Ping An from the insurance business to the world's No. 1 FinTech and Healthcare platform leader
1 in 20 companies with the best Digital Transformation in the past 10 years (source: Harvard Business Review’s article “The Top 20 Business Transformations of the Last Decade”).
Ping An is the largest insurance company in the world by market capitalization (source: The Economist on 3 December 2020).
The company is the tech giant and no.1 insurance company in Asia (source: FORTUNE GLOBAL 500 in 2021).
Ping An has increased the number of digital users to 600 million, or a triple increase from the past five years, and has over 200 million retail customers, or a double increase within the same period.
1 Ping An 3 financial businesses, 4 ecosystems, 11 tech companies
Ping An – World – Leading, Technology – Powered Retail Financial Services Group
Ping An’s 5 main businesses include Financial Services, Health Care, Auto Services, Real Estate, and Smart City Solutions.
The company also focuses on investing in 4 main technologies: AI, Blockchain, Big Data, and Cloud Computing.
Ping An offers products and services to users under the centralized super-app concept.
The company’s share value is worth 170,000 million dollars, an increase of 30% from January to July 2021, with the profit from the first quarter of 2021 increasing by 8.9%.
Decode Ping An step-by-step business transformation with 9 boxes of Digital Transformation Canvas
BOX 1: Define New Core Business
Focus on creating growth in the financial business which is the core business of Ping An with the concept of "Financial + Technology" and Multiple-Ecosystem strategy
BOX 2: New Value Proposition
Expand business boundaries with technological innovations in the ecosystem. The five areas of business are:
Financial Services
Health Care
Car Service Center (Auto Services)
Real Estate Services
and Smart City Services
BOX 3: New Business Model
Integrated with financial business models with the concept of “One Customer, Multiple Products, and One-Stop Services”
BOX 4: Existing Digital Capabilities
Management system for traditional financial business
BOX 5: New Digital Capabilities
Increase investment in technology to create a "Finance + Ecosystem" to transform and upgrade Ping An's core business, including improving efficiency. risk management and reduced costs Focus on investing in four technologies: AI, Blockchain, Big Data, and Cloud Computing.
BOX 6: Digital Capability Initiative
2008: Started to transform the company from a financial institution to a Tech Company.
2011: Lufax, Online Internet Finance Marketplace Provider
2014
: Founded Ping An Good Doctor, later as a platform. The world's largest health
: Offers Ping An Auto Owner app that uses AI and telematics to track the truck driving behavior of drivers in order to consider offers. service of each
2015: OneConnect FinTech Platform
2016: Invested $1.6 billion in Autohome to enter the automotive market.
2017: Developed a loan program with AI.
BOX 7: Organisational Transformation
There is startup management, including the application of the Failed Quickly, Learn from Mistakes principle to change the Failed to occur as a new project with a chance of success. more and more quickly
Peter Ma, founder, and CEO of Ping An, has hired Jessica Tan as Co-CEO to jointly drive the mission of business transformation.
Manage new businesses or projects that arise with the concept of Portfolio Management.
Since 2008, Ping An had a policy of using 1% of total revenue or about 10% of profit each year as an R&D budget.
Established Ping An Technology as a Technology Incubator for Ping An Group.
“Defining clear aims and directions for work like this will result in everyone in the organization having the same understanding. And can be used to assign tasks that themselves and their team must continue to manage. as well as effective measurement meets what needs to be measured in order to lead to sustainable development"
BOX 8: Agile Strategy and Planning
Since 2008, the global financial crisis And the trend of disruption. As a result, Ping An began to shift from the traditional financial business. Become a technology company by changing the strategic direction of the organization and business models that are not limited to the traditional financial industry, including adopting startup-based management to create changes in the business over the past period
Promote the Agile concept with a “Can Do” culture to support and create new innovations to happen and be successful. The way people in Ping An adhere to the concept of Can Do, “We can do it,” “I can make this happen,” etc., helps to create positive energy. build morale It created impetus against possible uncertainty and resulted in Ping An's rise to greatness.
BOX 9: Building Collaborative Ecosystem
Create a new ecosystem that fosters collaboration between inside and outside the organization. Build partnerships with 5 key related businesses: Financial Services, Health Care, Auto Services, Real Estate Services and Smart City Services.