Ping An Unveils New Strategy to Build an Internet Healthcare + Insurance Ecosystem, Files Prospectus
After years of development, the internet insurance industry remains in its nascent stage, lacking a mature and well-defined business model. Collaboration between internet healthcare companies and insurers is still at a preliminary, exploratory phase, with both parties exercising caution in areas such as data openness and channel cooperation.
To address this situation, Ping An Property & Casualty Insurance Company of China, Ltd. (hereinafter referred to as “Ping An P&C”), a subsidiary of Ping An Group, recently unveiled its “Internet + Insurance” ecosystem plan and launched four new medical insurance products at the Future Healthcare 100 Forum hosted by VCBeat.
Furthermore, at this forum, Ping An Insurance not only received the “Most Influential Listed Company” award but also joined the “Future Healthcare Industry Acceleration Program.” This program is a comprehensive service initiative jointly launched by VCBeat, VBInsight, and various industry support entities, including capital institutions, industrial infrastructure service providers, key payers, and research organizations.
Future Healthcare Industry Acceleration Program
Ping An Insurance (Group) Company of China, Ltd. has chosen to partner with VCBeat. On one hand, it aims to support next-generation healthcare enterprises through the “Future Healthcare Industry Acceleration Program” by facilitating capital connections, resource integration, policy interpretation, and the development of core corporate capabilities. On the other hand, it seeks to establish insurance ecosystem collaborations with these emerging healthcare companies to jointly drive industry transformation.
At the forum, Song Xueliang, Sales Director of the Key Account Department at Ping An Property & Casualty Insurance’s headquarters, stated, “As internet-driven thinking and business models continue to permeate and integrate with the healthcare and insurance industries, Ping An aims to adopt a more proactive stance in promoting the development of internet-based health insurance. Through this strategic partnership between Ping An P&C and VCBeat, we hope to deepen our understanding of internet healthcare companies, explore collaborative opportunities, and jointly advance the growth of internet-based health insurance.”
Song Xueliang, Sales Director of the General Manager’s Office, Key Accounts Department, Ping An Property & Casualty Insurance Company Headquarters
At present, internet insurance is exhibiting four new trends: socialization, mobilization, specialization, and scenario-based integration.
First is socialization. Currently, new business models have emerged in the internet finance industry, originating from social networking and ultimately evolving into internet finance platforms.
Second is the shift toward mobile. Internet finance platforms are evolving from PC-based to mobile-based operations. For instance, over 60% of transactions conducted by Lufax users are now carried out via mobile devices.
Third is specialization. Following the issuance of the Guiding Opinions on Internet Finance, various business models within the internet finance sector have been incorporated into the regulatory framework of the People’s Bank of China, subject to stricter oversight. Product security has become a focal point for both regulators and investors. Therefore, specialization represents a highly significant trend for the future.
Finally, there is scenario-based integration. The internet scenarios that Ping An has strived to create, such as “Good Doctor,” “Good Home,” and “Good Car,” are all designed to transform originally serious, distant, and even cold financial products into applications with lower barriers, richer content, and greater accessibility.
(1) Individual Physician Liability Insurance
Internet-Based Physician Benefit Products. In recent years, amid relatively strained doctor-patient relationships, professionals in the healthcare industry have consistently called for the establishment of a risk-sharing mechanism centered on medical liability insurance. Although medical liability insurance primarily targeting healthcare institutions is gradually being promoted, physicians—who are the true sources of medical risk—have long lacked autonomy in purchasing such coverage. This has become one of the factors hindering the market-oriented development of physicians’ careers. To overcome challenges such as complex product design, difficulty in risk control, and challenges in cost recovery, Ping An has designed and launched Individual Physician Professional Liability Insurance. Premiums are determined based on the physician’s specialty department and professional title, providing coverage for multi-site practice risks across legitimate healthcare institutions, including hospitals, clinics, outpatient departments, and health stations. The launch of this product safeguards physicians in practicing with peace of mind and offers reliable protection to more doctors who wish to transition out of the traditional public system.
(2) Drug Damage Liability Insurance
Pharmaceutical Company Benefit Products. In response to the "Notice of the General Office of the State Council on Issuing the Pilot Program for the Marketing Authorization Holder System," insurance participates in social co-governance. By fully understanding the risks and needs faced by food and drug regulatory authorities, clinical trial institutions, manufacturers, and drug recipients, we have constructed the logical framework for China's drug damage compensation insurance system. With a comprehensive understanding of the legal risks faced by pharmaceutical enterprises, we have successfully completed the research project on the "Drug Damage Compensation Insurance System," which was commissioned by the China Food and Drug Administration (hereinafter referred to as "CFDA") and undertaken by the Insurance Association of China (hereinafter referred to as "IAC"). Concurrently, Ping An is launching a specially developed Drug Damage Liability Insurance product to provide targeted insurance protection for various enterprises in the pharmaceutical industry.
(3) Ping An Personal Medical Dispute + Occupational Disease Insurance
Internet Physician Welfare Product: Covers death, disability, minor injuries, light injuries, severe injuries, hospitalization allowances, and medical insurance resulting from doctor-patient disputes during diagnosis and treatment; also provides coverage for infectious diseases and occupational diseases.
(4) Ping An Doctor’s Consultation Cancellation Loss Compensation Insurance
Exclusive Insurance Product for Internet Medical Platforms: Upon successful appointment and registration via a professional online platform, if the scheduled physician temporarily suspends consultations and is unable to provide services on the appointed day, the Insurer shall indemnify the Insured for direct economic losses resulting from such suspension, up to the sum insured specified in this insurance contract.
Ping An’s exploration of the “Internet Healthcare + Insurance” model is accelerating. The four insurance products unveiled at this conference mark only the beginning of Ping An’s collaborative innovation with the healthcare and medical industry. Ping An is actively seeking partnerships with a wide range of players in the broader health sector that possess advantages in physician-patient resources or products, including internet healthcare platforms (covering practitioners, specific patient populations, and niche disease categories), innovative public medical institutions, mid-tier private medical facilities, health service providers such as those offering check-up and rehabilitation services, as well as companies specializing in precision medicine and smart wearable devices.
Song Xueliang stated, “In the face of significant opportunities, insurance companies and internet healthcare enterprises should place greater trust in one another and explore and promote various potential collaborations with a more proactive and open mindset, thereby jointly building an ‘Internet Healthcare + Insurance’ ecosystem.”