Reinsurance News

Ping An P&C issues digital RMB insurance policies in Shenzhen

4th August 2021 - Author: Katie Baker

Ping An Property & Casualty Insurance has issued its first digital RMB insurance policies in Shenzhen in cooperation with the Bank of China.

Ping An insurance logoThe insurer created this pilot of comprehensive insurance for medical staff policies in Nanshan District of Shenzhen in cooperation with the Bank of China.

The policies include a compensation of RMB300,000 for death from COVID-19, along with RMB50,000 for COVID-19 diagnoses and RMB50,000 for accidental death.

The insurer will offer discounts to any policy holder who has purchased the policies with digital RMB wallets.

The pilot is an industry first which aims to provide protection for medical staff, offer policy holders a digital wallet experience and enable digital RMB premium settlement.

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.

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.

Last year the Ministry of Commerce of People’s Republic of China, announced digital RMB pilot programs in several regions, including Beijing-Tianjin-Hebei, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area and the central and western regions.

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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