The $190B Chinese insurance giant argues its heavy investment in technology differentiates it from other insurers. Because of China’s relatively loose approach in areas such as data privacy, Ping An can use technology in ways its non-Chinese peers could only dream of
Ping An also uses its reams of data to help cross-sell products from its multiple business lines to China’s growing cohort of middle-class consumers. The strategy seems to be working. Last year, 34.6% of Ping An customers held more than one of the company’s products, up from 28.5% in 2017 and 24% in 2016, with high-net-worth customers far more likely to hold multiple contracts, Bernstein notes. That growth helped Ping An record a $16 billion net profit in 2018, 20.6% up from the prior year.