Ping An’s has launched a mobile app that allows drivers to make claims and get compensation deducted from a dynamic credit quota, which is related to their driving behavior and history.
The app is based on a credit-based system which went online in China this month. Using the mobile app, drivers report the case to the insurer, upload relevant photos for an AI-assisted assessment, and confirm the compensation online. Car owners’ credit quota change dynamically based on data like the user’s driving habits. Good drivers with safe driving habits will earn larger quotas while those who commit transgressions such as fraud will see their credit quota canceled.
The smart claim system aims to encourage more civilized driving habits and improve public transportation safety. The new system is based on the AI smart claims credit model built with technologies such as image damage assessment, OCR bills identification, and biometrics. It greatly minimizes complicated procedures.
Ping An currently has deployed AI technology to the whole process of car insurance claims settlement, including initial reporting, submitting digital pictures, loss assessment, document handling. The smart scheduling engine and smart grid technology provide timely surveying within 5-10 minutes for 95.5% of claims. In addition, 30% of these cases have adopted AI image recognition technology to complete the loss assessment with the accuracy rate as high as 95%, and compensation can be received within seconds through face recognition.
All of this has reaffirmed Ping An’s place as Asia’ pre-eminent digital insurer, one that is not only prepared to invest in new technologies ahead of maturity, but also enter adjacent businesses that compliment Ping An’s core insurance offerings.