The vision behind Ping An's success story

The vision behind Ping An's success story

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on 20 Feb, 2019

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Ping An is the most innovative financial group in China and one of the largest insurance companies in the world. When it comes to a successful ecosystem strategy, Ping An is without any doubt the worldwide best practice. In this interview, Jonathan Larsen, Ping An’s Chief Innovation Officer, shares some of the vision and learnings behind the success. Jonathan is responsible for bringing new technologies, platforms and business models to Ping An’s businesses in China and internationally. He is also the chairman and CEO of the Ping An Global Voyager fund, a one billion dollar fund which invests in fintech and health tech opportunities. Jonathan Larsen was one of the thought leaders who shared his vision at the 2018 edition of DIA Munich. Expect a similar level of keynote speakers at the upcoming DIA edition. Just click on the banner below to find out more.​

About Ping An
Ping An is the most valuable insurance group worldwide. For the first half of 2018, their premium income was about 60 billion dollars.
The company is a leader in life and general insurance in China. It has a securities business with the largest retail online broker in China, an asset management business with around $700 billion in AUM, and a bank with a balance sheet of about half a trillion USD. In addition, it has a range of new businesses evolved from their ‘technology ecosystem’. Some examples of these new businesses:

  • Lufax is the largest digital wealth management platform in the world. It serves about 20m customers and has about 60bn USD in AUM. It’s also the largest non bank lender in China through its online lending business.
  • Ping An Financial Cloud is a regulated third party cloud environment, offering cloud-based services to financial institutions operating in China.
  • Ping An Good Doctor is the largest telemedicine platform in the world with around 250 million registered users. The company listed in Hong Kong in May 2018.
  • Ping An Wanjia Clinic: a clinic enterprise platform supporting about 50% private clinics in China
  • Ping An Health Connect also provides a range of services, ranging from anti-fraud and over-billing controls, to support the State Health Insurance System, which covers 50% of all medical expenditure in China.
  • Ping An OneConnect is a company that takes many of Ping An’s internal technologies, scales them independent of the client franchise of Ping An, and offers them as enterprise services to other financial institutions, both in China and, more recently, internationally.

Putting this all together, Ping An is a trillion dollar balance sheet company with more than 180 million financial services customers, but in their broader digital ecosystem they have more than 500 million users. In the first half of 2018 Ping An generated 85 billion USD of revenue and a net income of 9 billion USD.

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