Artificial intelligence is still a relatively new technology but one business leader said its applications are already generating real value.

For AI to become more mainstream, start-ups and tech giants have to understand the bottlenecks that businesses face, which can be solved by that technology, according to Ericson Chan, CEO of China's Ping An Technology.

"Look at China, for example — only 8% of the hospitals are triple-A grade," he told CNBC's Arjun Kharpal on Tuesday at the RISE Conference in Hong Kong. "But that 8% of the hospitals are taking care of more than 50% of the patients of the whole nation."

As a result, resources are unevenly distributed, which, in turn, sours the patients' experiences at those hospitals, he said.

"You need to wait for more than three hours before you can see a doctor, and the consultations are no more than 7 or 8 minutes," Chan said, adding that the doctors, meanwhile, "need to work for more than 12 hours a day."

That's where AI can help ease the friction experienced by patients and health-care providers.