Ping An reaps rewards of innovating in key insurance industry themes - Life Insurance International

Ping An has applied for 2,716 patents within AI in insurance over the past 20 years.

Ping An’s success highlights the importance of being industry-leading within key forward-looking trends within insurance. The Chinese insurer saw profits rise by 36.1% in the nine months to September 2024, while GlobalData has heralded Ping An as a leader across all themes in our Non-Life Insurance Scorecard. Ping An is particularly strong within AI and environmental, social, and governance (ESG)—the two themes we rank as the most important within insurance.

GlobalData’s Non-Life Insurance Scorecard ranked Ping An as the fifth-leading insurer across all of our top insurance themes. It scored five out of five for AI and ESG, which means we believe it to be an industry leader within those themes.

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GlobalData’s Patent Analytics database (which tracks the number of patents applied for by all players within the insurance industry) finds that Ping An applies for more patents than any other insurer, reinsurer, or broker within the AI theme. Ping An has applied for 2,716 patents within AI in insurance over the past 20 years. This was by far and away the most in the industry, with State Farm a distant second with 1,389 patents. This is our most forward-looking signals database as it highlights which innovations will be launched in the future, as applying for a patent is the first stage of innovation.

Ping An is already known for innovation, including being the first insurer to introduce bovine face technology. This allowed farmers to use their smartphones to remotely verify when a certain cow had died and receive the relevant claims compensation.

The success of Ping An throughout 2024 emphasises the importance of insurers being aware of and committing to excelling in key industry themes. Insurers who position themselves at the forefront of themes such as AI, ESG, big data, personalisation, and cybersecurity will be positioned to provide the best service to customers and reap the rewards of doing so. AI is undoubtedly the standout theme now and can improve user experience while helping insurers cut costs (and thus improve profit margins). Going forward, we expect Ping An to continue innovating across these key themes.

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