Ping An Property Insurance to Attend WAIC 2019 with its Latest AI Innovations, Accelerating Industry Transformation

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China Ping An Insurance Overseas (Holdings) Limited

Aug 30, 2019, 23:18 ET

SHANGHAI, Aug. 30, 2019 /PRNewswire/ -- China Ping An Property Insurance Co., Ltd. (Ping An Property Insurance) will present at the World AI Conference 2019 (WAIC2019) along with its latest innovations - FACE KYD (Know Your Driver) and DRVR (Driving Risk Video Recognition) - to showcase its latest AI breakthrough on August 29. Dedicated to pioneering the AI-empowered property insurance sector while offering perfect customer service, Ping An Property Insurance, as one of "Leading Biosphere Companies", is aiming to unleash the potential of artificial intelligence with its acute insight into the emerging technology, leveraging AI application and big data systems to transform the insurance industry.

The FACEKYD extended the traditional driving risk ranking algorithm by leveraging state-of-the-art deep learning networks to extract facial driving risk factor. Different from the face recognition algorithm, the FACEKYD algorithm can not only differentiate the driving risk from different customers, but also keep the risk scores from the same customer stable by using the innovative rank algorithm "tetrad ranking".

Another star product of the company currently under development is DRVR (Driving Risk Video Recognition). DRVR technology combines FACEKYD and DMS technology, through the identification and analysis of driving behavior, and combining the FACEKYD auxiliary driving risk prediction, to manage the risk in the whole process of driving and active warning, provide a variety of interim risk management solutions, rather than a single post-event compensation According to the Ping An Property Insurance technology center, the technology, with the bolster of database encompassing people, cars and roads, can identify hazardous driving behaviors including drowsy driving, smoking, looking at phones, dangerous lane-changing and speeding.

Gu Qingshan, Executive Vice President & Chief Technology Office of Ping An Property Insurance said "The improvement of computing capabilities and algorithms has enabled insurance companies to enjoy the versatility of AI and big data applications. With the implementation of artificial intelligence throughout the business chain and across products, markets, channels, pricing, underwriting and claiming process, Insurance companies can better understand their customers and risks," said Gu. "On top of this, the application can further reconstruct the service procedures, create new products, and enhance customer experience, diversify risk management and make front-end risk management possible," he added.

The Ping An Car-Owner app developed for car insurance management, once again received a great deal of attention. As of the end of July 2019, the app has had over 71 million registered users, of which 46 million binding their personal vehicle information. The number of monthly active users in June exceeded 16 million, proving its NO.1 position in auto tool category in Chinese App store.

In addition to the "black technology" set to exhibit at the event, Ping An has also fully applied big data and AI technology in insurance claim process, risk control, marketing and service delivery, which has produced remarkable results. For example, in terms of claims, the company has launched another major upgrade on "Fast-track Compensation" and "510 Smart Fast Claim ", "Trust Compensation", "One-Stop Video Intelligent Insurance Claim" and "IFD Intelligent Risk Control & Anti-Fraud", among which "One-Stop Video Intelligent Insurance Claim" has just won the first prize of the Shenzhen Municipal Government Financial Innovation Award. In addition, there are intelligent applications, deep learning KYD research, fire-fighting IoT-Cloud platform, KYR risk management cloud and smart agricultural ecosystem platform.

Ping An Group has invested 100 billion RMB in technological R&D in the past ten years and will invest 200 billion RMB to build an integrated research system in the future.

SOURCE China Ping An Insurance Overseas (Holdings) Limited