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CPIC to improve business quality through digitization

CHINA Pacific Insurance Group said it will continue to enhance digital channels and develop more protection types of insurance products as part of measures to improve business quality for the next three years under leadership of a new board, company officials said today.

The group has prioritized development of digital platforms as a major strategy for the next three years to “focus on core insurance businesses and pursue sustainable value growth, group chairman Gao Guofu said on a briefing.

The measures aim to improve customer experience, lower the company's business operational costs, improve efficiency and promote collaboration between the group's various units.

Efforts will be made in streamlining online-offline services and digitalizing business management processes to improve supply of products and services, according to Gao.

The strategy will enrich CPIC's current digital operations that already widely used in sales and claiming compensation in life and non-life insurance sectors.

The comments were made as CPIC reported its gross written premiums rising 15.1 percent year-on-year in 2016 to 234.02 billion yuan (US$ 33.96 billion), with group assets exceeding the 1 trillion yuan mark for the first time.

However, the insurer’s net profit declined 32 percent year-on-year to 12.06 billion yuan (US$1.75 billion) due to lower investment returns and changes in reserve discount rate.

Xu Jinghui, director of CPIC Life, said the current boom of life insurance market will continue in China and the company will focus on developing protection type of products and long term saving products to meet consumer needs and ensure business sustainability.

China's life insurance premiums rose 30 percent last year, contributing to half of the global increase, according to an Allianz report.


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