China’s Top Private Ping An Insurer Taps AI to Unlock $174 Billion Value – Bloomberg
By Bloomberg News
Five years ago, almost no accident and health insurance claims at Ping An Insurance Group ran without humans. Today, nearly 60% are automated, with some settled in just 51 seconds.
The leap shows Ping An’s push into artificial intelligence, after a decade of investment worth billions of yuan. Now, senior executives are counting on it to transform the share price, too. They are leveraging AI to double the firm’s price-to-book ratio over the next few years, according to people familiar with the management’s thinking. Provided net assets remain unchanged, that would add about $174 billion to the market value of China’s largest non state-owned insurer.