Ping An to counter COVID-19 with technology

The insurer has moved all of its face-to-face communications online.

Ping An Insurance Group said it could offset the effects of COVID-19 with its technological innovations even as business faces headwinds, reports Bloomberg.

The insurer has moved all of its face-to-face activities, including agent training and hiring to client interaction, online due to the virus.

Ping An is already struggling with sluggish growth in its core life insurance business. Its agent force is also thinning as it adjusts its product mix towards higher-margin policies that require more expertise to sell.

The virus will have a big impact on life insurance sales through agents in Q1, especially complicated products that usually require personal communication before any contract can be signed, said chief insurance officer Lu Min.

Here's more from Bloomberg.