Ping An Unveils Global AI-Enabled EagleX Risk Mitigation Tool
Introduction of EagleX (Global Version)
Ping An Insurance (Group) Company of China, Ltd. has unveiled an innovative risk mitigation service called "EagleX (Global Version)". Through its subsidiary, Ping An Property & Casualty Insurance (P&C), this platform is designed to bolster disaster response capabilities for users around the globe, addressing the growing challenges posed by climate change.
Addressing Climate Risks with Advanced Technology
The frequency of extreme weather events and natural disasters continues to escalate, resulting in significant financial losses from incidents like floods, heatwaves, and cyclones. In response to these challenges, Ping An P&C pioneered the development of the initial "EagleX" platform in 2017, combining advanced technologies such as big data analytics, meteorological modeling, satellite imaging, and machine learning.
Data-Driven Approach
Leveraging an impressive database of over 2 trillion data points that encompass geography, meteorology, and disaster incidents, the new EagleX platform evaluates risks associated with nine different types of natural disasters. It generates visualized risk maps and offers timely alerts in real time, significantly aiding individuals, businesses, and governments in managing disaster responses effectively.
Impact and Adoption
Since launching, the platform has been embraced across various insurance sectors including agricultural, property, and automotive insurance. It's estimated that it has helped mitigate billions of RMB in losses due to its comprehensive risk assessment services. In a notable instance, during a severe typhoon event, EagleX provided critical alerts to approximately 67 million users, ensuring they could prepare adequately ahead of time.
Successful Disaster Management
In 2024 alone, EagleX flagged over 3,600 high-risk situations, issuing around 10.5 billion alerts. For example, during Typhoon Yagi, residents received warnings that allowed them to prepare for extreme conditions. Similarly, the platform proactively identified potential landslides during a hydropower project in Pakistan, preventing economic losses through early intervention.
Features of EagleX Global Version
The EagleX (Global Version) is noteworthy as it is the first of its kind developed independently by an insurance company in China, offering comprehensive risk management services worldwide. Here are the three core functions that set it apart:
1. Digital Risk Maps
This feature generates risk maps for various natural disasters, including earthquakes and typhoons. By utilizing global data, it allows users to pinpoint risks based on exact addresses for underwriting and pricing purposes.
2. Timely Disaster Alerts
The platform offers real-time alerts powered by extensive meteorological data. It monitors potential threats from various disasters, ensuring users receive accurate forecasts and warnings.
3. Satellite Monitoring
EagleX integrates diverse satellite data sources to create robust imaging capabilities that facilitate remote investigations and verification processes during claims handling.
Company Mission and Vision
As China's second-largest property and casualty insurer, Ping An P&C has significantly contributed to global insurance markets. The company continues to innovate by combining technology with traditional insurance practices, aiming for greater efficiency and broader service offerings. Their philosophy revolves around a fusion of "insurance + technology + service," striving to protect both individual and corporate clients.
Ping An has stated its commitment to enhancing the EagleX platform with technological advancements to facilitate smarter and more efficient risk management strategies.
About Ping An Group
Ping An Insurance (Group) Company of China, Ltd. is renowned as one of the largest financial services firms globally. Their forward-looking strategy encompasses integrated finance, health care, and senior care services to cater to around 240 million customers. The company's focus on digital transformation underpins its efforts to improve service quality while ensuring effective risk management.
Ping An is listed on both the Hong Kong and Shanghai stock exchanges, and as of the end of 2024, boasts over RMB12 trillion in total assets, positioning it among the top financial service providers globally.
Frequently Asked Questions
What is the purpose of the EagleX platform?
The EagleX platform aims to assess and mitigate risks associated with natural disasters using advanced technology and big data analytics.
How does EagleX benefit its users?
EagleX provides timely disaster alerts, risk assessments, and visualized risk maps, significantly helping users prepare for and respond to climate-related disasters.
Who developed the EagleX platform?
The EagleX platform was developed by Ping An Property & Casualty Insurance, a subsidiary of Ping An Insurance (Group) Company of China, Ltd.
What technologies are employed in EagleX?
The platform utilizes technologies like big data analytics, machine learning, and satellite imaging to deliver comprehensive risk management services.
What is Ping An's vision for the future?
Ping An aims to enhance the EagleX platform continually and leverage cutting-edge technology to improve global disaster risk management services.
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