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This 60 minute webinar features viewpoints and a lively panel discussion from three impressive Chinese ecosystems; ZA Tech, Ping An Cloud Accelerator, and Tencent WeSure. This event was sponsored by InsureTech Connect Asia and moderated by Oliver Wyman.
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Today in good evening, or potentially. Good morning. Everybody who’s joining us today from across the Asia Regional potentially around the world. Welcome to the digital insurer 2020 ecosystems in China panel discussion brought you in conjunction with our friends in shorts shall connect I’m Simon Phipps one of the founders of TDI based here in Hong Kong. It’s my pleasure to host this session. And if you’re on earlier, you’ll know I said then and I’ll say again actually the first half of this year is being particularly challenging I think for all of us both
Both personally and professionally, so we hope that this event creates an opportunity to both share and celebrate. I think some of the positive things that are still going on across our industry despite the challenges that everybody’s endured. We’ve got a quick disclaimer here, which I’m not going to read out but feel free to read at your leisure afterwards. Let’s jump straight into what today is all about and specifically the agenda for this session. We’ve got a fantastic panel. I have to say completely relevant to the topic of
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Of ecosystems in China, we’re going to hear firstly from Leonard Li a partner Oliver Wyman who’s actually going to start the conversation off with some his own insights on behalf of Oliver Wyman, and then sort of coordinate the panel discussion during the course of the next hour. We’ve got Bill Song CEO of the Zhong An, Pierre Wang from Ping An Cloud accelerator. And then Alan is CEO of Tencent WeSure so bringing in some really different perspectives from a business that are all moving and shaking in their own ways not
Just in mainland China, but more broadly, and we’re here about that. So, once we’ve heard from each of them individually will move into a broader Q&A panel discussion, and then we’ll if there’s time we’ll have a quick couple of updates on hearing from I guess ITC as well as a couple of updates from the digital insurer. So really the last thing I just wanted to say on the next slide. Please is just to encourage you to think about what you’re listening to if you’ve got any questions, please
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Post them in the Q&A area the bottom of your screen similarly. If you want to leave a comment around the conversation put that in the chat area will do our best to monitor that as we go through the discussion and pull a few other quick questions into the broader Q&A discussion later and where we can we’re trying to answer them in live as well online. So, it’s going to be a an interactive and I think very interesting discussion and without further delay. It’s my pleasure Leonard to hand over to you to sort of take things away. Welcome and
Thanks. Thank you, Simon, for the opening. This is really my honour to moderate this high-profile panel discussion. I think at this moment it is critically important for to actually understand how ecosystem in particular digital ecosystem and play a role in the pandemic situation in particular. Some of the cities are or were locked down and people are still trying to buy or sell insurance.
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So, before we jump into the presentation will be given to you by the panelists. I want to give you a little bit context of the ecosystem and digital drivers in Asia before we start. So basically, we see for drivers of growth for the insurance industry. And Asia one is from the demand side, which is the large protection Gap we can see in terms of mortality.
Health coverage and natural catastrophes Etc. So that posts a significant opportunity for insurers and second is quite important, which is the technology called Readiness because as we know Asia has made large strides into the applications of the Technologies such as the an IoT cloud data analytics Etc as we have heard from the previous session of the insurtech.
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so, I give you some more details around those technology Readiness in the next slide. So, when is about sorry it’s moved back to yes? So, one is about favourable ecosystems. So, today’s topic is about ecosystem in China. So, what’s so special about ecosystem in China and in Asia, we see a phenomenon which is called mobile super apps so that around the soup.
Perhaps you see a lot of ecosystem to help the consumer actually to consume Insurance Service financial services and the other services and products end-to-end digitally and the last but not least is the increasing investment activities that we see in this region in the in the recent years. We have seen largest of fundraisings Insurtech in Asia in this part of the world and that
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Just increase the momentum of insurtech based in Asia and in China, so please next tight.
All right, in terms of the technology career Readiness, I just mention a few one is AI we see AI are adopted in providing chatbots to answer questions doing fraud detection. And we see data analytics to help on the kyc and also to make rhythmic recommendation on the products to the customer and we see insurance companies are using more and more cloud.
To handle the peak time data and capacity requirements Etc and next slide, please.
So, I think back to today’s topic for the panel discussion one phenomena. We see is the ecosystem here on the right-hand side. You can see just
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Typical ecosystem which is Tenzin and JD ecosystem which forms end to end customer Journey for anyone who’s using that part of the services and we see similar ecosystem super apps in Asia, including the grab in the other countries Etc. So, without further Ado, I think I will introduce you the first presenter from today’s panel is the Bill so over to you.
Thank you so much. This is Bill Song from Zhong An and just allow me to introduce this company to you next slide, please actually I think Zhong An should be yes interesting name for you. We are so lucky to be in this area because we are a new company. We established in 2013 By on financial tents and paying on group together. I think that’s a very it’s a very natural.
natural thing because in last two
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In China orders online economy grow extremely fast. So, all I Insurance become a very important elements, so we are so lucky to be in this time. So fortunately, in three years actually in 2017. We went to IPO in Hong Kong. So, he’s a very good speak and but fundamentally why we can reach this level or have a smaller mile Stone because
I believe insurance is involving quickly technology and ecosystem become more and more important. That’s why in the end of 2017 Zhong decided to move to International. We established this International armed in Hong Kong and fortunately, we also got this strong supportive from supplementation fun. So, we decide to set up a joint.
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Kirby’s soft of ambition film and also outside of Greater China we decide to change our strategy because in last three to four years in mainland China, we already did many interesting things under insurance license, but honestly, we know we are good at doing technology and we see the power of ecosystem. So, when we decide to become an
National player. We want to be pure insurtech outside of the greater China. So now if you see we already have three pillars and we have a bank we have any sure that’s only in Hong Kong, but outside of the greater China. We just want to be attack player. We want to Output our technology to the other partners to really enable the whole International is internet insurance. So next time please
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So, I still want to highlight actually, I believe this internet’s or insurance or this online insurance is a very important future. So, if you see this financial service, this is the financial report of June last year. We issued quite a lot of policies in one year and also around 480 million people in China are our customers.
and these two just a following our five big ecosystem play and continuously to get customer engagement and because in this current digital word, we do believe we should be much closer to customer Insurance should involve quickly and based on technology basing on the Ponder to really work with to become a
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On there’s our customers real life partners and then we could really control Insurance fate in our hands. Otherwise, if we cannot find our right position, I do believe those internet Giants. They have a better touch point with customer they have more data and so how to find the balance. I think that’s a quite in line with today’s topic this ecosystem. So
So, this pre-plea this page actually just to give you some idea. We are still moving quite fast in China. So next a page for he’s actually now we already have quite a quick progress in our international business. You see we already established our office in Tokyo in Singapore and we entered Malaysia Market Indonesia Market recently we are
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I wish our Ireland’s office in Dublin. So, our value proposition is also simple. We just become a Pure technology player. We provide our technology to boast intermediary and insurance company because when we did this business in China, we form we funds Euro a you need to answer the question why insurance company must go digital because you can get additional digital.
– and where’s Weiss? You need to have you need to become a very reliable online insurance partner to those internet Giants. So that’s why we are providing the technology to both parties together. We want to preach them. So fortunately, we already have around 400 people in China focusing on this technology work. And also, we are embedded with some
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Giants are this like a graph, so we are helping our partners in Southeast Asia to quickly enter to this market and provide better protection to Southeast Asia people. So that’s basically who we are, so I’m willing to discuss more details or answer questions to you later. Thank you. Thank you, Bill.
Now Pierre would you like to share with us your thoughts and what does ping an Cloud accelerated? Yeah. Yeah. I think it’s very good. Hello everyone. My name is Pierre Wang from the ping an Cloud accelerator. I think to just start. I think you passed it the first page.
Go back. Yeah, this one. Sorry I was shooting you to the next one, huh?
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Well, I can continue but there seems to be a little bit of issue with the deck, but it’s okay. I’ll just real quickly go through what is covered and so as most of you guys already know Ping An group is because of our insurance business. We are the largest insurance company by market cap in the world we have but we have many business lines right ranging from more traditional lines of business such as insurance banking Investments and real estate.
Is it back?
We can also just start with this slide is fine. I’ll just talk about and we also have some non-traditional business focused on fintech, health Tech, Smart City, Cloud Tech and auto tech. I wanted to highlight on the previous slide. I wanted to highlight some key points which you know, like
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You missed but I think for most companies when you think of financial institution, you don’t have this kind of information. So, for peeing on we currently have over 590 million internet users. So, for finance institution, that’s a lot. We also have over 33,000 developers and 2700 data scientists in the past decade. We have spent over 50 billion RMB and Innovation and going forward. We look to continue to spend
In approximately one percent of our annual revenue which comes out to about 10 billion RMB or 1.5 billion USD per year.
Just to clarify this does that include the it budget? And for this slide? It just gives you a breakdown of the different PING AN business Lines within the 10 years PING AN was able to create some very exciting company. So, if you look at the bottom there more Tech Focus so some of
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Hoping is that you might have heard of is being a good doctor China’s largest Healthcare platform with over 66 million active users and listed on the Hong Kong Stock Exchange. You can also see One Kinect which is a fantastic company that services financial institutions in China and Beyond which just recently IPO did in New York Stock Exchange. And we also have loo facts one of China’s largest online wealth management platforms work together with funds insurance companies and Financial.
Social license holders just to name some there’s a few on there. That’s also quite interesting. We also made some major Acquisitions and auto home and I tutor group, but those were not developed internally.
You can go to the next slide.
So, this is a little bit about the Ping An Cloud accelerator program. So recently we just rebranded our program because I think accelerator.
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In the name, it doesn’t really Encompass what we are currently doing. So, our new name is Ping An Technology Innovation Centre. And the goal is that we drive external Innovation 49. So, we are part of the PING AN technology business unit. We are created about two years ago and our mandate is to bring in external Tech to meet our 30-plus business.
It’s various needs and four core programs, which is a China Landing program. It’s an 8-month program where we spend about three months sourcing and recruiting based off of needs within our internal organization. And then we spent five months on POC execution. We don’t invest so it’s purely figuring out what our needs are and then driving the POC internally we run this program twice a year and five verticals.
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We focus on finance Healthcare real estate automotive and Smart City. We also have as you can see there’s actually a sixth bubble. We also have some leeway on other Tech that we think would be valuable for us to bring in 60% of our company’s assets into a program have fully tested a POC within ping an and approximately half of that has a contractual agreement with us and currently we’re roughly in the fourth cohort.
Could we use cohorts as a way to sort of break up the timing we also work with as you can see on the fintech and the prop Tech or a real estate Tech circles, we work with external customers and we help their Innovation teams develop internal Innovation programs within greater China. The goal is to of course help our partners find innovation technology in China and greater China as well as
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partnering with us. So, it’s always a partner external partner and internal business unit. So, for example, we have piano Urban tech for urban lab program. And then we have the cafe Financial Holdings Group innovation lab where it’s a partnership between Cafe Financial Holdings Group and one connect and the goal is to by partnering together, you’re able to streamline The Innovation process.
And makes it easier for us to execute and that’s it. Thank you, guys. Thank you care for sharing. We are very keen to understand how does tents and we should I do during the pandemic and after pandemic happy to hear you’re sharing great. Well, thanks for having me. So, let me give a brief introduction to WeSure so we’re set up ever about two and a half years ago as Tencet.
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Insurance platform as a way to open up some of the intro attack abilities to the sector. So, we’ve we had a brokerage license and we work with insurance company to create and also to sell insurance to end users through we sure ensure can tap into a couple of tents and should have capability including a couple of areas. If you can turn to the next page then people can also see it including a couple of areas including reach obviously with through us.
It’s can tap into the billion users that are sitting in which had and working with us. We also join we also join force in Risk analytics. So, ensures can underwrite and price different products in the right way and of course through which I pay people can access a secured identity authenticator platform, which is very important for insurance. And of course, you know with the universe of 10 cents Services, we actually provide a lot of
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Opportunity and contacts to insurer. So, these are the different issue attack capabilities that we actually want to open through. We’re sure to the insurance sector we had a slightly different business model thinking as we got started about two and a half years ago because we’re by no way first camera. We’re in fact, we’re quite late in the game. So therefore, we want to be a little bit different and thoughtful about how we want to start and you know, of course the easy way would be for us to be an Open Marketplace where we take every Insurance product and
and put in our product and people can come choose but reality isn’t runs is actually very complicated as a product and even the most educated people would find it very difficult to choose the correct fit for themselves. So therefore, we’ve decided to be more like Costco than Walmart. So, the way to think about it is we have very few uses we pre-select our product. So, people can feel that whenever they come in, they find the best value because it’s been pre-selected. So that’s what we call a cure.
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Polio the second thing we do is realize we’ve got first got started that a lot of other platform focused very much on the selling part but not so much on the post sales Service Pack, especially in the claim process. So, this is what we call end-to-end service and you know, whoever they bought an insurance from us. We will follow through and when they want to make a claim we actually had someone call a claim concierge that would follow through the unquiet entire process so for to Consumer with delivered us from and for the insurance company We join hands very much with them opening up the ensure attack capability as I said to help raise the efficiency and to reduce the loss ratio. If you go to the next page just to show you again. We’re very young platform. We’ve only been around for two years and a bit. So, this is giving you an idea of the traction that we had. So, we’ve underwritten over a hundred million policies. We had over a hundred million registered user we had about
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40% of people that come back to buy more and this is something that we watch very carefully as a metric because for us this is an important proof of consumer loyalty and follow through, we also pay a lot of attention to Service as I mentioned. So about 80% of our claims are processed within a day with a combination of human and machine intervention because we actually put a lot of effort into the risk analytics the loss ratio of the products that we
we trying to offer with insurance company had loss ratio that are anywhere from 30 to 80 percent lower than the industry average. So again, you know, we think this is important for the insurance company because that makes their product more sustainable in the long term. And of course, the last part is because we do sit in the WeChat ecosystem viral marketing is a very core aspect of what we do about a third of our sales came through social and the conversion rate is two to three times higher than the average so
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At the end of the day insurance is a trust-based business and you know, there’s no better connection and social relationship than what’s already existing in in which have today. So hopefully that give people a bit of a background on what we share is about. Thank you, Alan, and thank you to all the panelists for sharing your perspectives. Now, we are open to the Q&A session, which is the most important interesting part of this session. I have a question here for you Alan as the first question to start off.
You mentioned just now social and we know tens and stuff. We just started from social and then expanded into the payment as well as other Financial Services Solutions. So, can we say social plus payment is an unbeatable data source for you? And how does that work in? Which your environment?
I will take that separately. I think payment is a bit week.
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provide an easy way for people to transact and then identity authenticated way, which is very important for insurance because we need to know you are you when you buy that insurance as required by regulation, but I think perhaps more importantly is the social aspect because you know, as I briefly mentioned insurance is the trust game and while we would love to do a lot of user education at the end of the day insurance is a complicated product and you know it there’s no better way to sell then
To hear it from your friend who say, you know, I’ve bought this and I think this is good and you should look into it as well. Right? So, you know, as I said right now a third of our sales came through that type of social referral and of course, we you know, we offer incentives and make it fun for people to do it. And I think there’s this will always be important and, in some way, we’re trying to emulate a little bit on what’s happening in the offline world where of course traditional agency agents have had a very successful time in building up relationship at that takes time and takes face.
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Interaction and you know for us trying to imagine that in the virtual world, you know, we leverage very much off. What do we check connection provides? Thank you, Alan. Now, we have a few questions for Pierre. There’s a question regarding the Auto Tech in ecosystem. You describe. Can you take that that one? Yeah sure here. So, like for the auto tech I think the question was, how can you explain more about Auto Tech in pink eye.
Why so as some of you guys might be aware PING AN also has a very large P&C insurance so auto insurance and so when we look at technology specifically for Auto Tech we look for technology that would be able to D risk, you know our portfolio or being allowing us to get to the location. So, in P&C, how do you efficiently solve?
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Those needs based opinion. So, for auto insurance, we look at those kinds of Technologies specifically. So, like how we can be risk how we can drive Innovations of getting are really like car insurance agents to the location. And also, how you know, like maybe a material for the automotive that would be able to when we underwrite the insurance, we can decrease that so that’s how we actually view sort of
Oh technology, and that’s way it’s not so much like I guess what a Mercedes or BMW would be looking at so, you know, we take into a different perspective on that.
Yep. Yeah, I thought a follow-up question. So, everybody understands other tag is actually closely related to the auto insurance. Right and we know Ping On P&C is selling auto insurance. So, the question is a lot of the ecosystem that on tickets.
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Eating is around some of the financial services products that ping and offers. So, does that ecosystem serve Ping An only or does it provide open service to the other players including your competitors as well? So that’s actually a really good question. So, for us a lot of times we’re building the ecosystem. This is where actually this conversation leads very well what we’ve done in the past for example is
being as a financial institution. We wanted to get access to the customers. So this allowed me this started with you know, being a good doctor it started with you know, like how do we get the BTC type of marketplace first so that can drive them as they use p on good doctor that would end up start buying our insurance policy or other Financial products, and so instead of sort.
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The digital end of that where you know, like customer service. So after you buy our financial products, we provide you that customer service afterwards as for if we create this ecosystem currently, I believe our ecosystem is closed in the sense that will there be access to you know, allowing other partners and because it’s all a ping an its piano and applications in and
These various pieces of the ecosystem but you know, I would say that you know as we expand and have Partnerships in different areas. This is something that we can look into but as of right now, I believe our focus is how do we prevent the technology disruptors as an incumbent? How do we how do we build an ecosystem that could you know allow us to innovate and adapt to our competitors or potential competitors? All right. Thank you.
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For your candid answer. Here’s a similar one for Bill. There’s a question from the participants regarding there’s some insurance incumbents and to into the digital Insurance space. And as you introduced that don’t want egg is trying to offer internet Insurance tech knowledge to the other players. So, the question is about is that a stat for incumbents into the day.
Title insurance pays to players or is it is that an opportunity? And is there a big enough pie for everybody? I think it’s the market is big enough because we’re all speaking every insurance needs to go digital and it’s an inevitable things and people need to buy this insurance from a new more than way from
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Away, so I do believe this technology insurtech has a big Market but whether this Market is a big enough, I think yes, my answer so far is yes. Okay. Thank you. There’s one question. Actually. There’s one stay in my heart quite often, which is when you buy online when you don’t have that human touch of your agent or broker.
Is it renewal rate and the ticket size tend to be small and the renewal rate is tending to be lower? What’s your view about that island where I think it really depends on the context? I think what we’ve seen in the pandemic duration is quite it’s quite the contrary right during a lockdown, you know, when people weren’t actually want to buy insurance the only way to get it is this via online and that’s why we’ve seen a huge jump, you know, we’ve seen our quarter and quarter Revenue.
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During that period but I think it going back to Insurance being a complicated product. We do try to treat our people once they’ve gone beyond sort of the short-term insurance that they buy usually as a first product from us, right. So, for our paid user, we actually assign a relationship manager very similar to what a bank would do and that person again very similar to an Asian but he lives in which had and Converse with the customer on which had would help on every
anything from changing basic customer information to upselling right? And I think what we try to do is to combine sort of the online interaction with also human interaction, especially in upselling longer-term products that have a larger premium. Thank you, Alan. All right. I’ve got another one for Bill as we all know that Zhong An Tech International is actually expanding.
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In the other countries to provide your services to the other insurance players in Asia, right? And so, what are the best practices or lessons Learned you have seen of the digital Insurance model in those countries. Can you share some with us Yes, actually in Southeast Asia? We are working with and you see in come and grab together. Actually, I think
We have a very nice products providing to taxi driver to those grab drivers. We call this the critical illness paper trip. And this I think is a quite good for the Innovation before this product is very expensive. But now we really make this see I paid per trip let every driver pay this Naturally by just if they work, they will they’re willing to will get this cover. So, this
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A product I think is very nice design. But honestly, we also learned many things from this and firstly when we move to a country outside of China, we have to understand the regulation and the stand the customers Behaviour. This is usually it’s not that important to this traditional agent because anyway, they are willing to sell the similar product to almost all the still country all this.
People but honestly when we designed this new type of products, we should really do a lot of customer interview and Stan was there really needs and that’s usually is the missing part in part of the design and also for us when we enter to a new country and that is a big lesson. We learned we have to spend
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Double the time and more efforts to really understand the customer. So maybe I don’t know whether I answered a question.
Yeah, I think you answered the question and there’s a question to the entire panel. So, the statement is there’s a distinct less of selling shoes online outside China. What’s your plan? So that’s the plan opinion Tech and technology and we sure to expand your digital business outside China.
Who wants to go first?
I think our answer is very simple. I think we’re sticking to China for the time being right over two years and there’s still a lot more work to do here. Yes. Okay, and that’s it.
I think also from Planet X and for our insurance we’re continuing to look at the Chinese.
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Market, I know we’ve started partnering with a few companies outside of China and Southeast Asia, but I don’t think you know, like I don’t know if this question is related outside of southeast like Asia as a whole so in my view through Partnerships, we continue to grow and expand because you know our data and our information is very strong in China, right, but we would need partners.
Hours that would be able to have access or that ecosystem that could work with us. And so, our view is that you know through partnership that we are able to you know, slowly sell products outside of China. But so that’s sort of our take on that. All right bill. Yeah for our gym on is superior technology Play We want to be a technology enabler and selling our technology as well as
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Staying really some good start-up bring this forum start up to China and at the same time if we found very brilliant start of in China, we are willing to invest and help them to go abroad. Okay, thank you. Then. Here’s the longer-term question from me regarding the post pandemic impact one is about the consumer.
customer Behaviour, so to the panel, do you see changes in customer Behaviour since the outbreak of covid-19 anything significant or accelerating from your point of view and was impact to your business in the future?
Perhaps this time. I want to take a peer you want to go first. Sure. So, we’re bit different. Right? So, we’re in addition program or
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Our customers you could say is internally our business units. Yeah and how I guess their customer impacts them and then we also have external Partners. So, for example, I know for property for you know, the vertical under our property tag. I know some of our partners have been impacted greatly because the decision of working from home or not working from home, right and so in that regard, I think the post covid-19
Our coat post covid-19 situation. They’re still evaluating and this impacts the decision to sort of invest in Innovation. So, do they continue to drive their Innovation forward because now is an opportunity to digitalize or because now people might not go to the office anymore. There is a potential, you know potential risk to you know, invest in capex to use their cat back. So, I think
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From our perspective that’s where sort of the Innovation play comes in and how as people adopt or decide, you know, sort of capex have been expenditure how that would you know that how that would continue to happen. And so, we are view in that perspective is that from what we can tell people are continue to spend because they see this as an opportunity. And so, I think this is the covid situation is
you know quite exciting for us during the sort of the Innovation time because people are now taking the opportunity to make adjustments. Yeah. Yeah what that the any type of reassessing and rebalancing of your Innovation portfolio in the future and any direction you would like to point us to so for our portfolio we tried so what we try to do is as we as we attract more Partners within Ping An we can
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We can build this ecosystem. I think our Focus again will be predominantly with the five verticals. You know, of course Finance fintech is so key for us. So that would continue to be our core driver. I think smart city is quite interesting. I know PING AN is looking there’s a couple plays in the Smart City Arena. So, for us smart cities technology is also quite attractive and then you know, like healthcare with good doctor and so on so forth.
I think you know that that is that’s important. But I think for us our focus at least for our Innovation program. Our Focus had been financed much City Healthcare and then with the other two as like property and property and auto as the time.
Okay. Thanks. Hi Alan, since the pandemic what are some of the
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Things interesting or important that you see in These Channel and what are those things are important to you? And we sure can you share with us where I think people often say that insurance is important but not urgent with a dependent dreams become a lot more urgent and that’s why we’ve seen the pickup in demand, you know, as I’m sure many of the other industry for discipline and China have seen as well. But if you double-click on that, we’ve seen a couple of interesting things. We’ve actually recently had a
Joint research with Fudan University in Shanghai and Edgar two three interesting finding first is you know, of course, you would expect that. It was the post 80s there were the main by of insurance there’s during this time because they’re in their 30s and these are people that have household and families and you know, they’re the most concerned about the pandemic and the risk them in my brain. Another interesting fact is the men women ratio in our bias have changed quite a lot. It used to be two to one.
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In town and during the pandemic become 1 to 1, right? So they think it seems that I’ll female by a have become a lot more aware of the risk that it could bring in the long term in the short-term and the long-term and the third is again not too surprising but it comes through very strongly that data as basically regions to have strong memories of SAS. Basically, Beijing and Guangdong really stand out in terms of region that we’re
demand has gone up a lot. So, you know, we’ve seen quite a number of these characteristics of the demand that has come through but I think more importantly it was actually not just what’s happening during the last couple of months, but what will happen afterwards, I think wow, it has me Insurance become more urgent for quite a lot of people it did create quite a large group of have what I would call half ready users their there is ever tie or
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Sensitivity can race has been increased but they’re not quite ready yet to buy right? So, I think there’s a lot of work for us to do to cultivate and educate these half ready users that I think suddenly arrived in in very big numbers because of the pandemic. Thank you, Alan. I feel and what are the things that are you see your five ecosystems and what are the things you are doing actually to address changing Behaviour change.
Share with us Yes. Actually just a firstly I let me compliment it just a supplement one more point to Alan’s actually, if you see this the knees insurance needs is so become so huge after this covid-19 and there is a report from P&C Insurance become the top priority top priority for most of this Chinese family so you can find that.
Timestamp: 43 min to 44 min
And also, from the other angle you see we found a huge traffic growth in this travel related business after this pandemic Hotel tickets all these the travel related things start a recovery and also the e-commerce site, I think is quite in line with what and Superior mentioned. Also, you see a very clear signal from the regulator regularly.
They’re just a recently gave a guideline. They hope by 2022 around 80% of this revenue of insurance company should come from this online Channel. I think that’s already gave a very clear signal regulator will keep pushing this that will increase the whole efficiency of this insurance industry. Thank you, Bill Simon. How are we doing in terms of timing?
Timestamp: 44 min to 45 min
Absolutely fine on time and I just like to say a quick thank you to everybody. I know I wrote out a while ago saying any questions, please come on and we’ve had some fantastic questions keep them coming and Leonard you’re doing a fantastic job of moderating. So back to you. I do have a question of my own if you’re interested, but back to you. Okay? Yeah, thanking someone. I think we still well. I think we still have time to take the last question and then to wrap it up. So, here’s one question from the audience to the
Well, if you can summarize the key success factors for China in terms of the online insurance or digital Insurance, what are those three who wants to go first?
Let me let me try to talk. Maybe number one. I will take this is the great support from a regulator actually gave huge Freedom, especially in our insurance product design and the latitude.
Timestamp: 45 min to 46 min
Is the filing and then rather than approval gave this the power to us this number one. The number two should be the technology because in China if you want to do the business to the mass Market, you have to have this technology. Otherwise you cannot scale up is a very clear and so another thing I would say the last of would be the people in China. We have a lot of clients at the same.
Time very diligent hard-working stuff and they’re really doing a lot of Works to make it happen. This can-do attitude is very key. So, if you want to do digital, I do recommend internally, you need to have a very capable T to really guide the company to move faster. Thank you. Thank you. What’s your key takeaways?
Timestamp: 46 min to 47 min
Top three, I don’t know up here who wants to go first. Maybe I’ll jump in for me the important question, you know on that would be so what are we trying to optimize for when you say succeeding in the industry, right? I think for me, you know, China Insurance penetration is very low and I think there’s a lot more people that need to get the protection that they need like so I think with that as the objective, what would be important is
Is a couple of things I think one is the ability to reach a large number of people to educate them second is the ability to build trust again insurance as a trust-based product? So how do you get a very complicated product easily understood and given to people, you know in a in a way that they can actually trust and understand and of course the third is helping the provider which is the insurance company to price it in the right way because this very much is a long game and you know
Timestamp: 47 min to 48 min
It that amount of data has never been available. And now with technology that is available is how do you turn it into an advantage vendor so they can provide better products to the end user. So, I think those are the three things for me. Thank you, Alan. Yeah what so I think II. Yeah, so my takeaway I agree with a mixture of both what bill and Alan has so I do believe, you know, a what Alan said about you know, the market potential and
Right. Now the market is huge in China and the opportunity is there so that in itself is quite important. I think the fact that the China the Chinese government provides a lot of leeway and the opportunity, you know to grow I think that that is also very key. I think the third point I actually think is quite interesting so my background is mostly
Timestamp: 48 min to 49 min
US and so as an American coming to China what I find is that in China the data access is quite interesting. So, in our view, I know Peanut has quite a lot of data, right and so being able to convert that data into information that could be able to drive innovate. You know, I guess digital transformation has been I think one of the determining Factor like determining factors
For us to you know to grow in the market. So, I feel like the last piece of data is would be will be my three choices that they the accessibility of information I guess for us and how we can convert that data into either, you know, risk models or buying Behaviour. I think that is those are my three.
All right. Thank you. Thank you everyone.
Timestamp: 49 min to 50 min
We have a wonderful session a great sharing by the panel and wonderful presentation. We have received and I welcome you to the panel actually to answer the questions online if you can and the thank you the audience for throwing those wonderful questions as well back to you Simon, and I thank you. Yeah, just and I’ll reiterate those things a little bit later. And yes, please panelists to get involved in trying to close off those questions. I mentioned at the beginning that
That, you know this session in particular, but also our Awards both insurtech and insurer were kindly being supported by our friends at insurtech connect, and I wanted to just play a quick video message that Jays kindly recorded the founder of Ensure set connect for us from the other side of the world a couple of days ago. So maybe we can just run this video briefly. Thanks.
Hi, this is Jay Weintraub. CEO and co-founder of Insurtechconnect. I’m sorry.
Timestamp: 50 min to 51 min
Not able to be with you live for the awards, but I do want to congratulate all of the nominees for your tireless work and creating a better industry. So, I want to thank our panelists for sharing their insights today. You are all amazing champions for Innovation speaking of Champions for Innovation. Allow me to thank Hugh Simon and the team at TDI you are fantastic partners, and we look forward to continuing our collaboration.
To the nominees speakers and those of you watching around the globe. I hope you will join me the 2nd through the 4th of February 20 21 in Singapore for the first-ever InsurTech Connect. Asia. ITC. Asia will be your chance to see and meet even more world-renowned ensure text leading insurers top investors plus the largest ecosystem players. ITC. Asia will be a gathering unlike any of the region has seen and it will highlight.
companies that the world
Timestamp: 51 min to 52 min
Insurance must know about once again to our friends at TDI, Oliver Wyman, Ping An and everyone who participated today and is watching. Thank you.
So nice little message there from Jay and I think he’s done a far more eloquent job than I can of promoting ITC. Asia coming up in February next year, but you’ve got the details up in front of you on the slide here 2nd to the 4th of February. The one thing I would say just because we got a little bit of time is having had the privilege of going to their Vegas event at the end of last year. There are events are unique and you can just tell through the authenticity of Jays quick video clip there. They really do.
Focus on the people side of this and the importance of connecting people up and connecting interesting people up there making differences happen across the industry. So, I was already bullish on the event today if it was going to be happening in Singapore being the in
Timestamp: 52 min to 53 min
Trees to coolest event of the year in the region. So now my prediction rolls forward and I say next year. This will be the coolest event in Insurance in certainly in Asia. So, mark your Diaries and look forward to getting you involved and I guess just to just to click on a slide, please, please Brooke, you know, we do recognize the importance of insurtechs in its broadest sense. And as I mentioned on the previous session, we have this thing that we called inshore Tech directory just the
End of last year it’s intended to be the world’s in short act database and really to help the big and the small the old and the new connector more effectively around the world. It’s already got about three and a half thousand insurtechs in it. You can cut it by category by geography so really cool asset. So, if you’re an insurer looking for sort of potential solutions to problems whether it being claims or new business models or whatever. It’s a great tool, you know, effectively online Yellow Pages with some really rich information to get hold.
Timestamp: 53 min to 54 min
If you’re an insurer Tech, it’s a fantastic platform to very cheaply get yourself promoted around the world and I think our users just doubled last month, for example, so it’s growing really quickly great platform among the other things you do the other quick plug, I guess just from TDI point of view. Next slide please Brooke is our Academy which was launched at the beginning of this year. We’ve launched this because we’re passionate TDI about the fact that digital within an insurance contact needs to move from the few to the many. We need to have
Not just digital specialist. Its leaders in Innovation leads talking about digital. We need everybody in the business understanding what it can do and being enthusiastic about it being something that adds value not a threat. So, we launched the world’s first mini MBA on digital Insurance called the ADI program in January. It sold out immediately. We launched the next one in May that’s sold out because of covid. We’ve brought forward our plans to launch an online certificate version of it called CDI that’s just started at last.
Timestamp: 54 min to 55 min
And demand is building really strongly for that as well. And we’ve actually also been asked to develop what we call an ADI program to help Executives and board members understand so a key aspects of technology and how that smoothie industry are and so we really see this as another key alignment to our purpose of helping the industry sort of work together and accelerate digital transformation. So, we’re really excited about it and the next slide, please just sort of gives you a little bit more depth on the areas that we touch on. Each of these is a one-hour sort of module.
Bringing in thought leaders smes not just from TDI, but we’ve got people from KPMG Swiss Google lots of different companies to make it really interesting and dynamic and actually it’s the only one of its kind out there. So, getting great feedback from participants and a quick question really to our audience. If you’re interested in hearing more about that either professionally or personally or both, please let us know quick question coming up on your screen now and if you can just quickly answer that
Timestamp: 55 min to 56 min
There’s no commitment required but we’re happy to send you a bit more information and a link to that following today. So really the last thing I wanted to do just as we move to a close here and I think we’re moving on time nicely as if you can move to the next slide, please Brooke just a quick thank you again to our corporate member base, you know when Hugh and I sat down and talked about this and learn from the market that insurers are interested in getting a bit closer to what we do. We weren’t quite sure how it was going to develop.
18 months or so later organically, we’ve grown into a having a really nice stable or some of the world’s largest Brands and certainly Regional insurers represented in supporting the platform and helping make things like today happen. So quick shout out and thanks to them on behalf of the industry and everybody who’s listening. Our next session. Next slide. Please are the much-anticipated insurer Innovation awards that starts at 5:30 Hong Kong Singapore time. You can see we’ve got six
Timestamp: 56 min to 57 min
Applicants are all or should I say finalists that are going to be presenting very similar to the insurer Tech Awards. So, it’s going to be Punchy fast pitches quick questions, and then we’ll announce the winner so very much looking forward to that in terms of this session, like all our sessions we welcome feedback. There’s going to be a quick survey at the end of the webinar. You’ll get a recording link to this session as well and also on the next and final slide, you’ll see our contact details of the panelist.
now as with the previous session we’re going to close this down in a moment and it’s the same link to use to come back in on the awards in 15 or 20 minutes, but we will close it. So, you’ll have to come back in and without further Ado that I’m just going to round out by saying Leonard Alann Pierre and Bill, you know fantastic session and I think both the re on behalf of the region and our listeners and certainly TDI the global audience a huge. Thanks for your time. And
Timestamp: 57 min to 58 min
So open in sharing, you know what you’re up to. I mean, you know, you know, we have big fans of everything you guys are doing the world needs to learn more about it and we’ll need to work more effectively together these days and today was a little bit about that as well. So, thank you for your time. And my last comment is a thank you to everybody who’s listening. You know, I think time is money. I appreciate we’ve got a little bit more Flex at the moment and we’re perhaps we normally have but nevertheless you’ve chosen to invest an hour of your time in this I think you’ll agree. It was a
Great use of an hour. So again, thanks to the panelist. Thanks to everybody on and we’ll wrap this session now and probably see you again in 15 minutes time for the insurance Innovation Awards. Thank you. Thank you. Thank you. Thank you.