Insurance – Consumer PlatformPing An Ranks 8th in 2019 International Patent Applications

PRNewswire PRNewswireApril 23, 20205 min

Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An“, the “Group” or the “Company”, HKEx:2318; SSE:601318) announced that Ping An Technology (Shenzhen) Co., Ltd. (Ping An Technology) ranked 8th globally with 1,691 patent applications in the 2019 Patent Cooperation Treaty (PCT) international patent applications released by the World Intellectual Property Organization (WIPO). Ping An Technology’s patent applications included 679 in artificial intelligence (AI), 58 in blockchain and 48 in cloud computing, demonstrating a leading position in technological research and development (R&D) and innovation.

WIPO is a self-funding agency of the United Nations, and the PCT is an important international treaty. By filing one international patent application under the PCT, patent applicants can simultaneously seek protection for an invention in 148 countries. PCT international patent application is one of the major channels for innovative enterprises to develop their global patents portfolio. The number of PCT applications is a reflection of a company’s innovation capabilities, market coverage and core competitiveness.

As of 31 December 2019Ping An had filed 3,680 PCT patent applications, including 1,278 related to AI, 139 related to blockchain and 223 in cloud computing.

Ping An has been steadily building its international intellectual property portfolio in its core technologies such as AI, blockchain and cloud computing. These technologies empower Ping An’s five ecosystems of financial services, health care, auto services, real estate services and smart city services. For example, in auto insurance, Ping An Property & Casualty Insurance Company of China, Ltd. launched the “Smart Quick Claim” system in the industry in 2016. Ping An has filed for 43 patents, including PCT, for the technology. The system applied AI technology to the entire claims process, achieving smart recognition, automatic pricing and loss assessment in less than one second, providing customers with an exceptionally efficient claims experience.

Ping An’s Co-CEO Jessica Tan said, “Ping An Technology’s breakthrough in PCT patents stems from our systematic construction of an intellectual property management system. Our continuous investment in technological R&D is yielding promising results. As such, the Group has established a global leading position in cutting-edge technologies such as AI, blockchain and cloud computing, further driving the future innovation and development of the financial industry.”

Other companies in top positions in the PCT ranking include Huawei Technologies Co., Ltd. (China, 4,411 applications), Mitsubishi Electric Corporation (Japan, 2,661 applications), Samsung Electronics Co., Ltd. (South Korea, 2,334 applications), and Qualcomm Inc. (U.S., 2,127 applications).

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