Country: ChinaPing An
Year: 1988

Ping An adopts a customer-centric approach through cross-selling insurance, investment and banking products.

Financial Services Strategy

  • Ping An is an innovative insurer: Great importance is given to technological development strategically. Ping An set up an innovation center to study and introduce new technologies
  • Ping An’s traditional financial platform has been completed with notable synergies: Ping An developed a comprehensive ecosystem in traditional finance including insurance business (life insurance, P&C insurance, pension and medical insurance), banks, credit insurance and leasing, trusts, securities, funds and asset management. Leveraging its comprehensive platform, Ping An has established a leading personal financial supermarket in China to provide a full range of financial services to its customers
  • Building an online and offline financial ecosystem through the development of Internet finance: Ping An has created an online and offline financial service ecosystem focusing on medicine, food, housing and transportation. It will achieve customer migration in different platforms in order to maximize the customers’ and company’s value

Recent Initiatives

  • Yi Zhang Tong:  account management services
    • First online account integrated management tool for financial and non-financial accounts in Asia
    • Allows customers to look for financial products provided by Ping An, as well as by other financial institutions
  • WeChat Bank:  mobile messaging communication platform
    • Users can check their bank account information
    • Includes product promotion
    • Representatives can answer customer questions online
  • YiWallet:  mobile wallet service
    • Offers financial advisory services, bill payment, discounts and coupons, and microfinancing options
  • Ping An Wi-Fi:  new program
    • Allows existing customers to enjoy free Wi-Fi for one year
    • Non-users can enjoy free Wi-Fi for 500 million hours
    • They hope to improve customer loyalty and increase new customers by focusing on customer experience

Lessons Learned

  • The huge number of incoming clients and their frequent interactions from different sectors of internet activity through this ecosystem of joint ventures feed Ping An with leads and potential financial transactions
  • It also gives them a great deal of information that they can use for intensive data mining, customized marketing and client cross selling/up selling
  • As they have grown with the internet, their whole distribution strategy is built around Digital Customer Experience: Digital is not the cherry on the cake but the main course
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