Ping Anone of the largest insurance companies in the world, transformed from a traditional property and casualty insurance business to an integrated financial services provider with ecosystems in financial services, healthcare and automotive servicessand smart city
HONG KONG and SHANGHAI, July 15, 2022 /PRNewswire/ — Embracing new technologies and their associated cultures has been key to transforming Ping An Insurance (Group) Company of Chinaltd. (hereafter “Ping Anor the “Group”, HKEx:2318; SSE:601318), said Jessica TanPing An Co-CEO, speaking to Swiss business school video magazine I by IMD.
In the interview with Jean-François Manzoni, president of the IMD (International Institute for Management Development) business school, Ms Tan said Ping An became from Asia largest insurance company, with more than 223 million customers and 657 million internet users for its lifestyle services. The 34-year-old company has sold 110 billion US dollars insurance premiums last year and has about 300,000 employees and half a million sales agents. Its market capitalization quintupled between 2007 and 2019, and currently hovers around 120 billion US dollars at 130 billion US dollars.
Based at Shenzhen, China leading technology hub, Ping An has also established itself as one of the country’s leading digital innovators, particularly in the areas of fintech, artificial intelligence and digital health.
Ms Tan said: “We aim to provide what we call lifestyle services and financial services to all of our customers. The way we think about this is that financial services are not a product in themselves. financial services are looking to fulfill a lifestyle need. We think financial services and lifestyle services are very clearly linked.”
Ping An saw the need to integrate various services into a single platform and adopt new technologies, which necessitated the arrival of talent with different skills and backgrounds to join the company about a decade ago. Ms. Tan joined Pingan in 2013 as the company began its technological transformation. “When we started a lot of these tech companies, we hired a lot of people in the non-financial services space,” Ms. Tan said. “We started with a very open and inclusive culture.”
Ms. Tan is Singaporean. “We have been three generations apart from Chinashe said of her own family. “There are a lot of executives like me. There are even executives among our top 100 executives that aren’t even of Chinese origin. We have Koreans, Americans… some of them don’t even speak Chinese, they always have interpreters with them. We believe that people are what motivates us.
“With diversity comes, as you surely know, many different points of view, backgrounds and ways of working,” Ms. Tan said.
Technology and ecosystem companies incubated by Ping Ansuch as OneConnect, Lufax and Ping An Heathcontributed approximately 80 billion RMB turnover and approximately 15 billion RMB profit in 2021.
Today, Ping An’s lifestyle services cover financial services, such as wealth management and loans, healthcare, including home care services for the elderly, automotive services and smart city services.
Click here for more details on the interview and the video.
About Ping An Group
Ping An Insurance Company (Group) Chinaltd. (“Ping An“) aims to become a world leader in retail financial services. With more than 223 million individual customers and nearly 657 million Internet users, Ping An is one of the largest financial services companies in the world. Pingan focuses on two main areas of activity, “integrated finance” and “health”, covering the provision of financial and healthcare services through its integrated financial services platform and its ecosystems in financial services, health, automotive services and smart city services. The “finance + technology” and “finance + ecosystem” strategies aim to offer customers and Internet users innovative and simple products and services using technology. As China first stock insurance company, Pingan is committed to the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchange in hong kong and Shanghai. Ping An ranked 6th in the Forbes Global 2000 list in 2021 and ranked 16th in the Fortune Global 500 list in 2021.
For more information, please visit www.group.pingan.com and follow us on LinkedIn – PINGAN.