China Ping An (02318.HK) stated that in the dialogue on 'financial services for the ageing population' at the summer Davos Forum, Co-CEO Guo Xiaotao stated that China has entered an ageing society, bringing huge opportunities for the financial services industry. The core of retirement planning lies in wealth management and health management, but Chinese seniors have a weak awareness of early retirement financial planning and the current retirement services in the market are fragmented, lacking in standards and supervision systems. Through technological empowerment and integrating financial products and retirement services, the group is constructing an innovative business model, which represents the payment and integration of the supply side, to explore the China silver hair market, and is designing comprehensive financial and retirement products for the silver-haired crowd.
Guo Xiaotao pointed out that the needs of the elderly are highly individualized, and retirement services need to integrate countless scattered demands. Currently, the Chinese retirement, medical and health services market is still in its early stages, with the main challenges being fragmentation of services, service quality, processes, prices, and varying standards, with no unified norms and a lack of a supervision and service system. In addition, there is no leading enterprise in the market that can provide customers with cost-effective and satisfactory quality services nationwide.
He mentioned that different types of retirement products in the silver hair market play different roles but tend to be biased towards a single one. Therefore, meeting retirement needs cannot be a simple addition of each retirement product, but should be a comprehensive solution based on different life cycles, different stages and customers' individualized retirement needs, through organic combination and adjustment. China Ping An provides insurance products covering the entire retirement lifecycle, while also integrating medical, health and retirement services, and focusing on building and deepening the innovative mode of 'insurance + service'. Guo Xiaotao explained that Ping An's advantage lies in platform integration capability, integrating upstream suppliers into a service system that precisely identifies customer needs. The company has a customer base of 234 million individuals and has also accumulated reputation and advantages, which can pool purchasing power, make demands to service providers in the industry chain and set up a complete service system, including the formulation of standards, admission of suppliers, price measurement, supervision and review, etc.
He continued that the current status of China's retirement approach is that 90% of the elderly choose to stay at home. Ping An's corresponding home-based retirement services include the online diagnosis and treatment platform of Ping An Health, realizing 7×24-hour reception; integrating massive offline medical and health service resources, achieving full cooperation coverage of the top 100 and top 3 hospitals in China, with nearly 50,000 internal and external medical teams and cooperation with nearly 2,400 famous doctors; and cooperating with 230,000 pharmacies. Retirement services are integrated through more than 100 service providers, achieving 650 home-based services and 7×24-hours companionship of life housekeepers. It has covered 54 cities and more than 80,000 people have obtained home-based retirement service eligibility.
He further stated that the current state of China's retirement approach is that 90% of the elderly choose to stay at home. Ping An's corresponding home-based retirement services include the online diagnosis and treatment platform of Ping An Health, realizing 7×24-hour reception; integrating massive offline medical and health service resources, achieving full cooperation coverage of the top 100 and top 3 hospitals in China, with nearly 50,000 internal and external medical teams and cooperation with nearly 2,400 famous doctors; and cooperating with 230,000 pharmacies. Retirement services are integrated through more than 100 service providers, achieving 650 home-based services and 7×24-hours companionship of life housekeepers. It has covered 54 cities and more than 80,000 people have obtained home-based retirement service eligibility.