Business History Of Pingan And Insurance Industry (1980-2009)

It is highly significant that reform and opening up with planned economy into market economy. In this historical background, China's insurance industry continues to intensify structural reforms to adapt to a market economy environment in a short span of 30 years, and it has undergone tremendous changes. Ping An of China has served as a pilot reform of China's insurance industry. Since it was open as a local property insurance company, it has developed to a financial group. In the background of macroeconomic reform and opening up, PingAn, as a typical representative of insurance industry, generated institutional changes in the aspects of property rights system, organizational structure, management system etc. The research is carried out in historical perspective and draws on the institutional change theory. These changes include induced institutional change and imposed institutional change. Analyze the reasons for the success and learn from the failures lessons in thhe process of system innovation.If institutional arrangements meet the needs of the market economy, they will be the ultimate implementation. The government plays an important role in the institutional change. In business management, blind innovations without concrete analysis of specific situations, only in pursuit of immediate short-term interests, are bound to fail. In addition, no matter what kind of business should be clear about its own nature. The nature of insurance companies is to provide credit services. Enterprise should grasp its essence firmly, which is one of prerequisites for the sound development of enterprises. The failures in business are the inevitable result that they have deviated from the essence of the enterprise.