within 30 minutes, providing 24/7 support.

Comprehensive digital application is driven by industry-leading, independently developed AI technology. Xiao Jing, Chief Scientist of Ping An, delivered a keynote speech titled "AI Empowers Digital and High-Quality Development of the Financial Industry" introducing Ping An's latest technological advancements and applications. He stated that comprehensive digitization is the key path to high-quality development of the financial industry, with AI serving as its foundation.

Ping An continues to develop world-leading AI technology, achieving breakthroughs in fundamental digital capabilities such as "seeing, listening, speaking, and reading". In "seeing", Ping An's vehicle image analysis achieves over 95% accuracy in loss assessment triage and exterior parts inspection, while medical image analysis for multiple diseases exceeds 90% accuracy. In "listening", voiceprint recognition achieves over 99% accuracy in 1:1 scenario and over 90% accuracy in blacklists with tens of millions of entries. In "speaking and reading", Ping An's Natural Language Understanding (NLU) based speech robots have been ranked No. 1 globally four times, with over 90% accuracy in intent recognition. Ping An persists in technology R&D, leveraging the "Ping An Brain" intelligent engine to empower its "integrated finance + healthcare and senior care" business. In marketing, digital humans can adapt to various business scenarios by integrating with visual, auditory, and semantic modalities. In customer service, intelligent speech robots are widely used in complex financial scenarios to improve service efficiency. In operations, digital robot solutions powered by multimodal large models can enhance operational efficiency. In risk control, the Ping An Brain assists in multi-level financial risk management.

In addition to the keynote speech of Ping An, the Fintech Forum also featured speeches by Lin Shangli, President of Renmin University of China; Chen Yulu, President of Nankai University; Wencai Zhang, Managing Director & Chief Administrative Officer of the World Bank; and Mansi Kalra, Managing Director of JBA Risk Management. Representatives from the Shenzhen Data Exchange, the Shanghai Data Exchange, and representatives from other domestic and international policy and academic institutions, and business organizations have also engaged in discussions on topics such as the current state of fintech, global fintech innovation, applications, and data transactions.

Digitization is a powerful engine for building robust financial institutions. Ping An stated that it will continue to uphold its original aspiration to be people-centered, adhere to the technology-driven "integrated finance + health and senior care" strategy, and further advance comprehensive digital transformation. This will drive high-quality business development, improve the quality and efficiency of financial services, and actively promote product upgrades and technological innovation under the guidance of the "worry-free, time-saving, and money-saving" value proposition. Ping An will continue to develop fintech, green finance, inclusive finance, pension finance, and digital finance, working with all parties to embrace a better digital future and contribute to improving people's well-being and building a financial powerhouse.

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