Ping An Insurance (Group) Company of China ranks as the world's most valuable insurance brand for the second consecutive year in the global insurance sector, according to the branded business valuation and strategy consultancy Brand Finance.
In Brand Finance's "Insurance 100 2018", a ranking of the world's 100 most valuable insurance brands, Ping An's brand value soared 60% from US$16,324 million in 2017 to $26,155 million in 2018.
Brand Finance measured the company's brand value in three areas: brand investment (e.g. products and promotional inputs), brand equity (e.g. customer satisfaction, employee score, credit rating in finance and analyst recommendation, as well as inputs such as score on environmental, community and governance commitment) and brand performance (e.g. historic revenue, historic margin and forecast revenue growth). Ping An achieved excellent results in all three aspects.
Ping An's strategy
Ping An established a two-pronged strategy of "Finance + Technology" in 2017. The strategy helped Ping An increase efficiency, reduce costs, improve experience, enhance risk prevention and improve its services quality through innovation of products, services and technology. It also helped the Group continue to apply mature innovative technologies in an increasingly diversified scenarios, to generate core technologies for output and continuously expand its scope of services
Based on the five core technologies (biometrics, big data, artificial intelligence, blockchain and cloud computing), Ping An's subsidiaries have introduced various innovative technology services with three major scenarios including customers and users' health, travel and wealth since last year.
Leveraging Ping An's "Technological Innovation" and "Speed of Services", the Group has provided users with smart services and an engaging experience. For example, Ping An Property & Casualty debuted the "510 Ultra-speed On-Site City Inspection" and "One-click Arrangement" services in the global industry. All Ping An's customers above the prefecture-level cities can enjoy the experience of completing the entire claims process within 5 to 10 minutes if the on-site inspection of the traffic accident occurs in the daytime. Meanwhile, Ping An Life launched the "AI Customer Services" to intelligently identify customers and their needs, such as online applications for insurance claim settlements, insurance policy information confirmation and beneficiary changes, in order to effectively resolve the issues of slow authentication and settlement in traditional life insurance businesses.
In recent years, leveraging the competitive advantages in technologies, talents, capital resources, scenarios and data, Ping An draws on the world's leading technological innovations and applications to cooperate with various provinces on the construction of smart cities. The company assists with government affairs, education, housing properties and environmental protection in order to closely help the government in enhancing the ability of administrative management and the social livelihood across the country, while the Group constantly improves the quality of products and services.
In the past 15 years, Ping An's total assets, total revenue and net profit maintained a compound growth rate of nearly 30%. Its market capitalisation and its brand ranked first among global insurance companies, which reflects the wide recognition of the capital market in its strategy and business value.
Brand Finance thinks that economic pressures have made competition in the insurance sector fierce and this is pushing innovation to drive success. Companies have to boost their business development with innovation, exemplified by Ping An's dominance. Even though it's a challenging environment, Ping An's core market in China remained more dynamic than more established Western markets. Meanwhile, Ping An also gained huge success in core business growth and products cross-selling. In addition, the Group also places high importance on brand development and strategy planning.
In "Insurance 100 2018", the Top Five companies are Ping An, Allianz, China Life, AXA and AIA.