#China #Hong Kong #Ping An #Risk Mitigation #EagleX

Ping An's Innovative Solution to Climate Risks

In an era where natural disasters and extreme weather patterns are becoming increasingly common, it is crucial to have effective and intelligent risk management solutions. Recognizing this pressing need, Ping An Insurance (Group) Company of China, Ltd. has recently launched the global version of its AI-powered risk mitigation platform, 'EagleX'. This platform is designed to enhance disaster preparedness and response for users worldwide, from individuals to governments and businesses.

What is EagleX?

'EagleX (Global Version)' emerges as a forward-thinking solution in the insurance sector, responding to the urgent challenges posed by climate change. Launched by Ping An's subsidiary, Ping An Property & Casualty Insurance, this platform serves as a comprehensive tool for disaster risk assessments, alerts, and claims management. By employing cutting-edge technologies such as big data analytics, meteorological modeling, satellite remote sensing, and machine learning, EagleX equips users with insights and information crucial for navigating disaster risks.

The Need for EagleX

With an uptick in severe weather incidents globally, including floods, droughts, heatwaves, and hurricanes, the demand for robust risk management has never been more urgent. Losses attributed to these disasters have surged, calling for innovative solutions that can mitigate their impact. Launched initially in 2017, EagleX demonstrated its potential by integrating over two trillion data points from diverse areas, enabling accurate risk assessments for various types of natural disasters. The platform currently offers analysis for nine disaster types—providing visual risk mapping and extensive alert systems.

Features of the Platform

EagleX offers remarkable functionality through its three core abilities:
1. Natural Disaster Risk Maps: This feature generates extensive digital risk maps for disasters like earthquakes and floods, allowing users to assess risks specific to their locations.
2. Disaster Alert: Utilizing vast meteorological data, EagleX provides timely alerts regarding impending natural disasters, keeping users informed in real-time.
3. Satellite Monitoring: The integration of global remote sensing data supports remote assessments and claims verification, making it an essential tool for various business scenarios.

Impact on Disaster Management

Since its initial launch, the EagleX platform has proven invaluable across multiple insurance sectors, effectively reducing losses from disasters by billions of RMB. For instance, in 2024 alone, it identified 3,619 high-risk scenarios for clients, issuing about 10.5 billion alerts through various communication channels. Notable events include the significant warnings sent prior to Typhoon Yagi in Hainan province, which enabled residents to prepare adequately.

During a major hydropower project in Pakistan, EagleX detected alarming geological changes, allowing preventative nature alerts to be issued, ultimately averting potential economic damage of billions. Such instances highlight the platform's critical role in disaster risk management.

Looking Ahead

As the second-largest property and casualty insurer in China, Ping An's commitment to blending technology with risk management is apparent. The firm aims to continually upgrade its platforms, channeling technological strength into crafting precise and efficient management solutions for natural disaster risks, thereby promoting safety and stability at urban, corporate, and social levels.

Conclusion

With EagleX, Ping An demonstrates how technological advancement can lead the charge in tackling one of the most pressing issues of our time: climate change-induced disasters. By equipping various stakeholders with vital risk management resources, Ping An is not only safeguarding individual lives and businesses but is also contributing to global resilience against natural calamities. As this platform evolves and expands its functionalities, it holds the promise of paving the way for a safer and more prepared future.

Ping An continues to strive toward becoming a global leader, blending insurance with innovative technology to create a comprehensive ecosystem for financial and risk management services. It truly is an era of unprecedented possibilities in disaster risk mitigation, and EagleX stands at the forefront of this transformative wave.