Ping An Insurance (Group) Company is the holding company of Ping An Life Insurance Company of China, Ltd. and Ping An Property & Casualty Insurance Company of China, Ltd. It also controls China Ping An Insurance Overseas (Holdings) Limited and Ping An Trust & Investment Co.
Ping An Insurance (Group) Company of China, Ltd. (‘Ping An’) is the country’s first joint-stock insurance company that integrate securities, trusts, banking, asset management and annuity services. The Company was founded in 1988 and began only as a casualty insurance company. Since the mid 1990s, Ping An has been diversifying into financial services from its core business of insurance and began taking investments from overseas firms. Ping An accepted investments from Morgan Stanley and Goldman Sachs in 1994. In 2002 HSBC took a large equity interest in Ping An. Now, it has grown into one of the three leading insurance conglomerates in China.
Xiamen Ping An Insurance Company Ltd. is a subsidiary company of Ping An Insurance of China, which was founded in 1996. Its’ core business is to provide wide range of general insurance products and services such as Fire Insurance, Life Insurance, Accident Insurance, Employees’ Compensation Insurance, etc.
Ping An Insurance Company has a vertical organizational structure. Headed by the Board of Directors, there are also General Manager and Assistant of a General Manager, who take the positions between the Board of Directors and operational departments: Accounting Department, Reinsurance and Administration Department, etc.
Every morning at 8:30 am, Ping An of China’s 250,000 insurance sales agents across the country begin the day by singing the company anthem:’ Within the four seas, with our hands on hour hearts, we sincerely wish that there is ping an (peace). When the music ends, the sales agents divide into smaller groups led by team leaders. The agents relate their sales target for the day, and team leaders critique their strategy. The procedure is representative of the teaming program employed by the human resource management.
The fact that company has been inviting key managers from abroad signifies that the present human resource strategy and culture is partially adjusted to the Western style. Going even further, this strategy proved to be successful. As such, company’s organizational culture is a mixture of successful Western style HR practices that have been adjusted to the local culture. Ping An of China was the first company to introduce this approach in the industry. This is of particular significance, to our research, as company is perspective and representative for the industry overall.
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