Ping An launches new home-based elderly care insurance

The product provides wealth protection and elderly care services.

Ping An Life, a subsidiary of Ping An Insurance (Group) Company of China, Ltd., launched its home-based elderly care brand, Ping An Concierge, that offers "insurance + home-based elderly care" service.

According to Jessica Tan, Co-CEO of Ping An Group, China’s aging society faces four critical dilemmas.

"The proportion of China's aging population over 65 is approaching the United Nations' 14% deep alert line for aging. By 2035, a super-aged society will be formed, with the proportion of the elderly population over 65 exceeding 20%,” Tan said.

She said that not only is the aging population growing, but pace of growth is also getting faster. An example is how it took 115 years for France and 69 years for the United States to double the number of people over 65 from 7% to 14%, whilst it took China only 22 years. 

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“We are aging in a hurry, and society and families are not prepared and resourced enough. In addition, China's pension pool is shrinking. China's pension replacement rate has fallen from 87% in 1998 to 45% now, below the international alert line of 55%, which means a decline in the living standards of retired seniors,” Tan said.

These trends are challenging the traditional home-based elderly care model. Building on the strength of Ping An's healthcare ecosystem, Ping An Life has developed the "insurance + home-based elderly care" model and launched the home-based elderly care brand Ping An Concierge. Jessica Tan said that Ping An's home-based elderly care service not only provides financial protection but also home-based elderly care services with a dedicated concierge to ensure that elderly customers are comfortable and their families have peace of mind.

Ping An Concierge provides hundreds of different services covering 10 major scenarios including medical care, food, housing, transportation, finance, health maintenance, entertainment, protection and safety. 

For example, as some elderly people do not go out often, Ping An online live-streaming classes can allow them to learn and communicate online. To put their families at ease, Ping An monitors the home environment with intelligent devices to ensure that the elderly can immediately make emergency calls in case of accidents at home. 

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The health monitoring system can also detect issues in blood pressure and sleep quality and doctors can be called quickly when needed. Ping An Life provides a dedicated "three-in-one" concierge service, including an artificial intelligence-supported "intelligent" concierge, a life concierge and a doctor concierge. 

The intelligent concierge provides functions such as life assistant and intelligent internet of things through AI smart speakers; the life concierge is an online real-life butler who can respond to the needs of the elderly 24 hours, seven days a week, such as making outpatient appointments or emergency calls for help; and the doctor concierge is staffed by general practitioners who can provide real-time remote consultation around the clock.