Here’s the latest big player jumping into the blockchain scene: Ping An Insurance, China’s largest insurer by market value. The Chinese insurance giant currently boasts nearly 200 million customers and 485 million Internet users, making it one of the largest financial service companies in the world.
Recently, Ping An held its investor day in Shenzhen, where CFO Jason Yao shared his thoughts on the firm’s plans to expand its financial technology platform.
“By leveraging five key technologies, namely AI, blockchain, cloud, big data and security, we will keep improving efficiency, lowering costs, optimizing user experience and strengthening risk control to enhance competitiveness.”
Earlier this year, Ping An revealed its ambitious plan to spend as much as US $15.8 billion over the next decade. There is no doubt that a large chunk of that sum will be allocated to the development of blockchain technology.
The company’s Finance + Technology platform offers customers insurance, banking and asset management services, while the Finance + Ecosystem platform offers users five ecosystems covering financial, healthcare, auto, real estate and Smart City services. Enhancements to these platforms would surely trickle down to its various other platforms as well.
Ping An Insurance has already been involved with blockchain technology over the past few months. In August, the company partnered up with the Hong Kong Monetary Authority to build an international trade financing platform centered around blockchain.
Moving forward, a sizeable commitment by one of the biggest insurance companies means blockchain could ultimately play an integral part of the auto industry when it comes to insuring vehicles.