Ping An Insurance (Group) Company of China - Digital transformation strategies

Ping An Insurance (Group) Company of China - Digital transformation strategies

Summary

This report provides insight into Ping An's tech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budget, and its major ICT contracts.

Ping An Insurance (Group) Company of China (Ping An) is an integrated financial conglomerate providing insurance, banking, and investment products and services to individuals and corporate clients. The group offers a range of life and non-life insurance products such as motor insurance, property loss insurance, liability insurance, credit and trust insurance, cargo insurance, whole life insurance, universal life insurance, endowment insurance, health insurance, and annuities. Ping An also provides personal and business banking, trust, wealth management, investment, securities brokerage, securities investment consulting and securities trading services.

Established in 2008, Ping An Technology is an in-house financial and health technology subsidiary of Ping An Insurance. As the core technology arm of Ping An Group, it uses AI, cloud, blockchain, and intelligent cognition technologies to develop and operate platforms and services supporting financial services, medical health, automotive services, real estate services, and smart cities. The division also offers end-to-end solutions to external companies on a subscription basis.

In 2020, Ping An Technology (the AI division of Ping An Insurance) partnered with Intel to open an innovation lab in Shenzhen, China's southern capital. Through this lab, both companies will focus on high performance computing, which encompasses storage, AI, the network, cloud, and security to boost its cloud technologies.

Scope

Ping An is tapping into the power of artificial intelligence (AI) to improve its business efficiency. Its AI-based products and services enable faster claims processing and smart customer service. The company has automated operations including underwriting, policy administration, and claims management using AI to reduce turnaround times.

Ping An launched its in house cloud platform, Ping An Cloud. The platform serves the group's internal subsidiaries across the finance, healthcare, smart cities, real estate, and automobile segments. Ping An fully upgraded the platform and expanded its services to external customers. Ping An Cloud has 12 authoritative certifications and 400+ cloud computing patent applications.

Ping An has invested over $7.3 billion on technology initiatives during the past decade and acquired technological expertise in areas including AI, blockchain, cloud computing, and facial recognition. It is continuing to strengthen its core technological capabilities by developing underlying technologies.

Ping An set up its in-house technology arm, Ping An Technology, which focuses on developing solutions around AI, cloud, blockchain, and intelligent cognition technologies. By 2030, the company aims to invest up to $14.5 billion in technological R&D with the aim of driving digitalization and tech innovation.

Reasons to Buy

• Gain insights into Ping An' tech operations.
• Gain insights into its tech strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into various product launches, partnership, and investment strategies.