Ping An launches digital RMB insurance policies in Shenzhen

This insurance policy provides compensation to medical workers for COVID-19 and accidental death.

Ping An Property & Casualty Insurance Company of China, Ltd. issued the first batch of digital RMB insurance policies for medical staff in Shenzhen in cooperation with the Bank of China.

The pilot launch aims to provide protection to healthcare workers, allow digital wallet experience for policyholders and enable digital RMB premium settlement, Ping An Insurance (Group) Company of China, Ltd.

The Comprehensive Insurance for Medical Staff policies created by Ping An in Nanshan District for frontline medical workers include compensation of RMB300,000 for death from COVID-19, RMB50,000 for COVID-19 diagnoses, and RMB50,000 for accidental deaths.

There were also discounts for policyholders who purchase policies with digital RMB wallets, it said.

"In the future, Ping An Property & Casualty will further explore the application of digital RMB in claims, payment, and other aspects of the insurance process, facilitate the implementation of digital RMB in the whole process from insurance policies issuance to claim settlement, as well as expand the use of the digital RMB to other insurance scenarios,” You Chengming, general manager of Shenzhen branch of Ping An Property & Casualty, said.

The Ministry of Commerce of People’s Republic of China in August last year announced the digital RMB pilot programs in several regions including Beijing-Tianjin-Hebei, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area and the central and western regions.