Ping An applies AI-based smart service to cut costs

Ping An Insurance has fully applied an artificial intelligence-based “smart customer service” system to its business, which is expected to save over ten billion yuan (US$1.56 billion) and have a substantial increase in service efficiency over the next five years, Yicai.com reported.

According to Ding Dang, CEO of the company, business volume will triple to reach around 190 million, which means the company will need at least 90,000 staff. However, in the life insurance industry, it takes two years to train the required staff.

By applying the “smart customer service,” however, service manpower will be reduced by about 80,000 people, which converts into a savings of roughly 8.4 billion yuan.

Depending on the reliability of the smart system, there will be no more brick stores built, just the current scale of 55 stores, the company said. Ping An currently serves 90 million customers.

(ASIA TIMES)