Ping An: The Best Technology-Driven Financial Services Company

Digital Transformation is a big wave in every industry. Financial services industry is witnessing a lot of developments and evolutions, for companies that are adopting digital transformation as a platform to compete with competitors and grow multifold. With 184 million retail customers and 538 million Internet users, Ping An is one of the largest financial services companies in the world. Ping An Insurance (Group) Company of China, Ltd. (“Ping An”) is a world-leading technology-powered personal financial services group.

Ping An has two over-arching strategies ‘pan financial assets’ and ‘pan healthcare’, which focus on the provision of financial and healthcare services through its integrated financial services platform and its five ecosystems in financial services, healthcare, auto services, real estate services and Smart City 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 ranked 10th in Forbes’ 2018 Global 2000, and 29th in Fortune Magazine’s 2018 Global 500 Leading Companies. Ping An also ranked 43rd in 2018 WPP Millward Brown’s BrandZTM Top 100 Most Valuable Global Brands.

 

A Company for Everyone

Ping An’s mission: For shareholders, Ping An’s goal is to produce stable return and boost asset values. For customers, the company aims to provide the best services with integrity. For employees, Ping An’s commitment centers on being a responsible employer and provide for the lives and careers of its employees. For Society, Ping An’s commitment is based on the company’s desire to give back to society and contribute to the development of the country.

As a professionally-managed and world-class organization, Ping An has a comprehensive governance structure and is the first Chinese insurer to have foreign shareholders. Guided by its mission and philosophy to fulfill its responsibility to the shareholders, customers, employees, society and partners, Ping An has been able to ensure that the Group as a whole is moving towards its goal, underpinned by a foundation that unites strategy, branding and corporate culture. Ping An’s sustainable and stable development is supported by its robust business functions, clear growth strategy, its pioneering and comprehensive risk management system, a disclosure mechanism marked by truthfulness, accuracy, completeness, timeliness and fairness, and an active and effective investor relations function.

 

The Pioneer

Mr. Peter Ma founded Ping An Insurance Company in March 1988, and is the current Chairman and CEO of the Company. Since the establishment of the company, Mr. Ma has served as President, Director, Chairman and CEO of the company, and has been in charge of operations and management of the company. Before establishing the company, Mr. Ma was Deputy Manager of China Merchants Shekou Industrial Zone Social Insurance Company.

Over the past 30 years, Mr. Ma led Ping An from scratch into a giant thanks to the reform and opening-up. As a founder of the company, he witnessed its growth from a team of only 13 members into a fintech conglomerate having 1.79 million employees and life insurance sales agents now.

 

Blend of Finance and Technology

Ping An adheres to its two-pronged “finance + technology” and “finance + ecosystem” strategies and continues to pursue the initiative of “empower finance with technology, empower ecosystem with technology, and empower finance with ecosystem”. By leveraging its world-leading technologies in AI, blockchain, and cloud computing, Ping An’s financial offerings gained competitiveness, and core financial businesses grew steadily through reduced costs, boosted efficiency, enhanced risk management, and improved customer experience.

 

Constant Re-investments

Each year the Group invests one percent of its revenue in the R&D of fintech and healthtech. Ping An has invested US$7 billion in R&D in the past decade and expects to invest a total of Rmb100 billion (US$15 billion) in the coming ten years. In terms of technology outlook, Ping An is leading the change in AI, blockchain and cloud, particularly in the five ecosystems of financial services, healthcare, auto, real estate and city services. The Group deploys technology to support its customers from the Hong Kong Monetary Authority eTradeConnect, to serving 3013 financial institutions, and to the person on their mobile looking for a loan to buy a car or seek medical advice or help their children’s education.

 

Leveraging State-of-the-Art Technologies

Ping An Cloud has been empowering external clients and helping them realize business innovation. Ping An Cloud empowers Foton, No.1 commercial car maker in China, through aftermarket financial service for 15 brands with total sales of 8 million; customized VR teaching management cloud for NCET, technology education department affiliated to Ministry of Education, serving around 300,000 schools in China; improving imaging data storage capability for 3A hospital in East China, serving 4 million outpatient visits annually.

In all, Ping An leverages world-leading technologies to provide customized solutions derived from 5 ecosystems, i.e. financial services, healthcare, automobile, real estate and smart cities.

 

Driving Innovation and Growth

Ping An’s technology development has four key advantages:

•  Rich business scenarios – achieved from hundreds of cities and millions of businesses through its ecosystems.

•  Massive real-life data – covered 880 million population across finance, transportation, healthcare, education and daily lives.

•  Strong talent – 5 research institutions; 23,000+ technical talents; 1,000+ top scientists and 2 overseas R&D centres.

•  Long-term sustained investment commitment – US$7 billion invested in the past decade; US$15 billion in next decade. Healthy long-term profit growth and ROE, compared to traditional peers, allows Ping An to make significant long-term investments in technology.

Ping An Group has become the first Chinese member of a global consortium led by fintech firm R3 that is working on ways blockchain technology can be used in financial markets on May 24, 2016. Ping An joined a group of more than 40 of the world’s biggest banks and other financial institutions, such as Barclays and Goldman Sachs, brought together last year by New York-based R3 to work on using the technology that underpins digital currency bitcoin.

 

Technological Leadership is a Must to be at the Forefront

In recent years, technologies such as AI, cloud computing, blockchain, fintech, and healthtech have advanced by leaps and bounds, so the financial and healthcare industries are facing subversive challenges. Among the top ten companies by market cap across the world, technology companies have taken seven seats. “To become the leader of the industry, you must become a technology leader first. How to seize the wave of technology and stand on top of the wave are the biggest drivers of a company’s development. The smart era is both an opportunity and a challenge for Ping An which has come to the forefront of the financial industry and has accumulated years of experience in technological development,” said Jessica Tan, Co-CEO of Ping An.

Ping An currently has around 30,000 R&D professionals and more than 500 big data scientists exploring several technology areas including AI, blockchain, fintech and healthtech. Many of its scientific research outputs like facial recognition, smart medical image processing and blockchain have already obtained national invention patents. With a total of 1,205 patent applications, Ping An ranked first in the 2018 Global Fintech Patent Ranking (Top 20) jointly released by IPR Daily, an intellectual property media with global influence, and incoPat, an innovation research indexing center.

 

Business Excellence and Global Recognition

Ping An received numerous awards and has been recognized globally by leading publications including:

 

Corporate Strength

Fortune

The 29th on the Fortune Global 500 list and the 5th among global financial institutions

 

Fortune (Chinese version)

The 4th on the Fortune China 500 list and the 1st among Chinese insurers and among

Chinese mixed ownership enterprises

 

Forbes

The 10th on the Forbes Global 2000 list and the 1st among global multi-business insurers and among Chinese insurers

 

Institutional Investor

The Most Honored Company in Asia

 

Corporate Governance

Institutional Investor

The Best Investor Relations Team

The Best Analyst Day

The Best Corporate Governance

The Best Investor Relations Professional

The Best ESG/SRI Indicators

The Best CEO – Ma Mingzhe

The Best CFO – Yao Bo

 

The Chamber of Hong Kong Listed Companies

Hong Kong Corporate Governance Excellence Award 2018

 

Corporate Governance Asia

The Best Investor Relations Company

The Best CEO in Asia – Ma Mingzhe

 

Corporate Social Responsibility

People’s Daily

Case Study for Targeted Poverty Alleviation

 

World Economic and Environmental Conference

2018 Carbon-Value Award – Green Responsibility Award

 

Economic Observer

The Most Respected Enterprise in China for consecutive 17 years

 

Southern Weekly

Annual Responsibility and Contribution Award

 

Brand

Millward Brown & WPP

The 43rd on the list of BrandZ Top 100 Most Valuable Global Brands, the 1st among global insurance brands and the 3rd among global financial brands

The 8th on the list of BrandZ Top 100 Most Valuable Chinese Brands, the 1st among Chinese insurers and the 2nd among Chinese financial institutions

 

Brand Finance

The 1st on the list of the World’s 100 Most Valuable Insurance Brands 2018

 

Interbrand

The 6th on the list of 2017 Best Chinese Brand

 

Zhaopin.com

The Most High-Profile Employer Among University Students and Top 100 Employers in China

 

51job.com

“An Excellent Case in Point for Strategic Recruitment­ 5

 

58.com

The Top 100 Excellent Employers

 

Liepin.com

The Most Innovative and Extraordinary Employer

 

Lagou.com

TOP Best Employer

 

Future Insights

Jessica believes the development of an enterprise is closely linked with the fate of the country. The achievements of Ping An over the past 30 years came from the society and will be fed back to the society. Looking back, Ping An is very proud and grateful. Looking to the future, it promises for hundreds of millions of customers, the returns expected from the shareholders, the happy life of its staff, and the prosperous and stable economic and social development makes the company more aware of its duties and mission. The company will remain true to its original aspiration and pursue a two-pronged strategy of “finance + technology”. It will march forward in the coming 30 years with the management concept of “Expertise creates value”.

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