China Pacific Insurance (Group) Co., Ltd. (“CPIC” or the “Company“; Stock Code: 2601.HK, 601601.SH, CPIC.LSE) recently informed that China Banking and Insurance Regulatory Commission officially approved the application of China Pacific Insurance to establish CPIC Technology Co., Ltd. (“CPIC Technology”) on 21 January, 2022, marking that CPIC Technology became one of the first approved technology subsidiaries focusing on rendering information technology services to insurance groups after the promulgation of the Administrative Measures for the Supervision of Insurance Group Companies.
In the context of insurance industry digitalisation, technology has become a new battlefield of changes and competitions for insurance industry as technology is gradually interacting with the industry in all aspects. As a top insurance company, CPIC always regards technology as the core element to drive business development, and regards shaping the future-oriented technology advantage as the inevitable requirement to achieve high-quality development. In July 2020, the board of directors of CPIC resolved to push forward the establishment of CPIC Technology as a significant strategic decision on “Strengthen Technology”, a component of CPIC Transformation 2.0. During its subsequent trial running for more than one year, CPIC Technology developed a data lake for universal business-related data across CPIC for the first time as a part of its efforts to create data governance system, and it extended its presence to several regions by relocating Luojing Data Centre for “second-level response time for 100 million-level user base, and real-time computing for full data”, putting Greater Bay Area Science and Technology Innovation Centre into operation, and advancing the progress of Wuhan R&D Centre. It has successively entered into market-oriented technological cooperation projects with the Group and its subsidiaries, further improving the technology governance system of CPIC. The company has received aggregate 15 copyright patents from National Copyright Administration of China, and more than 20 domestic and foreign industry awards for its digital product matrix represented by Intelligent Platform for Compliance, Intelligent Contract Review, Family, and AI Open Platform, and for its self-developed “Cat” series automatic test platform, which has been selected as the top ten technological achievements in digital transformation of state-owned enterprises.
CPIC establishes CPIC Technology to respond to the new requirements of industry development, and open up a new track for the insurance industry. CPIC Technology will provide new momentum for high-quality development of CPIC, bringing about new advantages for CPIC.
Responding to the New Requirements of Industry Development. China’s insurance market is in a critical stage of development with shifting cycles and reshaping of growth engines. CPIC Technology will actively respond to the developing requirements set out in Guiding Opinions on the Digital Transformation of the Banking and Insurance Industry and China’s Insurance Technology 14th Five-Year Development Plan. It will focus on top-level design, strengthen overall planning, give full play to the role of new strategic entity, so as to help CPIC maintain its strategic focus on protection-oriented products, support the construction of the financial technology industry, improve the quality and efficiency in serving the real economy, and strengthen the ability to serve the society and people’s wellbeing.
Opening New Development Paths in Insurance Technology. Nowadays, with the accelerated evolution of a new wave of technological revolution and industrial transformation, CPIC Technology will implement cutting-edge technology research and technological engineering projects, overcome the challenges and grasp the opportunities in the new era of technological development, and focus on independent research and development, data services, platform collaboration, innovation transformation, and other long-term develop of technology capability. Also, it will promote innovative breakthroughs in key technology fields such as blockchain platforms, trusted computing platforms, big data risk control platforms, AI service capabilities, and IoT solutions, and continue to put efforts into “big health”, “big data”, “big regions” and “metaverse” and other key areas, to promote the core transformation from “digital” to “digital intelligence”, and boost the business transformation and upgrading and conversion.
Becoming a New Driver for High-quality Development. In the critical year of further promoting the “14th Five-Year Plan” and CPIC’s new 30-year development, as the main force of CPIC’s technology empowerment, CPIC Technology will promote CPIC to establish technology capabilities that match CPIC’s industry status, and enhance the display of technological empowerment, to empower the management and CPIC to give full play to the advantages of the system and mechanism and the role of the platform window, in order to promote the deep integration of business and technology, cultivate new momentum for high-quality business development with technology, and make insurance technology a powerful driver of high-quality development of our group on its new journey.
In the future, CPIC Technology’s mission will be “achieving growth in insurance business using technology and creating value with expertise”, with the vision of “becoming a leader of the new era of insurance technology”, and adhere to “be open-minded to innovation, be customer-oriented, efficiently promoting new strategies, creating synergy and symbiosis, and emphasis on steady growth and systematisation”, it will serve the main business, empower the main business, and play a greater role in promoting the development of China’s insurance industry.