Ping An Group to complete tech transformation within five years

Entering its fourth decade, Shenzhen-headquartered Ping An Group will complete its technology-driven transformation within five years, according to a senior company executive.

The executive further said that this transformation will deepen the company's fintech deployment and explore ecology in the financial sector.

Jessica Tan, Ping An's co-CEO, said during the recently concluded 17th Conference on International Exchange of Professionals, that the company has gone through three stages of development.

It's built an institutional platform to explore the path of modern insurance in its first decade; it's focused on the development of insurance management and explored a comprehensive financial model in its second; and it strengthened its comprehensive financial practice and explored fintech in its third.

She said that the company owes its longevity to three core technologies: artificial intelligence, blockchain, and the cloud, and that with the help of these technologies will complete its technology-driven transformation within five years.

Ping An will also actively assist in national development and support the construction of ecological circles such as finance, healthcare, and smart cities.

"Our 'SmartCity 1+N' platform is now applied in over 100 cities nationwide. It is also used overseas, benefiting hundreds of millions of people.

"It helps urban traffic authorities realize efficient traffic management, and greatly eases traffic jams. Using artificial intelligence, the platform increases the speed of traffic by 30 percent to 50 percent," Tan said.

In healthcare, Ping An's Good Doctor "One-Minute Clinic" combines a variety of intelligent medical examination devices, and connects more than 1,000 in-house doctors with over 5,000 external contracted doctors.

The platform aims to provide users a one-stop shop for medical and health services, including consultation, rehabilitation guidance, medication advice, and medicine purchase.

In fintech, according to Ping An, its Smart Fast Claim focuses on car insurance claim settlements, and uses image recognition and deep learning technologies to automatically identify damage, with an accuracy of more than 90 percent, enhancing damage assessment speeds 4,000 times over.

The technology used in this product can encrypt account books across multiple blockchains, carry out zero-knowledge proof of arbitrary data relations, realize cross-verification of information, reduce the risk of fraud, and enhance business efficiency while fully protecting data privacy, said the company.

In human resources, Ping An's system uses AI, big data and other technologies to form a new platform combining recruitment, performance, training development, salary incentives, employee services and data, in order to lay a solid talent foundation for short-term performance growth and long-term development of enterprises, according to the company.

"Ping An believes the power of technology-driven transformation takes the lead in making deployments, and the company is committed to becoming a technology leader, to bring out more valuable exports to the outside world," Tan said.