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HONG KONG and SHANGHAI, Aug. 9, 2017 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEx: 2318; SSE: 601318) announced that its Insurance (Life, Property & Casualty, Annuity, Health), Bank (Consumer Credit, Credit Card), Investment (Securities, Trust, Fund) and other 10 financial institutions have jointly launched an emergency initiative in the disaster area of waiving and extending the payment of premiums, as well as a rapid settlement of claims, to support the victims of the Jiuzhaigou earthquake, helping them to resume daily life as soon as possible. The waiver of premium payments is for the parents of those who lost their lives in the earthquake but had insured their children, for whom the policy renewal charge will be waived. Extension of payment refers to such accommodating measures as the extension of the payment of premiums and the extension of credit card due payment. Rapid settlement of claims refers to simplified procedures to settle claims and pre-claims. These three initiatives reflect Ping An's professional services and concern about the victims.
The waiving of premium payments mainly focuses on the customers of Ping An Life, Ping An Health and Ping An Casualty. Ping An Life has exempted the affected customers from paying the interest of the policy for one year. When the policy resumes, the interest and the resumption cost will also be waived. For parents who lost their lives in the earthquake but had insured their children, the renewal charge of the policy will be exempted. Ping An Health also launched accommodative measures for the affected customers, which exempts RMB10,000 deductible of the "E Sheng Bao" and waives the renewal charge of the policy of the following year. Ping An Casualty also provides free support and free shuttle service for damaged vehicles.
In addition, Ping An Life eased the limitations of claiming, including materials exempted or deferred, cancelling the constraints of fixed hospital, self-paid medicine and verification of extending the hospitalized period.
On the area of extension, accommodating measures include the easing of premium payment and extension of credit card payment due. To provide full support to the affected in the disaster area, Ping An's subsidiaries including Ping An Life, Ping An Health, Ping An Annuity, Ping An Bank and Ping An Securities, have all introduced measures with extensions of premium payment period or adjourned payment due date. Of these, a three-month grace period on premium payment is granted to all customers who did not manage to renew their policies at the point of the earthquake across life insurance, health insurance and annuity insurance, and Ping An will continue to provide full insurance service to the affected during this period. All cases of compensation will be paid off under special arrangement, and Ping An Property & Casualty extended payment period to its customers in the disaster area by six months. Moreover, Ping An's life insurance will grant an additional two-month grace period to the cooling-off period on newly signed policies. Telephone confirmations will be suspended to avoid causing inconvenience to customers and continue to grant customers the right to cancel policies during the cooling-off period.
Apart from insurance business, Ping An Bank has granted a three- to six-month payment notice-free period and allowing delayed payment to car insurance, consumer finance and credit card customers. Ping An Securities is granting its customers in the affected area a three- to six-month special extension period. Customers can reach the local operations department or dial extension 95511-8 for further arrangement.
The rapid settlement of claims has always been a leading service in Ping An Group. Ping An's subsidiaries including Ping An Life, Ping An Property, Ping An Annuity and Ping An Health, offer rapid claim and pre-claim settlement services to the affected customers immediately after the earthquake struck, and prioritized claim settlement from customers affected. All procedures will be streamlined and carried out in answer to the urgent needs of all customers. By facilitating a better way for the affected customers to receive emergency treatments, Ping An will arrange hospital services in its network in Sichuan, such as: hospital transfer arrangement, accompany service for doctor consultations and pre-payment services, etc. Meanwhile, Ping An will also arrange visiting and placements for the affected families.
In order to support the affected customers, Ping An Financial Services has currently deployed more than 2,000 staff online, to ensure a 100% connection rate within the disaster area to show their sympathy to those affected customers. Apart from that, the Ping An 95511 Customer Service Hotline is offering counselling to all those affected. So far, Ping An Property & Casualty has already received eight cases of car insurance, 20 cases of accident insurance and three cases for counselling. All of them were given instant response. The Life Insurance Customer Service Center received 21 calls for earthquake-related issues, six calls for handling claims and emergency assistance. Those cases are linked to Life Insurance in the Sichuan branch at once and given top priority.
In addition, Ping An Property has set up a temporary Ping An service point to provide insurance protection to rescue workers, volunteers, and rescue medics and provide car owners "quick relief, supplies station, claims guidelines" and other services. The Ping An backup teams are on standby; with rescue cars and manpower that is ready to rush to the disaster area and provide 24-hour support and advisory services once the roads are cleared.
Ping An said the Company will make full use of the technology and experience in emergency response, disaster assessment and disaster relief to actively mobilize all aspects of resources to participate in the disaster relief operations. Ping An's client services hotline 95511 will provide relief and advisory services for all. While ensuring Ping An's staff safety in the disaster area, Ping An called on the staff to fully carry forward the spirit of helping those who are in need, to actively participate in the golden 72 hours of rescue operations with utmost responsibility, enhancing the social power of disaster prevention.
About Ping An
As China's first joint stock insurance company, Ping An Insurance (Group) Company of China, Ltd. ("Ping An") is dedicated to becoming a world-leading personal financial services provider. Today, it is an integrated, compact, multi-functional financial services group with services that include insurance, banking, and investment. As at December 31, 2016, the Group had over 1.4 million employees and agents and 130 million individual customers. As at the end of 2016, the Group's consolidated total assets reached RMB5.58 trillion while equity attributable to shareholders of the parent company stood at RMB383,449 million. Ping An Life and Ping An Property & Casualty are both ranked the second largest in China, Ping An Annuity ranked top in China in their respective areas by premium income. Its subsidiary Ping An Bank is China's first joint stock bank. The Company's key areas of business include investment, with subsidiaries such as Ping An Trust, Ping An Securities and Ping An Asset Management. Further, Ping An strives to develop internet finance, including Lufax, Ping An Good Doctor, Ping An Haofang, E-Wallet, Finance One Account. It has achieved significant growth in both the scale and user base of internet finance. As at December 31, 2016, the number of internet users of the Company reached 346 million.
Ping An ranked 16th in Forbes' latest Global 2000, it ranked 39th in Fortune Magazine's Global 500 Leading Companies. Apart from these accolades, Ping An ranked 61st in WPP Kantar Millward Brown's BrandZTM Top 100 Most Valuable Global Brands ranking.
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