China’s Insurance Powerhouse Ping Takes Plunge into Blockchain, AI and Cloud Computing
In Their Recent Fintech Push Ping An Pursuits Blockchain, AI and Cloud
The largest insurer by market value in mainland China and second-largest life insurer in terms of premiums, Ping An Insurance, recently announced that they are betting on technologies including blockchain, artificial intelligence (AI) and cloud to pursue its fintech push.
At the firm’s Investor Day in Shenzhen last week themed Core Finance, some of Ping An’s top executives delivered presentations and analysis of Ping An’s value, retail banking business transformation, risk management of investment, and technology strategy in life insurance.
For the structure of Ping An's value, the management deconstructed and analyzed the operating profit, its industry-leading rate on embedded value (ROEV) and high P/EV ratio. The company shared how technologies have been widely applied to Ping An's business scenarios, including insurance, banking, and investment.
Jason Yao, CFO and chief actuary of the group, said:
“We will further improve the strategy of ‘finance + technology' and pursue ‘finance + ecosystem'. By leveraging five key technologies, namely AI, the blockchain, cloud, big data, and security, we will keep improving efficiency, lowering costs, optimizing user experience, and strengthening risk control, to enhance competitiveness. While promoting the value of the Group, we are endeavoring to bring long-term and stable investment return to our shareholders, clients, employees, and society.”
About Ping An Insurance
Ping An Insurance Company of China, Ltd. is a world-leading technology-powered personal financial services group. With 179 million customers and 485 million Internet users, Ping An is one of the largest financial services companies in the world. Under its ‘pan financial assets' strategy, the company offers customers insurance, banking, and asset management through its ‘finance + technology' platform. Under its ‘pan healthcare' strategy the company uses a ‘finance + ecosystem' platform to offer Internet users five ecosystems, covering financial services, healthcare, auto services, real estate services, and Smart City services.
Ping An is committed to investing in innovative technologies in fintech, AI and cloud to provide customers and Internet users with innovative and simple products and services. As China's first joint stock insurance company, Ping An Group is committed to upholding the highest standards of corporate reporting and corporate governance. The company is listed on the stock exchanges in Hong Kong and Shanghai.
Ping An has been an early adopter of blockchain technology. In August, the group jointly cooperated with the Hong Kong Monetary Authority to build an international trade financing platform based on blockchain technology.