OneConnect Wins Two PBC FinTech Awards 2024, Securing Honor for Fourth Consecutive Year

OneConnect has been awarded two prizes in the 2024 Financial Technology Development Award (the “FinTech Development Award”) by the People’s Bank of China (PBC), marking its fourth consecutive win of the prestigious honor.

The company claimed two second prizes with its innovative projects:

· Data-Driven and Human-Machine Collaborative Comprehensive Digital Transformation Practice for Life Insurance, submitted jointly with Ping An Life Insurance and Ping An Technology;

· Development of a New “Technology + Insurance” Model for New Energy, submitted jointly with Ping An Property & Casualty Insurance.

Launched by the PBC in 1992, the FinTech Development Award is the only ministerial-level scientific and technological award in China’s financial sector. A total of 681 projects entered the 2024 review process, with 290 ultimately selected. The judging panel noted that fintech innovation has become a key driver of high-quality financial development in China, urging faster development of an independent, controllable, secure and efficient financial infrastructure system to advance intelligent and digital capabilities across the industry.

AI-Powered Intelligent Upgrades for Life Insurance

Jointly developed by Ping An Life Insurance, Ping An Technology and OneConnect, the Data-Driven and Human-Machine Collaborative Comprehensive Digital Transformation Practice for Life Insurance leverages AI as its core engine to build an intelligent operation system covering customers, agents and back-office staff, fully realizing a “data-driven + human-machine collaboration” model.

Through self-developed AI middleware, data middleware and intelligent business middleware, the project establishes a digital life insurance ecosystem that supports nine intelligent scenarios including AI recruitment, AI underwriting, AI claims settlement and AI customer service. It has shortened life insurance business processes by 30%, raised online penetration to over 90% and achieved automation rates above 70%.

Highlights include:

· AI underwriting: fully automated and highly intelligent underwriting with 100% AI-assisted review, delivering decisions in seconds and completing policy issuance within one minute;

· AI claims: the industry’s first “1-1-1” express settlement model, with review and payment finalized in as little as one minute;

· AskBob AI customer service: covering more than 130 scenarios and providing round-the-clock services;

· Intelligent operation: a conversational ChatBI platform that reduces query and analysis time from minutes to seconds, significantly boosting management efficiency.

By reconstructing insurance operations with AI and big data, the project enables precision marketing and intelligent service processes, cutting offline activities and paper documentation. Its digital closed-loop operations reduce annual carbon emissions by 70,000 tonnes, elevating service quality and sustainability while setting a benchmark for digital transformation in the life insurance sector.

“Technology + Insurance” Pioneers New Green Finance Pathways

Against the backdrop of China’s “dual carbon” strategy and green finance transition, Ping An Property & Casualty Insurance and OneConnect have jointly built the New “Technology + Insurance” Model for New Energy. Tailored to the risk profile of the new energy industry, the project creates a technology-enabled insurance ecosystem shared by automakers, insurers and vehicle owners to drive green finance innovation.

The project establishes a multi-party dynamic pricing model integrating insurers, automakers and industry stakeholders. Supported by in-vehicle systems, roadside devices and cloud computing, it enables intelligent liability determination and automated claims adjustment. Under its “vehicle-road-cloud integration” claims model, on-site clearance can be completed in five minutes, reducing customer waiting time by 60% and cutting secondary accident rates by 26%.

An AI large model-based accident simulation platform also supports product iteration for automakers, promoting risk reduction and industrial coordination. In addition, the project features an innovative global risk map and quantitative modeling system, providing risk management support for new energy enterprises expanding overseas. Since its launch in 2024, it has served multiple firms in their global development, forming a “technology insurance shield” covering both domestic and international markets.

The project has driven a 61% increase in underwritten customers and delivered a loss ratio 4.5 percentage points better than the industry average. It helps automakers optimize autonomous driving algorithms and safety performance, shifting new energy insurance from a “risk taker” to an “ecosystem enabler” and delivering solid financial support for the high-quality development of the new energy industry.

Sustained Innovation Empowers High-Quality Financial Development

OneConnect has won the PBC FinTech Development Award for four straight years since 2021:

· 2021: Second prize for the One-Stop Smart Banking System Platform developed by Ping An Group and OneConnect;

· 2022: Second prize for the Financial Data Privacy Computing Platform jointly submitted by Ping An Group and OneConnect;

· 2023: Second prize for the Platform-Based Operation Project for Auto Insurance Customers Based on the Good Driver App jointly submitted by Ping An Property & Casualty Insurance and OneConnect;

· 2024: Two second prizes for its life insurance digital transformation and new energy technology-insurance model projects.

Fintech stands as a core engine for high-quality financial development. In recent years, OneConnect has continuously applied technological innovation to serve the real economy and public needs, accelerating the integration of AI, big data, cloud computing and other core technologies into financial scenarios. These efforts help financial institutions improve efficiency, upgrade services, lower costs and mitigate risks.

Going forward, OneConnect will focus on advancing the “five major areas” of financial development, further increasing investment in innovation and accelerating the building of an independent, secure and efficient financial infrastructure. The company will continue to serve as Ping An’s flagship fintech output platform, collaborating with partners within the Ping An ecosystem and across the industry to explore new models of intelligent finance. It will contribute to serving the real economy, fostering new quality productive forces and enhancing financial risk prevention and control capabilities.