Ping'an Healthcare Technology launches smart insurance platform

Ping’an Medical and Healthcare Management Co Ltd yesterday unveiled a smart platform in Shanghai to help cut costs and boost efficiency for commercial insurance.

It will also make the process of claiming simpler for policy-holders.

The platform, targeting the “pain points” of the industry such as high risk management cost and low operational efficiency, is based on an online-plus-offline-plus-AI service network.

Users, especially small and medium-sized insurers, can get their policy-holders’ data of outpatient treatment and admission to hospital by logging on the system, which is so far connected to up to 2,500 hospitals, Ping’an Healthcare Technology said.

Compared with the traditional costly and labor-intensive way of doing business, the underwriter says it will be able to deliver more timely and humanitarian services to its clients.

This includes paying medical fees in advance. And their quality service will be extended to areas without physical outlets.

With a team of 1,000 professional investigators, the company planned to expand the team tenfold soon in order to bring more added-value services to policy-holders.

Huang Ruizhi, assistant to the sectary of the Insurance Association of China, said the country has welcomed the historic opportunity to develop the insurance industry thanks to a series of favorable policies from the decision-makers.

From 2010 to 2017, the life insurance sector saw premiums surge by around seven times to hit 438.9 billion yuan (US$63.16 billion).