In 2022, Ping An’s four insurance companies collectively processed more than 200 million claims, averaging over 600,000 cases per day, according to Ping An Insurance (Group) Company of China, Ltd.’s 2022 Annual Insurance Claims Report.
This extensive coverage demonstrates the vital role that insurance claims services play in safeguarding people’s livelihoods and fostering the sustainable growth of the insurance industry.
The total claims payments exceeded an impressive RMB 280 billion, equivalent to an average daily payout of RMB 770 million.
Zhichun Zhang, the Chief Financial Officer of Ping An, summarised the company’s claims philosophy as putting the customer first, actively assisting customers in understanding claim reasons, diligently fulfilling insurance liabilities, and providing professional and compassionate services.
The detailed analysis within the report reveals the comprehensive scope and impact of Ping An’s claims services across its four member companies.
Ping An Life, for instance, disbursed RMB 79.6 billion in compensation, covering claims, maturity benefits, annuities, death benefits, and medical care benefits.
Critical illness benefits alone accounted for RMB 20.1 billion, averaging RMB 87,000 per case. Notably, the total number of medical claims exceeded 3.76 million, surpassing an average of over 10,000 claims per day.
Ping An P&C, another subsidiary, paid a total of RMB 194 billion in claims payments during 2022, providing essential coverage for more than 60 million car owners, over 5 million cargo vehicles, 40 million health insurance customers, and 6 million residential properties.
The company’s services also enabled rapid recovery for 1.8 million small and micro enterprises, supported agriculture and rural areas, and safeguarded the livelihoods of more than 12 million farmers.
Ping An Annuity accomplished remarkable efficiency with its technologically empowered operations, achieving the fastest case settlement within 5 seconds and an average claims processing time of only 1.5 days. Through the Hao Fu Li app, 86% of cases were handled by customers themselves.
Additionally, the system automatically reviewed and settled 5.36 million cases, with 400,000 of them resolved without human intervention.
Ping An Health contributed RMB 4.8 billion in claims payments, serving 605,000 customers. The online claims rate reached an impressive 97.7%, while the first-time materials submission success rate stood at 91.4%.
Significantly, Ping An Health significantly reduced hospital discharge claims processing times from an average of 55 days to no more than 3 days, with an average processing time of just 4 hours.
The report also highlighted key trends identified from the analysis of claims data. Among these trends, malignant tumors, acute myocardial infarction, and conditions resulting from strokes emerged as the three most dangerous critical illnesses in 2022.
Additionally, customers’ evolving needs showcased a shift towards proactive pre-medical services and active health management.
