Chinese insurance conglomerate Ping An has been identified as a thematic leader in the life insurance industry through its use of artificial intelligence (AI).
GlobalData’s Life Insurance Sector Scorecard 2023 ranks key industry players on their likelihood to succeed considering key industry themes. It identifies AI alongside wellness and personalisation as key themes within the life insurance sector, while Ping An, Oscar and AXA have been identified as leaders in the utilisation of AI within the sector.
AI is set to disrupt almost every industry and the life insurance sector is no different. The technology be used for the likes of customer assistance chatbots, assessing needs and offering relevant guidance. AI can also be used to diagnose and assess health conditions and analyse client data to assess risk levels, such as via devices like smartwatches.
By way of example, Ping An Health is now offering rewards and discounts to clients with healthy lifestyles recorded via fitness trackers if customers opt in. In addition, its Ping An Good Doctor online healthcare platform offers online consultations with AI integrated to aid data collection and diagnosis.
Senior GlobalData analyst Ben Carey Evans commented on Ping An’s position in the industry: “The standout leader in generative AI in life insurance is Ping An, which has used ‘Good Doctor’ AI to diagnose patients. It set up booths and could give out drugs based on the conditions it found.”
According to the Sector Scorecard, Ping An Insurance is also expected to see positive impacts from its approaches to personalisation, ESG, insurtech and medical internet of things.
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