Ping An Group launches first smart insurance risk-control lab

China's first smart insurance risk-control laboratory has been launched on Wednesday, led by OneConnect Co Ltd, a financial technology service company under Ping An Group, along with China Insurance Institute.

The establishment of the platform is to strengthen risk-prevention mechanism and ensure the steady and continuous growth of the insurance industry.

"The introduction of new technologies will prompt a tremendous change in the development of China's insurance industry," said Yao Qinghai, president of China Insurance Institute. "The profound combination of insurance innovation and technology will completely change the face of the insurance industry."

In 2017, insurance industry achieved a total premium income of 3.6 trillion yuan ($570 billion), an increase of 18.16 percent over the same period of previous year. The total assets of the insurance industry were 16.75 trillion yuan, an increase of 10.80 percent over the beginning of the previous year.

At the same time, however, insurance fraud has become the pain point of risk prevention and control. With the development of science and technology, insurance fraud methods have become increasingly specialized, hidden and high-tech.

By using modern science and technology, the lab aims to provide support for the analysis and early monitoring of fraud risks in this sector.

According to Yao Qinghai, the chairman of the Insurance Institute of China, the introduction of new technology will prompt the quality of operation and management of China's insurance industry.

"With the use of advanced technology, the insurance industry can break through the limits of the current insurable risks, thus expanding the scope of business operation in the insurance industry," said Zhao Zhanbo, director of Beijing Institute of Big Data Research.

Looking forward, with the establishment of smart insurance risk-control lab, more effective and intelligent risk-prevention services will be available in the near future.

Fan Hang and Niu Yilin contributed to this story