HONG KONG, Nov. 7, 2018 /PRNewswire/ -- Ping An Insurance (Group) Company of China,
At the Group's Investor Day on technology today in Hong Kong, Jessica Tan, Deputy CEO, COO and CIO of Ping An Group, said, "Our consistent focus and investment in technology R&D is paying off. We have already established global leadership in the cutting-edge technologies of AI, blockchain and cloud computing, which will be driving innovations in the financial industry for years to come."
Each year the Group invests one percent of its revenue in the R&D of fintech and healthtech. Ping An has invested US$7 billion in R&D in the past decade and expects to invest a total of RMB100 billion (US$15 billion) in the coming ten years.
Ping An's technology development is fundamental to the execution of its "Finance + Ecosystem" strategy, which is driving Group business growth. The core technologies of AI, blockchain and cloud computing has and will continue to empower the Group's five ecosystems -- financial services, health care, auto services, real estate services and smart city services. Through applying innovative technologies to these ecosystems, Ping An will be able to seamlessly engage with customers to offer simple, professional and relevant financial services to help them better their lives and to help Ping An growth its business.
Ping An's technology development has four key advantages:
In addition, Ping An's five eco-systems have accomplished market-leading positions in many areas, including:
Jessica Tan added: "Ping An's strategy is guided by a vision to become a world-leading technology-powered financial services group. In the last decade, the Group has transformed its financial service offerings by using technology to pursue innovation, boost efficiency, cut costs, improve experience and manage risks. We have deployed our technology commercially in the market place and we are now exporting our technology by offering our solutions to other market players to use."
The Group's retail customers reached 182 million customers at the end of September this year. The internet user base using Ping An's five ecosystems has surpassed half a billion, contributing more than a third of the 33.4 million new customers acquired in the first nine months of 2018.
In terms of technology outlook, Jessica said, "Technology advances are changing our lives and the way we do business. Ping An is leading the change in AI, blockchain and cloud, particularly in the five ecosystems of financial services, healthcare, auto, real estate and city services. Our technology is deployed and supporting our customers already, from the Hong Kong Monetary Authority eTradeConnect, to serving 3013 financial institutions, and to the person on their mobile looking for a loan to buy a car or seek medical advice or help their children's education. AI, blockchain, and cloud are already helping people better their lives and achieve their life goals."
NOTES TO EDITOR
Ping An outlined the achievements and development of its technologies and ecosystems at the Investor Day.
Artificial Intelligence (AI)
The failure in the past 70 years of AI was due to lack of computing power and data. Key to the development of AI in recent years is the availability of rich business scenarios and massive real-world data. These factors are a core advantage of Ping An. Ping An has the edge in AI because the Company has:
The future of blockchain lies in the creation of one connected network. Ping An has leading blockchain technology and the largest commercial blockchain network in the world.
Ping An's demand created by the growth of its business has been driving the development of Ping An Cloud. Transformation into Cloud took 5 years and currently 80% of systems (4,000 systems) are on cloud. Ping An Cloud is also fast expanding into the five ecosystems of the Group. To date, Ping An Cloud is the largest and most widely used financial cloud in China with 9 authoritative certifications and 400+ patent applications.
Cloud services has made rapid development in the past decade and many market observers assume the market place is already well served. Ping An sees potential for cloud to develop beyond traditional business lines in ecosystems where the cloud market place is relatively unpenetrated. Ping An Cloud will focus on the five ecosystems whose untapped market potential is 7x of the entire cloud market in 2018.
Ping An Cloud's value proposition and advantages are:
Financial Services Ecosystem - OneConnect
Fintech helps financial institutions improve their return on equity and represents a promising market of US$40-50 billion in the region.
Ping An's OneConnect is the largest financial services SaaS with integrated AI+ Financial Services capabilities in China. It possesses a unique business model of "business + technology" to empower financial institutions:
- World's largest Fintech application in AI, Blockchain, & Biometric cognition, 1 bn+ facial and micro-expression usage / year. - Strong combination of financial service DNA & cutting-edge technology, with 1000+ patents, 50+ products, and 2000+ APIs. - 2,000+ staff with 46% R&D technical talents, all with rich experience. - Leading financial services AI in China:
- 350+ AI researchers in OneConnect gamma lab. - One Connect currently provides 50+ AI based solutions to help financial institutions address sales, product, risk management, service and operations pain points. - Saved over US$45 billion (RMB 300 billion) in fraud detection and prevention, used by 3,000 financial institutions. - Bank examples
- Customer Acquisition Case: The SAT solution helped 2 branches of a commercial bank to successfully reach out 10,000+ new customers and achieved a 25% customer conversion rate during their recent marketing campaigns for new credit products. - Performance Improvement case: The SAT intelligence marketing solution successfully helped 22 branches of a city commercial bank to increase clients' activities. The transaction volume of their payment schemes increased by 3 times within 1 month. - Risk control case: AI+risk control solution helped to reduce the approval time from 1 week to real-time, and reduce 67% of credit losses.
- OneConnect is an internationally scalable business that has begun to extend its geographical footprint beyond China to tap a USD80bn – USD100bn Asian Fintech revenue pool opportunity
- Delivered "eTradeConnect", Hong Kong's first blockchain-powered trade finance platform - 100+ people for Asia expansion in Singapore/Southeast Asia and HK/Taiwan - JV with SBI in Japan
Healthcare Ecosystem - Ping An Good Doctor
Ping An Good Doctor is a leading force in the future internet healthcare services. It has huge potential globally given growing healthcare market and obvious pain points with massive monetization potential (>USD 100Bn). In China, healthcare market is expected to be RMB1.6 trillion in 2026.
Ping An Good Doctor's unique value propositions are AI-assisted medical capabilities (aided by 1000 in-house medical staff), one stop platform with comprehensive services, diversified monetization channels and synergistic support from Ping An Group:
Auto Services Ecosystem - Autohome
The auto ecosystem market in China has a market potential of US$1,200 billion with addressable market of US$365 billion in 2018. An AI-enabled platform, Autohome is the market leader connecting the largest online traffic in auto buyers, OEMs and dealers in China:
Leveraging AI, big data and cloud, Autohome offers value to partners in the auto ecosystem in terms of traffic, leads, content and data:
Smart City Ecosystem - Ping An Smart City
Smart City solutions will unleash the full potential of cities. There are 500+ smart cities developing in China and the market for smart city solutions is expected to be US$2.6 billion.
Ping An Smart City is a front runner in China covering 60+ cities with 115 projects in progress:
Ping An "1+N" Smart City Platform is composed of 1 Smart City Cloud + N service modules including Smart Transportation, Smart Healthcare, Smart Government Administration, Smart Education, Smart Environment Protection and Smart Elderly Care etc.
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SOURCE Ping An Insurance (Group) Company of China, Ltd.
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