Insurance Meets Elderly Care: DAJIA Insurance and Tianyu Aging Forge Strategic Integration to Pioneer Tech-Driven, Home-Based Senior Services

On August 18, 2021, Xu Jinghui, President of Dajia Insurance Group, led a delegation of senior executives to Tianyu Elderly Care, a leading domestic digital technology-enabled elderly care company, to discuss in-depth cooperation between the two parties. One is a powerful newcomer in the insurance industry, and the other is an innovation leader transforming the traditional elderly care sector through digitalization and technology. What remarkable synergies will emerge from their deep collaboration?

Dajia Insurance Group Co., Ltd. was established on June 25, 2019, jointly funded by China Insurance Security Fund Co., Ltd., China Petroleum & Chemical Corporation (Sinopec Group), and Shanghai Automotive Industry Corporation (SAIC). With a registered capital of RMB 20.36 billion, it is a comprehensive insurance group whose business scope covers property insurance, life and health insurance, pension insurance, asset management, and other fields. As of the end of 2020, the group’s total assets domestically and abroad reached RMB 1.2 trillion. Xu Jinghui, President of Dajia Insurance, formerly served as Chairman of China Pacific Life Insurance Co., Ltd., and holds significant influence in the insurance industry.

Regarding the collaboration between Dajia Insurance and Tianyu Elderly Care, Xu Jinghui, President of Dajia Insurance, stated: “China’s aging population is growing rapidly, and the development of our national elderly care security system is entering a fast lane. In the construction of the third pillar, the insurance industry can integrate product offerings, services, and investments to create an endogenous, cyclical ecosystem for elderly care. Dajia Insurance is actively exploring a more inclusive ‘home-based care’ service model. Our partnership with Tianyu Elderly Care stems from our recognition that they are not a traditional elderly care service provider, but rather a technology-driven digital elderly care company. From the outset, they have established a comprehensive R&D team and independently developed a digital solution system for elderly care. Furthermore, they have built a service framework spanning home, community, and institutional settings, supported by digital tools and a terminal network comprising thousands of elderly care assistants. This is highly valued by us, as it enables us to develop a wider range of products on the product side, establish effective data connectivity and applications between our respective systems, and leverage digital technologies to deliver services efficiently and rapidly on the service side.”

“The elderly care and insurance industries are inextricably linked and mutually dependent. In the future, payers in the elderly care sector will undoubtedly become more diversified. At present, the government accounts for a relatively large proportion of service purchases as a payer. Looking ahead, the share of payments made through commercial pension insurance and out-of-pocket by individuals will continue to rise, indicating tremendous growth potential.” Mr. Bu Jiangyong, Founder of Tianyu Elderly Care, stated: “Diversified payers will promote better, faster, and healthier development of the elderly care industry. Through this in-depth collaboration between Tianyu Elderly Care and Dajia Insurance, on one hand, we leverage our leading digital technology R&D capabilities to achieve technological integration with Dajia Insurance; on the other hand, we utilize our terminal service network to connect the technological and service networks of the insurance and elderly care sectors, fostering organic and efficient integration and enabling seamless alignment from insurance products to high-quality elderly care services. This will allow us to provide premium health and wellness services to more elderly people in China. Additionally, Tianyu Elderly Care has assisted several well-known real estate companies in co-developing smart elderly care communities, establishing itself as a provider of comprehensive smart elderly care solutions for the real estate sector. This represents another successful exploration of diversified payment models within the elderly care industry.”

The advent of the “silver tsunami” is accelerating the development and transformation of the elderly care industry. The strategic alliance between insurance and elderly care will undoubtedly bring greater opportunities and challenges to these two closely intertwined sectors. For older adults in China, this shift will offer more service options and higher-quality elderly care services.