Ping An Insurance develops biometric ID solution
06 September 2017 17:27 GMT

Chinese insurer Ping An Insurance has developed a biometric ID solution to improve security for its customers.

The "Smart Verification" function released this time on "Ping An Smart Insurance Cloud" uses AI technologies such as face recognition and voiceprint recognition to build a biological record of each customer, which realizes a speedy verification towards the physical person, its behaviors and attributes.

This technology enables the insurance industry to transform from policy system, skipping real-name system, directly to physical person verification system combining physical person, physical proof and policy, solving the prolonged problems of being unsafe, inconvenient and not worry-free in the insurance industry.

By speedy verification of the behaviors and attributes of agents and insured persons though Smart Verification, potential disputes arising from the policy selling process will be significantly reduced.

With Ping An's smart verification put into use, the new policy surrender rate fell to 1.4%, well below the industry average of 4%. Time taken for a policy enrollment has been shortened by 30 times, time taken for audio and video recording reduced by 75%, while quality control success rate increased by 65%.

The "difficult to claim" problem was tackled by the physical person verification technology combining online intelligence, with processing time shortened from three days to 30 minutes, resulting in increased customer satisfaction as well as a doubling of the coverage increase rate. At the same time, smart verification technology could cover more than 90% of the insurance company's customer service, bringing about a qualitative leap in customer service efficiency.