Ping An Group Unveils Comprehensive Healthcare Ecosystem Strategy and Launches New Digital Health Brand

On September 22, Ping An Insurance (Group) Company of China, Ltd. (“Ping An”) held an Investor Open Day in Shenzhen, where it comprehensively disclosed its healthcare ecosystem strategy and globally leading medical technology achievements for the first time.

Jessica Tan, Co-CEO of Ping An Group; Dr. Fang Weihao, Interim Chairman of the Board and CEO of Ping An Good Doctor; Gao Mengxuan, Co-General Manager of Ping An Smart City and CEO of Ping An Smart Healthcare; and Xie Guotong, Chief Medical Scientist of Ping An Group, attended the Open Day event and delivered thematic presentations respectively.

At the open day, Chen Xinying explained that Ping An’s decision to build a healthcare ecosystem was primarily driven by three considerations. First, the healthcare market is vast. The market size is projected to grow from RMB 6 trillion in 2019 to RMB 16 trillion by 2030, with significant demand across various sectors and a favorable policy and regulatory environment. Second, Ping An’s healthcare ecosystem generates substantial strategic synergies. Through this ecosystem, comprehensive medical services can be provided to all stakeholders and at every stage, leveraging ecological resources, establishing technological barriers, and strongly empowering its core financial and insurance businesses by offering life insurance products that are compassionate, multi-scenario, and differentiated in service.

Furthermore, Ping An has become a leading healthcare enterprise in China, establishing differentiated competitive advantages. The company boasts robust traffic entry points, a comprehensive online-to-offline (O2O) service network, and globally leading medical technologies.

In the future, Ping An will focus on five key areas—government, users, service providers, payers, and technology—to build a closed-loop healthcare ecosystem, seize the significant growth opportunities in the healthcare market, and create a new engine for the company’s future value growth.

Specifically, the Ping An Healthcare Ecosystem will focus on three key areas: First, horizontal integration—capturing user traffic from the consumer end, extending management reach through the payment end, and empowering service providers to maximize value. Second, vertical integration—leveraging government partnerships to unlock core resources in hospitals, physicians, and pharmaceuticals, while utilizing technology as a strategic tool to empower ecosystem members and establish competitive barriers. Third, generating synergistic value with Ping An’s core financial businesses in customer acquisition, enhancing customer stickiness, and increasing average revenue per user.

Ping An allocates 1% of its annual operating revenue to research and development in innovative technologies, with a significant portion invested in its healthcare ecosystem. Currently, Ping An boasts the largest internet healthcare traffic portal and a leading network of offline healthcare service providers, while having accumulated advanced medical technologies. The Ping An Medical Technology Research Institute has established one of the world’s largest medical databases. Its number of medical technology patent applications ranks second globally, it has secured first place in six international medical imaging competitions, covers more than 30,000 diseases, encompasses over 1 billion clinical visit records, and has recorded more than 300 million calls to its medical technology services.

As a key member of the Ping An healthcare ecosystem, Ping An Good Doctor has become China’s leading internet healthcare service platform. Since mid-2020, Ping An Good Doctor has undertaken a comprehensive strategic upgrade focused on three core pillars: channels, services, and capabilities, with an emphasis on online medical care while continuously integrating offline services. At the Open Day event, Ping An Good Doctor unveiled its new service brand, “Ping An Yijia,” which is mission-driven to build a professional bridge for doctor-patient communication. The brand is committed to creating the largest, most advanced, and most defensible internet healthcare service platform in China. Going forward, it will focus on strengthening its existing physician network and launching innovative products.

Ping An Good Doctor serves 346 million users, with an in-house medical team of over 1,800 professionals and a network of nearly 10,000 experts across China. It has established the largest offline service network, comprising 110,000 partner pharmacies, 49,000 partner clinics, and more than 2,000 health examination centers. In the first half of 2020, Ping An Good Doctor’s revenue increased by 21% year-on-year to RMB 2.75 billion, with its online healthcare revenue surging 107% to RMB 695 million.

Ping An Smart Healthcare focuses on four core areas of the healthcare system to promote the efficient operation of China’s healthcare system: “managing institutions,” empowering health commissions in administration; “managing doctors,” helping hospitals comprehensively improve operations and providing intelligent assistance for clinical diagnosis and treatment; “managing diseases,” empowering public health systems to respond to epidemic emergencies and enhancing chronic disease management to improve population health outcomes; and “managing pharmaceuticals,” supporting drug research and management. Reports indicate that through Ping An Smart Healthcare’s products and services, the time required for imaging diagnosis has been reduced from 15 minutes to under 15 seconds. Currently, Ping An Smart Healthcare has been deployed in approximately 90 cities across China and is expanding into overseas markets, covering around 20,000 medical institutions and serving 450,000 physicians, with continued efforts to consolidate and expand its reach.

The rapidly expanding healthcare ecosystem has significantly empowered Ping An’s core financial business. Disclosed for the first time at this Open Day, 15% to 20% of Ping An’s new financial customers each year come from its healthcare ecosystem. Financial customers who utilize healthcare ecosystem services hold an average of 3.1 contracts per customer (compared to 2.0 for those who do not), and their assets under management (AUM) amount to approximately RMB 10,000 (compared to RMB 5,600 for non-users). Looking ahead, the synergies between the healthcare ecosystem and the core financial business will be further reflected in areas such as products, traffic, services, technology, and cost efficiency.

Chen Xinying stated, “The healthcare ecosystem is one of the core long-term strategic priorities of Ping An Group. With over two decades of dedication to the medical and health sector, Ping An has become a leading healthcare enterprise in China. We aim to build a closed-loop healthcare ecosystem service, establish robust technological barriers, actively contribute to the Healthy China initiative, improve public health standards, seize market development opportunities, and create greater value.”

Currently, the aging of China’s population is accelerating, and pain points among various stakeholders in the healthcare ecosystem remain prominent. As “Healthy China 2030” has been elevated to a national strategy, Ping An Insurance (Group) Company of China, Ltd. is accelerating its investment and strategic layout in the medical and health sector, with its latest upgrade to the medical ecosystem strategy.

Ping An’s New Healthcare Ecosystem Strategy will firmly leverage five key pillars: Government, Patient, Provider, Payer, and Technology. Specifically, Ping An Smart Healthcare serves the government sector; Ping An Good Doctor dominates the user-facing and online medical service segments; Ping An Smart Healthcare also covers offline medical services; Ping An Life Insurance, Ping An Pension & Health Insurance, Ping An Medical Insurance Technology, and Ping An Health Insurance serve the payment sector; and institutions such as the Ping An Medical Technology Research Institute provide technical research support. The Ping An Healthcare Ecosystem comprises multiple online and offline healthcare-related companies, whose businesses effectively complement one another.

Since 1996, Ping An has been cultivating the healthcare sector for over two decades, with health and wellness remaining one of its core strategic industries. Throughout its development, the company has accumulated extensive experience, particularly in robust technological capabilities. Notably, Ping An ranks second globally in the number of medical technology patents, possesses one of the world’s largest medical databases, and leverages cutting-edge artificial intelligence to continuously enhance the quality and efficiency of healthcare services.

Jessica Tan, Co-CEO of Ping An Group, stated, “In the past, Ping An’s healthcare sector pursued breakthroughs through decentralized efforts under the group’s top-level design, with each subsidiary fulfilling its respective responsibilities. Now, following the group’s unified deployment, the healthcare ecosystem strategy has been upgraded to emphasize ‘integrated advancement and closed-loop operations.’ Going forward, all members will have clearly defined roles, advance in tandem, and collaborate synergistically to jointly promote the development of the ecosystem.”

Since mid-2020, Ping An Good Doctor has embarked on a comprehensive strategic upgrade focused on three key pillars: channels, services, and capabilities. The company aggregates patients through four major channels—individual users, insurance services, corporate services, and internet hospitals—and provides “medical + health” as well as “private doctor + family doctor” healthcare services. It continues to strengthen and expand its hybrid network of in-house and external physicians, maintains its focus on online medical care, and consistently integrates offline service capabilities.

Ping An Good Doctor has become a key member of the Ping An Healthcare Ecosystem strategy, serving both patients and providers. It offers diagnosis and treatment for over 3,000 common diseases to 346 million users, with an average of 830,000 daily consultations. Meanwhile, Ping An Good Doctor boasts China’s largest self-built physician service team and has established an extensive offline service network. In addition to serving individual users, it provides professional, convenient, and reliable corporate health clinics for enterprise clients on the B2B side, covering more than 500 companies. On the healthcare institution (H) side, Ping An Good Doctor has launched 14 internet hospitals, three of which are integrated with medical insurance reimbursement systems.

To align with its strategic upgrade, Ping An Good Doctor unveiled “Ping An Yi Jia,” a new service brand, at its Open Day event. Fang Weihao, Interim Chairman of the Board and Chief Executive Officer of Ping An Good Doctor, stated that “Ping An Yi Jia” conveys the concepts of a “home for doctors,” “private physician,” and “family doctor.” He emphasized that this brand represents an inevitable choice for the company to consolidate its industry-leading position, drive product upgrades and industry trends, and accelerate in-depth business development.

Fang Weihao introduced that "Ping An Yijia" will be upgraded based on its existing innovative product, "Private Doctor," primarily focusing on four aspects: The Private Doctor service will launch a multi-tier membership-based health stewardship program tailored for individuals and families; the doctor’s workstation will be comprehensively upgraded to empower physicians in five key areas—academic development, income, brand building, professional capabilities, and efficiency. By integrating a four-tier physician system comprising AI doctor assistants, in-house physicians, externally contracted experts, and renowned specialists, Ping An aims to build the world’s largest physician ecosystem, leveraging technology to better support medical professionals; the physician team will be strengthened by continuously recruiting prominent external doctors. Coupled with newly added audio and video consultation features, online and offline resources will be integrated to help doctors precisely match with patients, thereby improving management efficiency; Ping An Yijia will also simultaneously upgrade its insurance coverage, enhancing the level of protection for online medical services and alleviating concerns for both patients and healthcare providers.

Fang Weihao stated that "Ping An Yi Jia" embodies the company's commitment to its mission of building a professional bridge for doctor-patient communication, with the goals of trust, professionalism, and convenience, in order to create China's largest, most advanced, and most defensible internet healthcare platform.

Ping An Smart Healthcare aims to provide end-to-end solutions for regulators and the healthcare ecosystem. Leveraging its “Four-Wheel” drive to empower the government sector, it vertically integrates services to facilitate the high-speed operation of China’s healthcare system.

Gao Mengxuan, Co-General Manager of Ping An Smart City and CEO of Ping An Smart Healthcare, introduced that the "Four Pillars" refer to the management of healthcare institutions, physicians, diseases, and pharmaceuticals. Specifically, this framework empowers the government by serving as an entry point for engaging offline medical stakeholders; leverages core smart hospital systems to comprehensively enhance hospital operations; empowers physicians by creating AskBob, a "Bloomberg"-style think tank for the medical sector, providing all-around support in clinical practice and scientific research; strengthens public health systems to respond to epidemic emergencies; builds a chronic disease management platform to facilitate early detection, treatment, and recovery; and provides comprehensive solutions for drug R&D, quality management, and centralized procurement.

Gao Mengxuan pointed out that Ping An Smart Healthcare has seen rapid expansion in its business layout, spanning more than 90 cities across China and Southeast Asia. It covers over 20,000 medical institutions, serves more than 450,000 healthcare professionals, and has recorded nearly 300 million service calls. Furthermore, it has engaged in scientific research collaborations with medical institutions such as Singapore’s SingHealth, the US-based medical cloud computing company Arterys, Romania’s Matei Bals Hospital, and partners in Indonesia, continuously helping overseas medical institutions enhance the quality and efficiency of their healthcare services.

Ping An Showcases Its Globally Leading Medical Technology for the First Time, with Core Strengths in Advanced Data and KnowledgeXie Guotong, Chief Medical Scientist of Ping An Group, introduced that relying on the group’s five major medical databases (Disease Database, Medical Product Database, Prescription and Treatment Database, Medical Resource Database, and Personal Health Database), Ping An has established a globally leading medical data center. The Disease Database contains approximately 100,000 disease concepts and 420,000 disease terms; the Medical Product Database includes 180,000 drug package inserts and 84,000 traditional Chinese medicine prescriptions; the Prescription and Treatment Database comprises 150,000 prescription records and 30 million medical literature articles; the Medical Resource Database covers information on 500,000 Chinese physicians and 2.2 million scientific researchers; and the Personal Health Database encompasses 1 billion clinical diagnosis and treatment records.

The company also demonstrates differentiated advantages through its leading algorithm training platform. The Saifei Platform supports large-scale parallel experiments and leverages intelligent scheduling and allocation of computing resources, thereby reducing workload by 30% to 50%, increasing prediction speed by 3–6 times, accelerating computation by 100 times, and decreasing memory consumption by 23%. The core value of these advantages lies in providing 100% support for the development of medical algorithm models, effectively boosting R&D efficiency by 5–8 times.

Xie Guotong further introduced that Ping An’s data and knowledge assets have already become the largest, most technologically advanced, most comprehensively dimensional, and most widely applied medical knowledge base. Information from these knowledge bases supports AI-driven decision-making through Ping An’s “Medical Brain,” enabling broad applications. Currently, Ping An operates the world’s largest intelligent diagnostic assistance platform, the world’s largest chronic disease management platform, and the world’s largest medical database, and ranks second globally in the number of medical technology patent applications, demonstrating its globally leading technological prowess.