Analysts at GlobalData have highlighted Ping An as one of few established insurers to have provided a strong proactive response to the COVID-19 pandemic for its customers.
According to GlobalData’s thematic insurance scorecard, the chinese insurer was ranked considerably better than its nearest competitors in the COVID-19 response.
The company’s score was aided by smart image-reading system, which helped control the pandemic in February 2020 by assisting doctors to make efficient and early diagnoses.
It also scored the top available mark in AI, Internet of Things (IoT), demographics sustainability, computer vision and insurtech.
“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,” said Daniel Pearce, Senior Insurance Analyst at GlobalData.
“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, added, “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.”