 PICC Property and Casualty Company Ltd. (PICC P & C), as the largest non-life insurance company in mainland China, was established by the People’s Insurance Company (Group) of China in July 2003 under the validation of the State Council and approval of the China Insurance Regulatory Commission (CIRC), with a registered capital of RMB 11.1418 billion. The Company once was the People’s Insurance Company of China, which was founded by the People’s Bank of China under the approval of the Committee of Finance and Economy of the State Council on October 20, 1949.
PICC P & C is a flagship subsidiary of the PICC Group, and enjoys an outstanding reputation in the insurance market both home and abroad. On November 6, 2003, the Company successfully launched its IPO in Hong Kong, becoming the first large Chinese state-owned financial enterprise that went public overseas. Supported by its comprehensive strength, PICC P & C stands as the official insurance partner of the Beijing 2008 Olympic Games and Shanghai 2010 Expo, providing full-around insurance services for both events. On June 26, 2008, Moody’s, the authoritative international rating agency, rated the Company as A1, which is the highest rating among domestic enterprises in mainland China. In 2008, the Company’s premium income has exceeded RMB 100 billion, which is a historical leap forward, listing itself as the 10th largest public non-life insurance company in the world.
During more than 60 years of extraordinary development, PICC P & C has always been taking “Insurance of the People and for the People” as its mission, maintaining the management philosophy of “People-oriented, Good-faith service, Value-driven and Sustainable operation ”, carrying forward the enterprise spirit of “truth-seeking, honesty, hard-working, and creativity”, and fully exert its advantages on brand, expertise, production, technology and service, so as to provide strong insurance protection for the reform, economy, society and people. Meanwhile, in its practice of serving the overall economy and customers, PICC P & C has created and consolidated its competitive advantages as a market leader.
Brand Excellence: PICC has grown its brandname together with the People’s Republic of China, and enjoys wide influences and outstanding reputation home and abroad. PICC P & C is rated as the “Most Reliable Insurance Company in China” by Euromoney, and is the first among peer companies to be awarded the honor of “Customer Care Benchmark Enterprises in China”. The “95518” customer service call-center has been consecutively elected as the “Best Call-center in China” for the past several years, and its Olympic marketing campaign has won the gold medal of “Effie Award China”, which is the highest honor in Chinese advertising industry. In the Asian insurance companies competitiveness ranking 2008, PICC P & C is also listed as the “Most Competitive Non-life Insurance Company in Asia”.
Talent Excellence: PICC P & C has long been maintaining its talents-centered strategy, namely, “guided by experts and winning through competence”. The Company attaches great importance to team building and employee training, and has forged a good number of managerial talents with rich experience as well as technical talents covering every and every link of chain in the non-life insurance business. As a result, a professional team of employees has been established that masters core competence of non-life business. The high caliber advantage forms a solid foundation of talent pool as well as the intellectual support for the Company to develop business and service clients.
Product Excellence: PICC P & C enjoys a complete product R & D system, strong R & D capacity, and a full-range of on-shelf products, covering various types of insurance including auto, property, marine & cargo, liability & credit, accidents & health, energy & aerospace, and agricultural insurance, many of which are innovative products pioneering in the industry. Especially for the Beijing 2008 Olympic Games and Shanghai Expo 2010, PICC P & C has developed a series of proprietary insurance products with Chinese characteristics and intellectual property rights. As of 2008, the Company provides more than 2500 types of insurance products. At present, the Company develops on average one new product a day, providing all-dimensional and high quality insurance services to our customers.
Professional Excellence: PICC P & C is a leader among domestic non-life insurance players in respect of core technological areas such as underwriting, claims and reinsurance, and has accumulated abundant experience of risk management through long-time business practice. PICC P & C is the first non-life insurance company in China to introduce actuary techniques into product development process, and enjoys leading professional advantages in key business areas such as aerospace, nuclear power plants, energy, ocean-going vessels, large industrial and commercial enterprises, government purchase, and agriculture-related insurance. The Company keeps a long-term and steady strategic cooperation with the international reinsurance market, and is capable of providing outstanding reinsurance protection for various clients.
Service Excellence: PICC P & C’s business network covers throughout the country, including more than 10,000 business offices and over 320 underwriting, claims/customer service and accounting centers at city level. This comprehensive sales and service network furnishes strong support for the Company’s to expand service ranges, innovate ways of servicing, enhance service standard, and offer professional and differentiated service for customers. PICC P & C is the first to launch the 24-7 hotline “95518” all across China, providing customers with multi-functional and personalized services with regard to claims-reporting, consulting, complaints, insurance cards registration, vehicle rescue, insurance application appointment and customer feedback survey, anytime, anywhere.
Embarking on a new historical start, PICC P & C will continue to take the Concept of Scientific Development as guideline, advance with time, integrate with truth-seeking attitude, and innovate with proactive spirit of reform. PICC P & C aims for a new start and giant leap forward in developing its business, and guarantees to provide further and better insurance services in the process of China’s march into a welfare and harmonious society. |
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