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‘AI is completely vital for us,’ Ping An Technology CEO

Better recognized for its dominance in China’s insurance market, Ping An Insurance has been delving into the expertise house with Ping An Technology.

Speaking with CNBC’s “Squawk Box,” Ping An Technology CEO Ericson Chan mentioned his company is the “high-tech core for the entire Ping An group,” promoting end-to-end tech services and conducting analysis and improvement in areas similar to synthetic intelligence, blockchain and cloud services.

“AI is completely vital for us,” Chan mentioned, pointing to the group’s automotive insurance business for example of how shoppers have benefited from Ping An’s use of the expertise.

“If your car acquired (into) an accident, you’ll be able to merely use our app to take a photograph of the broken car,” Chan mentioned. The picture is then cross-referenced with the company’s database of “hundreds of thousands of images” to acknowledge the injury degree of the car.

“Before … your car will get towed away, we will instantly reimburse the cash again into your account,” Chan added, noting that the method ends in a state of affairs the place the customer is happier.

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