CPIC to deepen business transform

The China Pacific Insurance (Group) Co Ltd (CPIC) said on Saturday that it will strive to become the industry leader in 2019 and will deepen its business transform with technologies.

He Qing, president of the CPIC, said in a media briefing in Shenzhen that they will seek better synchronized development of its various business lines by utilizing advanced technologies. And more efforts will be put to areas such as digitalization, poverty alleviation, agriculture insurance as well as senior community building.

He added that CPIC will also try to cut the sales cost of property and casualty insurance business and lift the contribution of non-car insurance products, especially agriculture insurance. The company aims to improve its ability to make alternative investments in 2019.

The Shanghai-based insurance giant said it made the first structure reform in 2018 since its public listing in 1997 in order to better match talent with their job positions.

Thanks to these reforms, the group saw its total premium in 2018 break the 300 billion yuan (US$44.2 billion) mark for first time in history. And life insurance segment saw its revenue and quality both improve during the past year.

Lin Li, general manager of the innovative incubation center at CPIC,  said they have made great progress in applying new technologies into their business operations by centering on customers’ footprint along with their purchase of insurance plans.

It also made efforts to look for more potential customers by combining online channels like mobile application and WeChat account with offline marketing. Li added that the sales conversion rate rose to 15 percent and around 200 million yuan of premiums came from such business model in the past year.