Ericson Chan, CEO of Ping An Technology (a subsidiary of Ping An Insurance (Group) Company of China, Ltd. hereafter “Ping An”, HKEX: 2318; SSE: 601318), was invited to speak at RISE Conference, Asia’s largest technology event, in Hong Kong for the third consecutive year. At the conference, Chan reiterated that artificial intelligence (AI) is changing every industry.
In his speech, Chan discussed the pain points of today’s financial and healthcare sectors, “Healthcare resources are not evenly distributed in China and worldwide, resulting in long waiting time and short consultation time. On the other hand, some individuals and companies also have difficulties in gaining access to funding because of the credit worthiness evaluation.”
Chan said AI will improve efficiency and effectiveness, and it is changing every single industry and people’s lives. In financial services, Ping An’s AI-based prediction, risk management and service capabilities facilitate quick claims, smart photography and video recording, small and medium-sized business loan approval, and smart customer services.
“Effective trainings and use cases are critical for developing and boosting the AI model. At Ping An, we focus on five ecosystems and have hundreds of use cases, which help us develop and refine the model, providing best services for our customers across different industries,” added Chan.
In a panel discussion titled “Unlocking the Potential of Artificial Intelligence”, Chan pointed out that companies need to recognize the limitations and capabilities of AI, in order to maximize the value of this technology.
According to a research conducted by Harvard Medical School and Beth Israel Deaconess Medical Center1, the AI-based diagnostic method proved accurate approximately 92% of the time, while the success rate of a human pathologist was 96%. When combining the pathologist’s analysis with the AI method, the result showed 99.5% accuracy.
Using this example, Chan explained, “Humans make mistakes and Al technology also has its limitations. While AI is not perfect, it helps improve accuracy and eliminate errors. If companies have a better understanding of the limitations and capabilities of AI, they would realize that this technology is not going to replace humans, but it will enable us to achieve better results.”
Ping An believes that AI technology, combined with human efforts, would be the key to unlocking the potential of AI. On the smart healthcare front, Ping An has already worked with subject matter experts to develop AI models and collaborated with over 3,000 healthcare institutions.