PICC wins accolades for public service

The People's Insurance Company (Group) of China (PICC) recently released its 2008 Corporate Social Responsibility (CSR) Report, in which China's top insurer described its accomplishments.

PICC reported on how it embraced more social responsibilities while achieving remarkable progress in reform and development last year. Here is an excerpt of the report.

Fully exerting the functions of insurance, and serving the nation's overall economic and social development strategy:

Taking advantage of its professional techniques and comprehensive operation, PICC brought into full play the functions of insurance, social mutual aid and management to promote economic development and social harmony, and to serve the nation's overall development strategy.

The People's Insurance Company (Group) of China provides healthcare insurance consulting services at a branch in Beijing. The company released its 2008 corporate social responsibility report, the second ever issued by the State-owned insurer. CFP

PICC provided systematic and sound insurance coverage and service for a diversified field of clients ranging from aviation and space, nuclear power plants and the Olympics to important economic sectors that included industrial and mineral enterprises, transportation, agricultural production and foreign trade.

This coverage and service also extended to life insurance, auto insurance, household insurance, non-staple food supply projects and grain supply projects.

In 2008, the amount insured by PICC reached 99.7 trillion yuan, 3.3 times the GDP that year. The claims payments totaled 67.63 billion yuan, making its own contribution to sustainable development of the economy and society.

Developing rural insurance and participating in the construction of a new socialist countryside:

PICC made every effort to serve the construction of a new socialist countryside by improving the rural insurance service system, exploring the rural insurance market and enhancing its capacity for rural insurance.

In cooperation with the central and local governments, PICC actively developed innovative rural insurance products, extended rural insurance coverage and provided effective protection for production and daily life.

Exploiting the economic indemnity function of insurance, PICC, through timely claims payments, provided insured rural residents with necessary funds to resume their work and lives after natural disasters.

Shouldering the task of fighting against natural disasters, and devoting itself to disaster relief work:

In the face of several natural disasters in 2008, PICC, with a strong sense of social responsibility, devoted itself to disaster relief work.

A faster Green Service Channel was established specifically to provide more effective claim settlement service.

By the end of 2008, the disaster-related claims payments made by PICC accounted for more than 60 percent of the total, assisting in stabilizing people's daily lives and supporting reconstruction in disaster-hit areas.

PICC Property and Casualty Co Ltd also resolved 370,000 claims related to freezing rains and snow, and made payments that totaled 4.95 billion yuan.

PICC resolved 200,000 claims related to the 2008 earthquake, with payments totaling 370 million yuan. PICC's insurance claims payments have acted as an important channel for resettlement funds.

Innovating products and services, and meeting diversified demand from clients:

Integrating the people-oriented concept into its business operation, PICC insisted on a customer-centered philosophy in developing innovative products and services.

PICC continued to improve the added value of its products and services and strengthened its insurance capacity to meet the increasing insurance and financial needs of the public.

The insurer proceeded with product innovation, and an improved research and development (R&D) mechanism.

PICC also expanded its marketing platform by strengthening traditional channels and promoting the cross-selling of insurance and financial service products.

Forging a gold medal in quality service by insuring the Beijing Olympic Games and other major events:

PICC, based on its efficient, high-quality and comprehensive insurance service, was designated as the insurance partner of the Beijing 2008 Olympic Games.

PICC also was named the exclusive insurance partner of the 2010 Shanghai World Expo and insurance partner of the Guangzhou 2010 Asia Games.

Playing a key role in the insurance industry, and leading the sustainable development of the industry:

As a key State-owned insurance company with the longest history in China, PICC took on the responsibility to lead and facilitate development of the industry.

PICC carried out extensive public education initiatives. It was actively involved in the study of insurance theory and practice, contributing fruitful intellectual results to the development of the industry.

PICC also worked with its insurance industry counterparts to build a better regulated, market-competition environment.

Caring for the development of employees, and promoting a harmonious enterprise:

Employees of PICC are the broad-based, driving force for the company's reform and development.

PICC respected and cared for its employees, and inspired employees to devote themselves to the company's goal of reform and development.

In the past two years, the inspiration of PICC staff has reached a record high level. The cohesion, creativity and vigor of PICC strengthened. A corporate culture featuring harmonious progress is gradually taking shape.

Actively serving society, and initiating charity and public welfare activities:

Devoted to the cause of charity and public welfare, PICC has received extensive praise for serving society in diversified ways.

Through the PICC Charity Foundation, the company has built a platform for charity and public welfare and continually improved the operation model of the foundation.

In its disaster relief work, PICC responded to urgent needs with donations and by dispatching volunteer teams to disaster sites.

(China Daily 10/19/2009 page10)