The role of Ping An is only to give opinions and technical assistance in the information technology section for BPJS Health so that the agency can be more effective and can handle its deficit problems. Who is Ping An Insurance actually? Ping An is the largest insurance company in China based on market capitalization.
The company, headquartered in Shenzhen, China, was built on March 21, 1988. The Ping An Insurance Group of Companies of China Ltd. became the first insurance company in China to take on a parent company scheme. Some of its subsidiaries are engaged in financial services, from insurance, banking, financial technology (fintech), securities companies, and mutual fund managers.
Ping An is listed as a public company on the Hong Kong Stock Exchange and Shanghai Stock Exchange. The internet and business digitalization are important drivers of the development of Ping An's business. As of June 2017, the company has 403 million online customers. Forbes Magazine placed Ping An in 7th place in the list of the world's largest public companies, namely Global 2000 in 2019.
Ping An's market share of up to US $ 220.2 billion and revenues of US $ 151.8 billion in 2018. Regarding the assets of the giant insurance company up to US $ 1,038.3 billion. Working in Indonesia through Fintech OneConnect In Indonesia, Ping An works in the field of financial technology (fintech) through her subsidiary, PT OneConnect Financial Technology Indonesia.
Ping An prepared a capital of US $ 10 million or around Rp 140 billion for the subsidiary, which was issued in February 2019. OneConnect offers technology in artificial intelligence, blockchain, cloud base, and biometric identification for small and medium-sized companies. OneConnect has facial recognition technology with an accuracy rate of 99.8%.
This technology is used to verify the identity of loyal consumers appropriately and safely. Important Director of PT OneConnect Financial Technology Indonesia, Hendra Tan, explained that the technology could increase efficiency, manage effects, and reduce the financial costs of Indonesian citizens. OneConnect is collaborating with the Indonesian Market Management Association (ASPARINDO) to help some traditional market traders transform into the digital market.
Last year, Ping An was interested in acquiring the Prudential Plc business unit in Asia to enter the Singapore and Indonesia insurance markets. Ping An has the intention of making the business unit a competitor for other global insurance companies, such as AIA Group and Manulife Financial Corp. Bloomberg Intelligence analyst in Hong Kong Steven Lam, sees the idea of expansion and technological excellence owned by Ping An can make Southeast Asia's insurance market leader. Unfortunately, this desire failed when Prudential CEO Mike Wells said the company was not interested in selling its efforts in Asia.