Ping An’s success highlights the significance of being industry-leading inside key forward-looking traits inside insurance coverage. The Chinese language insurer noticed earnings rise by 36.1% within the 9 months to September 2024, whereas GlobalData has heralded Ping An as a pacesetter throughout all themes in our Non-Life Insurance coverage Scorecard. Ping An is especially sturdy inside AI and environmental, social, and governance (ESG)—the 2 themes we rank as a very powerful inside insurance coverage.
GlobalData’s Non-Life Insurance coverage Scorecard ranked Ping An because the fifth-leading insurer throughout all of our high insurance coverage themes. It scored 5 out of 5 for AI and ESG, which suggests we consider it to be an {industry} chief inside these themes.
GlobalData’s Patent Analytics database (which tracks the variety of patents utilized for by all gamers throughout the insurance coverage {industry}) finds that Ping An applies for extra patents than another insurer, reinsurer, or dealer throughout the AI theme. Ping An has utilized for two,716 patents inside AI in insurance coverage over the previous 20 years. This was by far and away probably the most within the {industry}, with State Farm a distant second with 1,389 patents. That is our most forward-looking indicators database because it highlights which improvements will probably be launched sooner or later, as making use of for a patent is the primary stage of innovation.
Ping An is already identified for innovation, together with being the primary insurer to introduce bovine face know-how. This allowed farmers to make use of their smartphones to remotely confirm when a sure cow had died and obtain the related claims compensation.
The success of Ping An all through 2024 emphasises the significance of insurers being conscious of and committing to excelling in key {industry} themes. Insurers who place themselves on the forefront of themes comparable to AI, ESG, large information, personalisation, and cybersecurity will probably be positioned to supply one of the best service to prospects and reap the rewards of doing so. AI is undoubtedly the standout theme now and might enhance consumer expertise whereas serving to insurers minimize prices (and thus enhance revenue margins). Going ahead, we count on Ping An to proceed innovating throughout these key themes.
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