Ping An Insurance (Group) Company of China, Ltd. (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 collaboration with Renmin University of China and Nankai University, the forum gathered global government officials, academics, business leaders, and researchers. Discussions centered on building a new financial ecosystem, promoting inclusiveness, and shaping a better future through fintech-driven high-quality development.
Digitization: The Cornerstone of Financial Evolution
Richard Sheng, Board Secretary and Brand Director of Ping An, emphasized in his opening remarks:
“Data is a new factor of production, computing power a new productive force, and digitization the primary driver of progress across industries.”
Sheng highlighted the transformative impact of full-scenario digitization on the financial sector, particularly in credit processes, risk control, and customer experience.
- Efficient Credit Processes: Ping An Puhui’s micro-expression technology facilitates credit approvals and loan disbursement within 30 minutes, significantly improving access for small and medium-sized enterprises.
- Enhanced Risk Control: Technologies such as blockchain and digital ear tags in Ping An P&C’s yak breeding insurance improve accuracy and accessibility, extending protection to remote regions.
- Superior Customer Experience: Services like Ping An Life’s “1-1-1 Superfast Claim” leverage AI, enabling underwriting for 93% of policies in seconds and settling claims in as little as 10 seconds.
AI-Powered Fintech Innovation
Xiao Jing, Ping An’s Chief Scientist, presented a keynote on “AI Empowers Digital and High-Quality Development of the Financial Industry.” He underscored Ping An’s advancements in AI capabilities for “seeing, listening, speaking, and reading”:
- Seeing: Over 95% accuracy in vehicle loss assessments and 90%+ accuracy in medical image analysis.
- Listening: Voiceprint recognition exceeds 99% accuracy in 1:1 scenarios.
- Speaking and Reading: Speech robots ranked No. 1 globally for intent recognition, achieving over 90% accuracy.
Ping An’s “Ping An Brain” intelligent engine integrates AI across financial services to optimize marketing, customer service, operations, and risk control.
Global Collaboration for Fintech Growth
The forum featured insights from industry leaders, including:
- Lin Shangli, President of Renmin University of China, and Chen Yulu, President of Nankai University.
- Wencai Zhang, Managing Director of the World Bank, and Mansi Kalra, Managing Director of JBA Risk Management.
Discussions spanned global fintech innovation, data transactions, and the role of digital transformation in strengthening financial ecosystems.
A Vision for the Future of Fintech
Ping An reaffirmed its commitment to its “worry-free, time-saving, and money-saving” value proposition, advancing fintech across key areas such as:
- Green Finance
- Inclusive Finance
- Pension Finance
- Digital Finance
Ping An’s comprehensive digital strategy will continue to drive innovation, improve service efficiency, and enhance financial inclusion. By collaborating with global stakeholders, the company aims to build a robust digital financial ecosystem that fosters economic and social well-being.
