CPIC Participated World Artificial Intelligence Conference 2021 and Successfully Hosted the Summit Forum on Intellectualized Insurance Leading the Development of Insurance Industry

HONG KONG, July 13, 2021 /PRNewswire/ -- China Pacific Insurance (Group) Co., Ltd. (the "CPIC", the "Company" or the "Group"; Stock code: 2601.HK, 601601.SH, CPIC.LSE) participated the "Intelligent Connectivity, Inspirational Cities" World Artificial Intelligence Conference 2021 (the "Conference") which was recently held in Shanghai. In the Conference, the Group hosted the Summit Forum on Intellectualized Insurance through both offline and online channels and demonstrated a wide range of intelligent insurance products with futurist concept, showing the advancement of science and technology.

Under the guidance of "Digital China", CPIC hosted a "CPIC Insures Your Digital and Intelligent Life" theme exhibition at the Conference, which focuses on the three key topics, i.e. healthcare, regional integration initiatives and big data. The exhibition launched various smart insurance products with futurist concept, including CPIC AI intelligent loss assessment, CPIC e-Agricultural Insurance and VR enjoyment watching .

"CPIC•AI" Intelligent Loss Assessment and Tiered Insurance Plans
Leading the Development of Insurance Industry

Insurance customers have been facing numerous issues with traditional auto insurance claims in general. In order to provide a better solution, CPIC partnered with Baidu to release "CPIC•AI", an intelligent auto loss assessment product. With the support of the big data of insurance claims and tens of millions of accident case studies, combined with Baidu's face recognition and AI algorithm technologies, "CPIC•AI" is an all-rounded intelligent and zero-manual-supported auto loss assessment tool with holistic claim settlement capabilities. With coverage of over 97% passenger vehicle brands on the market and 92% auto parts identification accuracy, this product provides intelligent, digital, differentiated and highly efficient loss assessment solution to customers. Not only does it realizes loss evaluation within seconds, it also offers tiered claims payment.

The cooperation between CPIC and Baidu further promotes the integration and development of the insurance industry and AI technology, as well as accelerates the pace of intelligent upgrade of the insurance industry and creates new value for customers, and hence, facilitating the development of the insurance industry.

"CPIC e-Agricultural Insurance"' Transforms the Traditional Perception to Solve Pain Points and Improve Experience

In recent years, China's agricultural insurance business has been developing rapidly, becoming an important part of modern agricultural risk management system. In order to solve the operational issues of agricultural insurance from the angles of insurance companies, insured farmers and the government, as well as to meet the current and future demands of agricultural insurance services, CPIC Property Insurance launched "CPIC e-Agricultural Insurance", a digital operation management platform which significantly enhances agricultural technologies by including functions such as bio-identification, drone near-ground remote sensing, satellite remote sensing and risk maps, forming the digital agricultural insurance operation system of "CPIC e-Agricultural Insurance". We are confident that this platform will be the solution of low operational efficiency, severe risk management, poor customer service experience and high cost service in the traditional agricultural insurance.

Meanwhile, the launch of CPIC e-Agricultural Insurance has also transformed the traditional perception of agricultural insurance services by the industry, government and farmers. Leveraging the high-tech application, the Company realized its continuous leadership that surpasses the industry in innovative agricultural insurance service experience.

"CPIC VR Enjoyment" Breaks Geographical Restrictions to Provide CPIC Service of Immersive Experience

VR technology has been used in many areas with the rapid development of science and technology. As a medium for transmitting and displaying information, the potential application of VR in the field of insurance shall be valued. The "CPIC VR Enjoyment" released by CPIC allows audience to enjoy VR experience in an immersed space composed of four screens. All videos are shot on spot and projected through multiple projectors through projection integration technology, creating a gigantic, seamless and realistic visual experience. Surrounded by a full range of high-definition real-life scenes, the audience can enjoy the visual and audio impact as if they are on the spot.

"CPIC VR Enjoyment" will exhibit two scenes of CPIC Home and Life Bank, and will include more CPIC service scenes in the future. Leveraging this innovative display technology, it solves issues on multiple fronts, including the 3D dizziness of VR glasses, the difficulty of branch visits in different places and geographical restrictions, and hence, allowing more people to visit and experience the CPIC services featuring with "Responsibility, Intelligence and Temperature".

CPIC Successfully Held the Summit Forum on Intellectualized Insurance to Explore the Value of Insurance Technologies

On 9 July, the "AI Technology Leads the Exploration of the Value in The Insurance Industry" summit forum hosted by CPIC was successfully held at the Shanghai World Expo Center. As the only intelligent forum of the insurance industry at the Conference, a number of magnates, such as leaders of the insurance and AI industries, world-renowned experts and scholars gathered in this forum to explore the development of the insurance ecosystem. During the forum, CPIC released three representative intelligent technology products, namely, "Intelligent IoT Insurance", "Insurtech - platinum version" and "Zero-perception Intelligent Claims Settlement". Tens of thousands of viewers watched the online webcast, sharing this wonderful feast for exchange of intelligence.

Fu Fan, President of CPIC, said in his speech, "CPIC hopes to work together with ecological partners to upgrade of AI cutting-edge technology, enhance the variety and further adoption of the application, and explore the value of AI that leads insurance technology."

During the forum, Wei Yingning, former Vice Chairman of China Insurance Regulatory Commission, delivered a keynote speech on the topic of "Digital Transformation of Insurance". Shan Shufeng, Deputy General Manager of Shanghai Insurance Exchange Co., Ltd., shared his thoughts on "Intelligent Service of Health Insurance". Yang Qiang, Chief AI Officer of WeBank, introduced the application of "AI Security Ethics / Federal Learning" in business scenarios of WeBank. Liu Weiguang, Vice President of Alibaba Group, made a prospect for insurance technology to reshape intelligent insurance services. Wang Lei, President of Digital Intelligence Research Institute of China Pacific Insurance Group, introduced AI empowerment insurance.

Focusing on the topic of "How AI can empower work in the insurance ecosystem", Yang Xiaokang, Associate Dean of the Artificial Intelligence Institute of Shanghai Jiao Tong University, Zhao Zhenyu, Chief Technology Officer of Panasonic China Northeast Asia, Tian Feng, President of SenseTime Intelligent Industry Research Institute, Michelle Hu, Managing Director and Global Partner of Greater China region of BCG, and Wei Jiaohua, Head of Preparatory Group of CPIC Fintech (Preparatory), launched a wonderful cross-border conversation. The exchange between AI and insurance has created infinite possibilities.

Yu Bin, Vice President of CPIC, said, "CPIC insists on empowering the business development and being the pioneer of new technology application in the industry. We see these as our missions. On one hand, CPIC pays attention to the long-term capacity building of technology to build the technical foundation for the sustainable growth of the value of the Company and its customers; On the other hand, it stresses on the application of new technologies such as AI in a moderate advance, and is committed to exploring new business exploration and new business models, so as to cultivate new momentum and new ecology for business development."

As an important part of social progress, technology is also one of the core driving forces for the transformation and development of the insurance industry. By actively developing the application and innovation of cutting-edge technology, CPIC is dedicated to comprehensively improving the level of service supply through the empowerment of technology, and continuously promoting the development strategy of smart insurance, which leads to the good practical results in its digitization and intelligent transformation. Looking ahead, CPIC will actively embrace the digital era, continue to consolidate the application scenarios of "Insurance + Technology + Service", empower the industry development with technology and guarantee people's health, and therefore, leading the quality development of the insurance industry.

About China Pacific Insurance (Group) Co., Ltd

China Pacific Insurance (Group) Co. Ltd. (hereinafter referred to as "CPIC", or the "Company"; Stock Code: 2601.HK, 601601.SH, CPIC.LSE) is an insurance holding company incorporated on the basis of China Pacific Insurance Company, which was established on May 13, 1991. It is a leading insurance group headquartered in Shanghai, which is the first insurance group simultaneously listed on Shanghai, Hong Kong and London Stock Exchanges. CPIC is a leading comprehensive insurance group; the Company provides a broad range of risk solutions, financial planning and asset management services to over 100 million customers via its nationwide network of distribution and diversified services platforms.

This press release is distributed by Wonderful Sky Financial Group for China Pacific Insurance (Group) Co. Ltd.

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Wonderful Sky Financial Group Holdings Limited
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