Ping An looks to build online connections

Yuanxiang Li, chief insurance business officer, says the insurer is looking to co-operate with internet companies rather than compete with them.

Ping An, China’s second largest insurer, is hoping its mobile internet push will help it achieve a high-speed growth in the next five years.

The company would be able to achieve 15% long-term growth in life business, according to Morgan Stanley research.

The group has launched multiple mobile applications covering life, health, car and housing related insurance products and services.

With the help of various new tools developed to conduct customer analysis and targeted marketing, Ping An life insurance business wants to increase penetration to 27% from 20% and policies per customer to 4.5 from 2.2 over the next 5 years.

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