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Ping An launches home-based elderlycare service to pursue "finance + elderlycare" business strategy

Publish date: 14 March 2022

Ping An Insurance announced that subsidiary Ping An Life has launched an elderly home care service. Building on the strength of Ping An's healthcare ecosystem and high-quality elderly care resources, the service brings together insurance protection for customers with a professional "one-stop" elderly care service for an easier and more affordable living experience.

In recent years, Ping An has been committed to the strategic upgrade of integrated finance and healthcare services. It has developed "finance + elderlycare" and "finance + healthcare" business ecosystems, and launched innovative products and services, including insurance with healthcare management, insurance with high-end elderlycare, and insurance with home-based elderlycare, to meet the growing demand for healthcare and elderlycare. The launch of home-based elderlycare service creates a 'closed loop' in an innovative "insurance + service" product ecosystem. This is a business model that brings together healthcare management, high-end elderlycare and home-based elderlycare.

Capitalizing on the strength of Ping An's healthcare ecosystem, the elderly care service addresses major pain points of elderly care at home.  It provides customers with a dedicated concierge, 10 service scenarios and a single supervision system. The customer-centric one-stop elderly care service aims to ensure that elderly customers are comfortable and their families are put at ease.

The around-the-clock online elderlycare concierge service is supported by a smart risk system that connects health monitoring devices with the concierge platform. When the system detects anomalies, it issues an early warning, so that the dedicated butler service can respond quickly and notify emergency services and family doctors, as necessary. The system can monitor seven major vital signs, including blood sugar, blood pressure, heart rate, breathing rate and blood oxygen level. It can monitor 13 behavioral risks, including accidental falls, sleep quality, and daily exercise, to ensure timely detection and rescue when needed. The system can also monitor nine major environmental risks at the user's home in real time, such as air quality, gas leakage and excessive smoke concentration.

Ping An's home-based elderlycare service relies on Ping An Good Doctor's  own medical team of about 2,000 doctors, which are available to provide 24-hour remote medical diagnosis and treatment for customers. For those with offline medical needs, Ping An can provide fast track or medical escort services to tertiary hospitals, providing the elderly with medical convenience.

The monitoring system, supported by the medical experts team and the concierge platform, provide users with a comprehensive well-being assessment, across 10 dimensions, such as health, diet and daily life. The assessment results are evaluated by experts to customize a one-stop bespoke comprehensive care plan.

Leveraging its extensive experience in insurance and healthcare sectors, Ping An continues to pursue strategic upgrades and the company pursues the integration business model configuring insurance and health maintenance organizations (HMOs). The Group is also expanding its business ecosystems of "finance + elderlycare " and "finance + healthcare". The Group is committed to providing customers with professional "financial advisor", "family doctor" and "elderlycare concierge" services, which give them "worry-free, time-saving, and money-saving" financial and healthcare service experiences. As of 30 September 2021, services at Ping An's healthcare services covered 187 cities, empowered over 43,000 medical institutions, benefited approximately 1.12 million doctors and served 3.22 million patients with chronic diseases. Cumulative consultations on Ping An Good Doctor's platform have reached nearly 1.2 billion and the Company has forged co-operation deals with over 4,000 hospitals and 189,000 pharmacies.

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