Enhancing Financial Services: The Five Key Focus Areas of PICC Jiangxi Branch
The People’s Insurance Company of China (PICC) Jiangxi Branch is committed to deepening and refining its financial initiatives, adhering to the principles of political integrity and serving the people. By emphasizing the importance of the Party’s leadership and prioritizing the needs of the populace, the branch aims to deliver high-quality financial services that support high-quality development, thereby contributing to the construction of a robust financial nation.
Innovative Financial Support for Technological Development
Recognizing that technology is the primary productive force and innovation the main driving force, the Jiangxi Branch has made “Technological Finance” one of its five pivotal areas. This reflects the essential mission of financial services in supporting the real economy and fostering technological innovation.
The branch has outlined a two-year action plan to enhance its services related to technological self-reliance, continuously expanding its range of insurance products and services. It has intensified support for technological innovation and advanced manufacturing by facilitating strategic partnerships between five city agencies and the Municipal Supervision Bureau for intellectual property insurance. The goal is to provide robust financial backing in the effort to establish a modern industrial system.
In collaboration with the Provincial Department of Industry and Information Technology, the branch is working to establish an insurance compensation mechanism and pilot technology insurance policies. These initiatives aim to cover the entire process from research and development to promotion. In 2024, it is projected that insurance will provide risk coverage of 101.2 billion yuan for 1,381 specialized and innovative enterprises and 361 billion yuan for 1,612 high-tech companies. Additionally, the branch is actively promoting first-use insurance for key new materials, offering nearly 100 million yuan in risk coverage.
Furthermore, the branch has pioneered “Jishui Digital Transformation Insurance,” providing comprehensive insurance solutions for manufacturing companies undergoing digital transformation. In the aviation industry, it has actively supported the Nanchang Flight Conference, continuously underwriting projects for passenger aircraft, training aircraft, drones, and military transport aircraft. In 2024, it will provide risk coverage of 5.232 billion yuan for major manufacturers such as Hongdu Aviation and Changfei Group, assisting Jiangxi in realizing its “Aviation Dream.”
Green Finance for Sustainable Development
Green is the foundation of high-quality development. PICC Jiangxi Branch steadfastly embraces the concept of green development, actively expanding green insurance in sectors such as green industry, sustainable living, and ecological agriculture to facilitate a comprehensive green transformation of economic and social development.
In alignment with the national “dual carbon” strategy, the branch utilizes its investment advantages to mobilize 1 billion yuan for the photovoltaic power generation project in Shangrao. In 2024, it aims to insure 17 photovoltaic power stations, providing coverage of 3.6 billion yuan. The branch is also advancing environmental pollution liability insurance, expecting to offer risk coverage of 406 million yuan to 257 enterprises in 2024. Additionally, it has launched water quality index insurance as an innovative model to support water quality monitoring and management through a combination of ecology and insurance.
In the realm of sustainable transportation, the branch has enhanced its pricing, sales, claims, and service capabilities for new energy vehicle insurance, ensuring quality service for this market. It has also introduced smart driving liability insurance for new energy vehicles, supporting the application of HarmonyOS smart driving technologies. To address risks associated with fires and explosions during EV charging, the branch has developed property and liability insurance products for EV charging stations, contributing to safer and greener travel.
In ecological agriculture, the branch has introduced new insurance products such as freshwater aquaculture weather index insurance and policy-based rice-frog insurance, actively promoting specialty insurance for citrus, traditional Chinese medicine, oil tea, beef cattle, and tea leaves. Its forest insurance coverage ranks among the top three nationally, while ancient tree insurance has provided risk coverage of 156 million yuan for 21,226 valuable ancient trees. High-standard farmland IDI insurance covers all 64 counties in the province.
Inclusive Finance for Enhanced Livelihoods
Inclusive finance focuses on addressing the weaker segments of economic and social development. The Jiangxi Branch continually innovates its inclusive insurance products and services for farmers, small business owners, and new citizens, striving to provide multi-layered, diversified, and comprehensive insurance protection that meets people’s aspirations for a better life.
In support of rural revitalization, the branch has implemented complete cost insurance for rice across 95 counties and launched agricultural disaster insurance in six cities. It has expanded the “Agricultural Insurance Plus” model and facilitated 200 million yuan in financing through “Agricultural Insurance Loans.” The “Anti-Poverty” initiative has provided comprehensive risk coverage of 35.159 billion yuan for 4.0922 million people across 95 counties.
Continuing its targeted assistance efforts, the branch has invested 320 million yuan in support funds and dispatched 77 aid personnel. In supporting small businesses, it enhances financial backing for private, small enterprises, and individual businesses by addressing industry pain points and needs, matching them with tailored innovative product solutions. The “Ecological Credit Pass” product has historically helped local SMEs secure 1.3 million yuan in bank loans, facilitating the conversion of resources into capital.
The “Qianji Hui” loan guarantee insurance product has enabled over 450 clients in Ganzhou and Ji’an to secure nearly 64 million yuan in bank loans. For new citizens, the branch actively promotes exclusive accident insurance, providing risk coverage of 93.5 billion yuan for 197,800 new citizens. It has pioneered a government-led supplementary work injury model, expanding the target group to include flexible employment individuals, and has been recognized as a typical case of inclusive insurance by the China Insurance Association.
By actively participating in the medical security system, the branch has initiated low-threshold, low-premium, high-coverage “Beneficial Insurance” products. In 2024, it is expected to handle 67 government-commissioned social insurance projects, serving 20.89 million people and paying out claims totaling 2.114 billion yuan. The branch has also organized “Five Ones” care activities for youth, pairing assistance with 100 impoverished students, raising nearly 1 million yuan in donations, and receiving recognition from local governments.
Pension Finance for Elderly Care
PICC Jiangxi Branch actively responds to government policies, participating in the construction of the social security system while continuously optimizing exclusive services for the elderly to support their well-being.
The branch has successfully implemented supplementary work injury insurance pilot projects in Ganzhou, Nanchang, Ji’an, and Fuzhou, providing an average insurance protection of 8 million yuan for 29,600 elderly individuals. It has insured accidental insurance projects for the elderly across five cities, providing risk coverage of 116.34 billion yuan for 1.88 million elderly individuals in Pingxiang, Xinyu, Zhou, Yichun, and Ji’an.
It is also managing the only long-term care insurance pilot project in Jiangxi, ensuring that long-term care services in Shangrao reach township and village levels, providing care services to nearly 620,000 insured individuals in Qianshan and Hengfeng Counties by 2024. The branch is actively promoting liability insurance for elderly care institutions, offering 849 million yuan in coverage for 326 institutions. Furthermore, it continuously upgrades and enhances convenient services for older adults, optimizing facilities and services to better cater to their needs, enriching financial education outreach activities, and improving accessibility and satisfaction for elderly clients.
Digital Finance for Enhanced Service Quality
PICC Jiangxi Branch is devoted to advancing digital transformation, continuously innovating the “Insurance + Technology + Service” model to provide more precise and personalized financial services. The branch has established a platform integrating “Insurance + Service + Technology,” incorporating drone and satellite remote sensing technologies to implement agricultural insurance inspections practically, thereby enhancing the accuracy and convenience of underwriting and claims.
In 2024, it aims to achieve the fastest disaster claims resolution speed and the highest claim amounts in the industry. The Jiangxi Branch is the first in the industry to implement a “Risk Reduction Service Project,” aiming to develop a risk reduction service system that is professionally advanced, technologically supported, and operationally mature within two years. Currently, it has established a management structure covering the entire province, deploying 260 dedicated and part-time service personnel to help clients achieve damage reductions exceeding 25 million yuan.
