HONG KONG and SHANGHAI, Sept. 4, 2020 /PRNewswire/ — Ping An Insurance coverage (Group) Firm of China, Ltd. (hereafter “Ping An” or the “Group”, HKEX: 2318; SSE: 601318) introduced that Xie Yonglin, President and Co-CEO of Ping An Group, spoke on the 12th Lujiazui Discussion board on how know-how can remodel monetary companies and higher serve small and micro-enterprises.
The Shanghai discussion board introduced collectively authorities officers and worldwide finance consultants to debate points equivalent to sustainable development of the worldwide financial system.
Mr. Xie highlighted that know-how can increase the monetary companies business via two growth paths, which he known as “from zero to 1” and “from 1 to N”.
Expertise is a significant component of world monetary competitiveness, Mr. Xie mentioned. “From zero to 1” is about main monetary establishments, together with banks, insurance coverage corporations, brokers and funds, creating applied sciences equivalent to synthetic intelligence (AI), blockchain, cloud and massive information to reinforce their core monetary companies. Expertise can enhance effectivity and buyer expertise and cut back prices and dangers.
Enterprises can then share their “from zero to 1” expertise and improvements to empower small and medium-sized monetary establishments – extending technological development to the broader business, “from 1 to N”.
“From zero to 1”: leveraging know-how to reinforce core monetary companies
Citing Ping An for example, Mr. Xie famous the Group has achieved outstanding leads to its core monetary companies via its “finance + know-how” technique. For instance, the 510 Superfast Investigation of Ping An’s auto insurance coverage offers swift processing of daytime city auto accidents inside 5 to 10 minutes, leveraging know-how to ascertain a brand new business benchmark for claims processing whereas limiting visitors disruptions.
Ping An Bank has shortened bank card issuance time from two days for handbook to 2 minutes by AI analysis. Ping An Bank’s software course of for its Xinyidai unsecured loans and different credit score merchandise are totally managed on-line, shortening the method from making use of to granting of the loan to 10 seconds, whereas its sensible danger administration model has decreased credit score losses by 60% in comparison with the handbook system.
Mr. Xie mentioned, “There are two very important situations for self-developed technological capabilities ‘from zero to 1’. First, sustained and important funding in know-how by the massive monetary establishments is required. Ping An has invested greater than RMB100 billion in know-how previously 10 years and can proceed to take a position RMB100 billion within the subsequent 5 years. Second, the analysis and growth and software of know-how are extremely depending on a wealth of monetary eventualities, requiring fixed trial and error and steady iteration.”
“From 1 to N”: empowering small and medium-sized monetary establishments
Mr. Xie mentioned that small and medium-sized monetary establishments would not going have the monetary assets or the R&D capabilities to develop their very own applied sciences. To completely obtain technological transformation throughout the monetary companies business, main enterprises have to assist small and medium-sized monetary establishments to spice up their service effectivity and effectiveness to higher serve small and micro-enterprises.
Mr. Xie cited the instance of OneConnect, an affiliate of Ping An Group, the most important technology-as-a-service cloud platform for monetary establishments in China. As of the tip of June 2020, OneConnect facilitated 2 trillion transactions for patrons of different monetary establishments, together with 171.5 million anti-fraud checks and 5.2 billion credit score danger assessments. As of the tip of June 2020, OneConnect had served 100% of main banks, 99% of metropolis industrial banks and 53% of insurance coverage corporations in China, collectively reaching lots of of thousands and thousands of end-customers.
Mr. Xie mentioned, “To empower the business ‘from 1 to N’ requires main enterprises to haven’t solely extremely skilled, relevant and secure fintech capabilities, but in addition requires the capabilities to be modular and scalable to be able to empower different monetary corporations.”
About Ping An Group
Ping An Insurance coverage (Group) Firm of China, Ltd. (“Ping An“) is a world-leading technology-powered retail monetary companies group. With over 210 million retail clients and 560 million Web customers, Ping An is without doubt one of the largest monetary companies corporations on this planet.
Ping An has two over-arching methods, “pan monetary property” and “pan well being care”, which concentrate on the availability of monetary and healthcare companies via our built-in monetary companies platform and our 5 ecosystems of monetary companies, well being care, auto companies, actual property companies and sensible metropolis companies. Our “finance + know-how” and “finance + ecosystem” methods goal to offer clients and web customers with modern and easy services utilizing know-how. As China’s first joint stock insurance coverage firm, Ping An is dedicated to upholding the best requirements of company reporting and company governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai.
In 2020, Ping An ranked 7th within the Forbes World 2000 record and ranked 21st within the Fortune World 500 record. Ping An additionally ranked 38th within the 2020 WPP Kantar Millward Brown BrandZTM Prime 100 Most Beneficial World Manufacturers record. For extra info, please go to www.pingan.cn.
SOURCE Ping An Insurance coverage (Group) Firm of China, Ltd.