Ping An’s rapid growth is largely attributed to smart business decisions that saw Ping An expand in the right directions. The insurance giant is also known to be an incubator for new fintech companies and has also consistently invested in their long-term digital capabilities. As experts in McKinsey and Company explain:
“In the past five years, Ping An has accumulated nearly 500 million online users, created 11 new digital platforms across industries, and increased its number of insurance agents to 1.4 million, all armed with the company’s digital tools and apps. Ping An’s commitment to investing in emerging technologies has been a particularly important driver of this expansion: it now directs 1 percent of its annual revenue—around $1 billion—toward tech investment.”
Ping An’s commitment to innovation makes them one of the leading companies when it comes to tech investments. As of November 2020, Ping An owned the 9th most machine learning and artificial intelligence active patents equating to more than 3000 patents.
The insurance giant also filed over 1120 Blockchain invention patent applications globally, the third most by any company worldwide. Notably, Ping An is only behind other Chinese industry giants, Alibaba and Tencent in blockchain invention patent applications.