Perspectives

Lu Min, Ping An’s Chief Insurance Business Officer hosted an online town hall for the first time since he took office last year. Mr. Lu shared details of progress made despite the COVID-19 epidemic as well as the “Channel + Product” reform blueprint of Ping An Life. The online town hall was viewed over 2.24 million times by Ping An Life’s agents and staff. 

Mr. Lu highlighted that Ping An Life’s reform measures will turn the business into the world’s leading life insurance company. In order to achieve this, the Company will adopt the “Channel + Product” dual approach alongside technological empowerment, with the goals of setting industry benchmarks and being the first choice of customers. Ping An expects to implement its reform measures over the next 12 months and bring the operating performance of Ping An Life to the next level.

In terms of channel reform, Ping An Life will utilize cutting-edge technology to support its various channels, helping over a million agents to efficiently develop their business pipeline and conveniently manage their teams, thus achieving growth in both per-agent productivity and revenue.

In terms of product reform, the Company will build products around four key clusters, being “life insurance +”, “annuity +”, “health care +” and “integrated finance +”. The four clusters will help Ping An Life to meet the customers’ holistic needs for savings, protection, annuity, health care and medical services, by providing a customer-centric product portfolio covering the entire life cycle of its customer base.

Furthermore, Ping An Life will launch more innovative initiatives, including the establishment of a digital business platform. This platform will improve the efficiency of team management and business operations, by tapping on the latest developments in cloud-based computing, Artificial Intelligence and other technological advances. 

Looking ahead for the rest of 2020, Mr. Lu said online operations will be launched for all business units. Agents can then build up their online presence and persona to concurrently attract sales leads and serve their existing customers. To provide the agents with further support, Ping An Life will establish a Digital Marketing Department and hire a group of seasoned content editors to provide the agents with quality marketing content.

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