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Ping An Launches Pilot of Digital RMB Insurance Policies With Bank of China in Shenzhen

Ping An Insurance Company of China, Ltd. announced that Ping An Property & Casualty Insurance Company of China, Ltd. has issued the first batch of digital RMB insurance policies in Shenzhen in cooperation with Bank of China.

Ping An Property & Casualty created the Comprehensive Insurance for Medical Staff policies in Nanshan District of Shenzhen in cooperation with the Bank of China. The policies for frontline medical workers include compensation of RMB300,000 for death from COVID-19; RMB50,000 for COVID-19 diagnoses; and RMB50,000 for accidental death. There are discounts for policy holders who purchase the policies with digital RMB wallets.

The pilot aims to provide protection for medical staff, offer policy holders a digital wallet experience and enable digital RMB premium settlement. It is an industry first, demonstrating Ping An Property & Casualty’s financial capability and innovation. Ping An Property & Casualty’s innovative application of digital RMB is anticipating demand for digital currency, which significantly improves convenience, provides enhanced security and anti-counterfeiting payment protection, and promotes the rapid development of China’s digital economy.

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With this pilot, Ping An Property & Casualty has extended the use of digital currency to the online premium settlement scenario, promoting its application in daily life.

In August 2020, the Ministry of Commerce of People’s Republic of China, announced digital RMB pilot programs in several regions, including BeijingTianjinHebei, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area and the central and western regions. For the insurance industry, the priorities are to better integrate the characteristics of the digital RMB network, launch a new business model of property and casualty insurance related to digital RMB storage, and drive strategic planning on digital RMB applications.

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You Chengming, General Manager of Shenzhen branch of Ping An Property & Casualty, said, “In the future, Ping An Property & Casualty will further explore the application of digital RMB in claims, payment, and other aspects of the insurance process, facilitate the implementation of digital RMB in the whole process from insurance policies issuance to claim settlement, as well as expand the use of the digital RMB to other insurance scenarios.”

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