Ping An is nominated in the Global Innovator category at the Qorus-NTT DATA Innovation in Insurance Awards 2025. We asked the bank to present its strategy and actions in terms of innovation.
Why do you consider your company a Global Innovator?
Ping An is a global innovator with generative AI innovations at its core, leveraging agentic technologies to transform the insurance landscape.
MARS automates recruitments, while Smart LA optimizes lead managements, enhancing operational efficiencies. SimsPMF accelerates insurance product-market fits, driving product innovations. Panoptic COME and Customer Voice elevate customer experiences. Meanwhile, CPAAA safeguards customers, while PieceWise and CompliMate enhance workforce capabilities.
These projects drive growths, enhance efficiencies, reduce costs, and solidifies our status as the most innovative insurance player globally. Our innovations have transcends national boundaries, delivering substantial benefits to global markets such as South Asia and South Africa through our robust networks of Ping An subsidiaries. In March 2025, Brand Finance once again confirmed Ping An Insurance’s status as the most valuable insurance brand, marking its ninth consecutive year of this prestigious recognition.
How is a culture of innovation achieved across your company?
Our culture of innovation blends top-down strategy with bottom-up creativity. Leadership establishes clear objectives through quarterly Innovation Roadmaps. As LLM technology matures and AI adoption accelerates, new innovation opportunities emerge, allowing us to drive innovation across all business lines and levels.
Internal AI competitions foster idea sharing, sparking new application possibilities. Agile workshops, streamlined approval processes, and readily sharable computing resources ensure lightning-fast deployments, shattering barriers to innovations.
Robust training programs and reward systems further incentivize and drive innovations. This collaborative ecosystem collectively propels our long-term vision and reshapes the insurance landscape through technology.
What are the major goals and results obtained from your ongoing innovation strategy?
Our long-term innovation strategy delivers transformative outcomes across 8 innovations this year.
MARS increases resume intake to 770,000, boosts agent activity by 52%, saves 90,000 recruitment hours monthly, and cuts the cost per lead by 90%. Smart LA raises lead-to-action rates by 90%, reduces manual workloads by 43%, and increases conversions by 55%. SimsPMF assists in achieving 100M yuan in premium income while halving R&D manpower and raising satisfaction from 8.7 to 9.4 out of 10. Panoptic COME produces nearly 300M content pieces, enhancing engagement. Customer Voice intercepts 450,000 disputes, halves resolution times, and boosts satisfaction by 15%. CPAAA prevents fraud with zero incidents, cutting review workloads by 58% and costs by 40%. PieceWise improves training efficiency. CompliMate enhances compliance efficiency, saving 110,000 audit hours and $7.4M annually.
These results demonstrate our ongoing commitment to innovation that drives significant operational, financial, and customer-centric outcomes.
How does your company manage the overall innovation process?
Our innovation engine propels progress from initial concept to successful market launch through an agile end-to-end framework. We cultivate a vibrant culture of idea generation, sourcing insights from our agents, valued clients, IT teams, and incisive market analysis. These ideas then transform into reality by dedicated, cross-functional teams comprising top experts from Recruitment, IT, AI, Marketing, and Compliance departments.
Leveraging agile methodologies with iterative sprints, rigorously controlled pilots, and real-time data analytics, we rapidly validate product-market fit and refine our solutions. Crucially, security is hardwired throughout this entire journey, with a dedicated team ensuring uncompromising data protection and privacy.
By fostering seamless collaboration across business units through dedicated liaisons, we effectively scale successful innovations, and forge new benchmarks for the global insurance industry.
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