Seven measures of excellent insurance strategy

China People's Insurance Group (hereinafter referred to as "PICC Group") held an annual strategy seminar in 2020, which discussed and determined PICC Group's "14th Five-Year Plan", its long-term goal in 2035 and its "1+7" strategic framework, defined the strategic positioning of each business segment and established the "excellent insurance strategy". Among them, "1" in the "1+7" strategic framework is the optimal guarantee strategy.

1. What is an excellent insurance strategy?

The strategic point of "excellent insurance strategy" is to focus on the main business, pursue first-class, pay attention to ability and provide comprehensive service. The connotation of "Excellence" is to lead global property insurance, manage all kinds of risks, implement global services, build industrial ecology, and use modern technology to achieve top performance.

Second, what are the seven major initiatives?

That is, we should always maintain the development concept of People's Insurance, fulfill the historical responsibility of serving the national strategy, enhance the market advantage driven by property insurance innovation, build a service platform for comprehensive risk management, improve the management system of market-oriented operation, establish the development foundation supported by digitalization, and enhance the governance capacity of modern state-owned enterprises.

Third, the performance of excellent insurance strategy 202 1

1. Strengthen strategic guidance and vigorously promote the "excellent insurance strategy". Through 42 strategic projects and 5 project teams, we will leverage development resources and improve the ability and efficiency of the insurance supply side;

2. Promote the reform and innovation of subsidiaries, enhance core competitiveness, and accelerate the development of all business segments to high quality;

3. Actively explore the "six strategic services", seize development opportunities, explore business resources and fulfill social responsibilities in serving the national strategy and improving people's livelihood;

4. Vigorously strengthen corporate governance, and form a modern corporate governance structure of "authorization in advance, internal control in the process, audit after the event, inspection and supervision, and the presence of directors and supervisors" to enhance governance capacity;

5. Accelerate digital construction and empower the front line of business. Effectively improve the support ability of science and technology to all links of the insurance value chain;

6. Upgrade and modify corporate culture, and use new culture to promote the transformation to "newcomer protection".

Under the guidance of "excellent insurance strategy", PICC achieved high performance in its first semi-annual report.