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Introduction Of Ping An Case study

Ping An Insurance, also known as the Ping An of China, is a Chinese holding conglomerate whose subsidiaries deliver insurance, management of assets, banking, healthcare and financial services. The company is headquartered in Shenzhen and was founded in 1988. The literal meaning of Ping An is safe and well. In 2022, Ping An ranked 17th on the Forbes Global 2000 list and 25th on the Fortune Global 500 list. Ping An ranked 21st among the world’s top 500 most valuable brands and 4th among global financial enterprises in the global 500 (Comparably 2022). The company is the largest insurer in the world. In the Shanghai stock exchange, Ping An is one of the top 50 companies that provide insurance to citizens. It is also the constituent stock of the Hang Seng Index. Hand Seng is the index of the top 50 companies on the Hong Kong stock exchange. There are several pan-China stock indices of Ping An Insurance. These indices are CSI 300 index, Hang Seng China 50 Index, and FTSE China A50 Index. 

Introduction Of Ping An Case study

Vision and Mission Statement of Ping An

Ping An Insurance Company is a holding company that deals with banking, insurance and financial services. The mission of Ping An is to meet the responsibilities of the shareholders, employees, customers, society, and partners. Ping An ensures that the group is moving toward its goal that is based on consistency in strategy, the culture of corporate and branding. The vision statement of Ping An is to become the leading provider of personal financial life services in the world. Therefore, the mission of Ping An is to meet the commitments to the customers, investors, society ad employees (Comparably 2022). The goal and commitment of Ping An to the investors are to improve the values of the asset and produce stable returns. The commitment of Ping An to the customers is to deliver the best services with integrity. The commitment of Ping An to the employees focuses on being a responsible employer and delivering the conditions that are associated with the development of a career and a better way of living. The vision of Ping An on commitment towards society is to contribute to the development of the country. The mission of Ping An is value creation and the pursuit of excellence. It promotes personal integrity among the employees and develops virtues among the employees such as honesty, entrepreneurship, trustworthiness, and achievement. The process of motivation, competition, and elimination is implemented together with the professional, distinctive, long term and advanced business philosophy. 

Vision and Mission Statement of Ping An

Ping An Inc. Situation Analysis

Ping An reported gross premiums of CNY760,843 million for the fiscal year that ended December 2021 that was decreased by approximately 4.6% from the financial year 2020. The net written premium of Ping An was CNY730635 million in the financial year 2021 which was comparatively lower than the financial year 2020 and the amount was approximately 5.7% lower than the previous year (Pingan 2022).

Industry Structure And Economic Feature 

It is a mixed-ownership company that is listed on the Shanghai Stock Exchange and the stock exchange of Hong Kong. Subsidiaries of Ping An are Ping An Life, Ping An Annuity, Ping An Bank, Ping An P&C, Ping An Health Insurance, Ping An Trust, Ping An Fund, Ping An Securities and others. All these sections cover all aspects of financial services. It has developed into one of the major financial companies in China (Pingan 2022). They can provide all-around financial products and services like banking, insurance, and investment. Ping An Life is the second largest insurance company in China. It delivers customers various life insurance products and services. Ping An property and casualty is the second-largest property and casualty company in China. Ping An annuity is the first professional company that provides pensions to citizens in China. This company also provides insurance, management of assets, services of medical insurance, and annuity to individual users and corporate users. Ping An is one of the licensed professional health insurance companies in China. This company provide customers with services of insurance protection, health management and medical services. 

Ping An Strategic

Business-level strategies

The strategies assist to build up the technology capability of Ping An and transforming the traditional financial services into a technology ecosystem. The domains of Ping An are financial services, automobiles, smart cities, health care and real estate. With the assistance of technology, financial services and ecosystems, Ping An has increased its market value when the IT system moves to the cloud. Initially, Ping An is a simple insurance company, but with time, it expanded to financial and banking services (Webfoss 2022). The company invested in new technologies and launched spin-offs that regulate beyond the boundaries of traditional businesses. 

corporate level strategies

Digitalisation like cloud computing assists Ping An to develop advanced data analytics across businesses. It is the essential step for the company to become the company that gets all the benefits to be a technology-driven company. Another crucial step of the corporate-level strategy of Ping An is to build software services that are based on artificial intelligence (Pingan 2022). The Primary strategy of Ping An is to adopt technologies that will improve internal efficiency. The corporate-level strategies of Ping An are sharing talents, encouraging entrepreneurial spirit, granting true autonomy, and allowing capital infusion from outside. Ping An maintained fluid talent deployment across the businesses. In Ping An, managers are allowed to be much more entrepreneurial by improving the compensation incentive. 

Competitive analysis and advantage in the industry

Ping An harness the technological capability, scale up innovation and connect with the partners which are achieved by productizing technology and resources that are useful for partners in delivering new opportunities. There is diversification of the management team of Ping An. Although Ping An is a large organization, it can generate a positive mindset. 

SWOT Analysis

Strengths

The strengths of Pig An that assist the organisation to survive in the workplace are a high level of satisfaction of customer, a strong dealer community, the super performance of Ping An in new markets, successful track records, reliable suppliers, a highly skilled workforce, strong portfolio of the brand, automation of the activities.

Weaknesses

They are the limited success of the organisation outside the core businesses, gaps in the range of the products that are sold by the company, structure of the organisation, poor level of investment in research and development, and the high attrition rate in the workforce, needs more investment in the new technologies (Fernfortuniversity 2022).

Opportunities

Opportunities for Ping An are stable free cash flow, new trends in the behaviour of the consumer, opening up of new markets according to the agreement of the government, decreasing cost of transportation, core competencies of the organisation and new environmental policies.

Threats

Threats are rising pay Pals, no regular supply of innovative products, increased trend t isolationism, increased strength of the local distributors, changed behaviour of the consumers, and increased competition.

PESTLE Analysis

Factors

Descriptions

Political

Political factors that have an impact on the Ping An Company of China are armed conflict, lower taxation policies, changing policies with the new government, and other stakeholders like non-government organisations. Economic factors that have impacts on organisations are the rate of inflation, rate of exchange, disposable income of the consumer, stage of the economy of the country name, condition of the labour market, rate of interest, and economic performance of the country name.

Economic

Skill level of the workforce in the market China, availability of the core infrastructure in the US, rate of inflation, economic cycles, downward pressure on the spending of the consumer, and efficiency of the financial market (EMBA Pro 2022).

Social

The social factors that have impacts on Ping An of China are migration in the country, demographics, power structure within the country, societal norms and hierarchy, leisure interest of the citizen and media outlets.

Technological

Some of the technological factors that have major impacts on a company are the success of the population to the technology, the rate of change that is technology-driven, access to the mobile phone driving empowerment, access to greater information, innovation in customer services, disruption of the supply chain due to technology. The technological factors that have an impact on Ping An are the protection of patents and rights of intellectual property, decreasing cost of production, research and development investment, technological innovation, the latest technology-based innovations, and others.

Legal

Legal factors that have an impact on the Ping An insurance company of China are employment law, environmental laws and guides, business laws, health and safety norms, and legal protection to protect patents, property, copyrights and others.

Enviornmental

Environmental factors that have an impact on Ping An are regular scrutiny by environmental agencies, customer activism, environmental norms, waste management and extreme weather (EMBA Pro 2022).

Target market analysis of Ping An

Demographic characteristics of the market:

Ping An targets the fast-growing middle class and affluent population of China.

psychological characteristics of the market:

Market psychology refers to the behaviours and sentiments of the market at any point in time. Market psychology is a powerful force that may or may not be justified by particular events. Greed, fear, euphoria, and expectations are all factors that determine the overall market psychology of Ping An (Fernfortuniversity 2022).

Behaviours of the target market:

Behaviours of the target market of Ping An are the reason for purchase, the process of buying, decision-makers, the buyer journey stage, engagement level of the target.

strategies appealing to the market:

The appealing strategy of Ping An in the market is life insurance and a product portfolio that will assist the customers to meet their various needs. Besides the opportunity of life insurance, the focus of Ping An is to deliver the customers comprehensive and tailored offerings in elderly care, healthcare and education.

Marketing Mix of Ping An

Product Strategy:

Ping An is one of the major financial institutions in China. It delivers insurance, investment, banking, and internet finance services in its marketing mix. 

Pricing strategy:

As Ping An s a public entity, therefore, it regulates the prices at baseline so that people can afford them. However, prices vary from service to service (EMBA Pro 2020). 

Promotional plan:

There is various promotional and advertisement strategy for Ping An. It delivers different scopes to groom the employees and considers giving back to society. 

Ping An Competitive analysis

4P’s comparison and competitors: 

Product:

The products Ping An is making to capture the potential markets. Value to the customer of Ping An can be delivered via installation and repair services, point of scale equity, physical product, the convenience of availability, priming and pre-purchase education that is provided by the sales staff, word of mouth references, quality-assuring name of the brand, financing plans to buy the products. 

Price:

The pricing strategy of Ping An in various customer segments it is operating in. Under cost-based pricing, Ping An works on what it takes to produce the product and puts a markup that is based on the profit that the company wants to earn. Via value-based pricing, the company can set the price according to the customer's perception of value (EMBA Pro 2020). 

Place:

The distribution mix of Ping An has taken a new dimension with the emergence of online retailing and the domination of players. Place or distribution channel is a set of processes via which Ping An can deliver its products to the customers. The distribution channel of the company meets various purposes like assuring the quality of the product, after-sales services and services that are related to the installation services, delivering information to the customers about the products, improving availability of the products to end consumers, improving opportunities for individual customers to buy products, delivering an extensive assortment of the product.

Promotion:

The emergence of social media and online advertising has changed the landscape of Ping An’s communication strategy and communication mix.

Strength comparison with the competitors:

The Ping An company is the major financial Group in the fastest-growing economy of China. The company has an integrated and well-established financial strategy that will improve the condition of the company against the slowdown in the economical ground. Ping An maintain a strong and developed supply chain. Ping An has a strong presence in China in financial and insurance services. 

Weaknesses comparison with the competitors:

The weakness of the company is that it has a weakened pattern of ownership, demonstrated weak online presence, and poor customer service.

Organisation’s competitive advantage:

The competitive advantages are based on innovation, new services that can diversify the customer base, and global expansion that assist in boosting revenues.

Key success factors

The successful transition to the technology conglomerate is the basis of the success of Ping An.

Problems and issues in Ping An’s organization 

The major issue in the Ping An Organisation is the geopolitical tension between China and other western countries (Pingan 2022). 

Financial Analysis

Ping An China's second-largest insurer by market value suffered a 31.5% drop in the third quarter profit as a stock market slump hurt investment returns and slowdown the economy. 

Conclusion

Therefore, Ping An is an insurance company that provides banking, insurance, asset management, financial and healthcare services. Ping An ensures that the group is moving toward its goal that is based on consistency in strategy, the culture of corporate and branding. The vision statement of Ping An is to become the leading provider of personal financial life services in the world. Therefore, the mission of Ping An is to meet the commitments to the customers, investors, society ad employees.

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