Best Asian insurance companies look closer to the technologies related to healthcare and finance market. They concentrate their power, resources to best use the information technologies to succeed. These industries are gaining popularity and play more and more important role in our lives.
The role of information technologies
Ping An Insurance Group from China consolidated its technical power to become a large financial company. They are going to offer innovative services. For example, according to Ma Mingzhe, the company CEO, they plan to work with data-driven smart cities.
During the first half of 2018, the fintech and health tech department of Ping An gained a profit of more than $600 million. It is ten times more than the largest competitors like Lufax Games in the last, 2017 year. The latter company was the leader in the online financial services market.
Besides the department brought only 7% of all the company profits in the first half of 2018, it’s much more than banking and insurance departments. As a result, the Ping An overall net profit raised by 34%.
In its turn, Lufax raised the user base to 36.84 million active users — about 20% growth. That’s a great statistics as China’s peer to peer lending market is shaking.
In addition, Ping An has already attracted more than 200 million customers. They offered online healthcare platform called Good Doctor. What kind of service is that? You can get a medical consultation, buy medicines, or plan the visit to the doctor via the mobile app.
Blockchain and AI best practices
The Chinese group explores the best ways to use the blockchain and artificial intelligence. ICBC International analyst commended Ping An for strengthening their competitiveness through using the innovative technologies.
AIA Group, a life insurance company from Hong Kong working on 18 markets in Asia, also actively digitize their services. The company cooperated with WeDoctor, an online healthcare provider from China related to Tencent Holdings. In June, they ran the website to sale the insurance online. The platform is based in Hong Kong.
AIA Has a lot of great sales agents. But their president, Ng Keng Hooi, told that they go to digitalization to transform the people’s lives.
The group also strengthen themselves when in July, Daisuke Iwase, the co-founder of Lifenet Insurance, Japanese online insurance company, joined them and became the chief digital officer.
AIA informed that from January to June 2018, they increased their profits by 14%. As the middle class in Asia rapidly grows, it gives a lot of opportunities to grow their insurance business. And the digital technologies will help them in that.