Ping An has led the way in terms of insurers’ Covid-19 response due to its digital capabilities, according to a report from GlobalData.
In its thematic research, GlobalData has ranked insurers on their ability to cope with industry trends. Ping An was highlighted as “considerably better” than its nearest competitors in responses to coronavirus.
It has scored top marks for AI, internet of things, demographics sustainability, computer vision and InsurTech, as well as coronavirus.
The report states that Ping An is one of the few established insurers to have offered a proactive response to the pandemic for customers. One of the reasons it reached high-marks was thanks to its smart image-reading system that helped control the pandemic in February 2020 by helping doctors make efficient and early diagnoses.
GlobalData senior insurance analyst Daniel Pearce said, “It has been indicated from GlobalData’s research that InsurTechs such as Ping An were able to deal with the pandemic well as their small size allows these companies to adapt quickly.
“Moreover, InsurTechs have a stronger position because they are more likely to offer usage-based insurance, which is better suited to consumers at this current moment. Metromile, for example, offers car insurance by the mile, which may be preferable while countries are on lockdown or the majority of consumers continue to work from home – making them less likely to drive.”
Ben Carey-Evans, insurance analyst at GlobalData, said, “Ping An has been extremely proactive in using its strength in artificial intelligence (AI) – a category in which it scores the highest mark – to improve early diagnoses of the pandemic. COVID-19 is undoubtedly the key issue for insurers in the immediate future, and global insurers should be looking at how proactive Ping An has been in responding to it.”
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