Better known for its dominance in China's insurance market, Ping An Insurance has been delving into the technology space with Ping An Technology. Speaking with CNBC's "Squawk Box," Ping An Technology CEO Ericson Chan said his company is the "high-tech core for the whole Ping An group," selling end-to-end tech services and conducting research and development in areas such as artificial intelligence, blockchain and cloud services. "AI is absolutely critical for us," Chan said, pointing to the group's automotive insurance business as an example of how consumers have benefited from Ping An's use of the technology. "If your car got (into) an accident, you can simply use our app to take a photo of the damaged car," Chan said. The photo is then cross-referenced with the company's database of "millions of photos" to recognize the damage level of the car.