Ping An leads the life insurance coverage sector in its use of AI

Chinese language insurance coverage conglomerate Ping An has been recognized as a thematic chief within the life insurance coverage business by means of its use of synthetic intelligence (AI).

GlobalData’s Life Insurance coverage Sector Scorecard 2023 ranks key business gamers on their probability to succeed contemplating key business themes. It identifies AI alongside wellness and personalisation as key themes throughout the life insurance coverage sector, whereas Ping An, Oscar and AXA have been recognized as leaders within the utilisation of AI throughout the sector.

AI is ready to disrupt virtually each business and the life insurance coverage sector isn’t any completely different. The know-how be used for the likes of buyer help chatbots, assessing wants and providing related steering. AI may also be used to diagnose and assess well being circumstances and analyse shopper information to evaluate danger ranges, reminiscent of by way of gadgets like smartwatches.

By means of instance, Ping An Well being is now providing rewards and reductions to purchasers with wholesome existence recorded by way of health trackers if prospects decide in. As well as, its Ping An Good Physician on-line healthcare platform affords on-line consultations with AI built-in to assist information assortment and prognosis.

Senior GlobalData analyst Ben Carey Evans commented on Ping An’s place within the business: “The standout chief in generative AI in life insurance coverage is Ping An, which has used ‘Good Physician’ AI to diagnose sufferers. It arrange cubicles and will give out medication primarily based on the circumstances it discovered.”

In accordance with the Sector Scorecard, Ping An Insurance coverage can also be anticipated to see optimistic impacts from its approaches to personalisation, ESG, insurtech and medical web of issues.

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