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2020 MIT Platform Strategy Summit
July 8, 2020, Cambridge, USA
2020 MIT Platform Strategy Summit
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2020 MIT Platform Strategy Summit - Fireside Chat: Jessica Tan, Ping An
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  • Description
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About the talk

02:06 Jessica Tan Introduction (time at MIT)

04:34 What is the difference and the core business that Ping is engaged

08:48 Gaps in marketplaces to fill

19:12 Bureaucratic in connection with the customer

22:11 How do you handle responsibility in the ecosystem

29:45 International ambitions

About speakers

Jessica Tan
Group Executive Director at PING AN
Devin Cook
Executive Producer at MIT Initiative on the Digital Economy
Peter Evans
Managing Partner at Platform Strategy Institute

Ms. Tan is a Director of a number of controlled subsidiaries of the Company including Ping An Bank, Ping An Property & Casualty, Ping An Life, and Ping An Asset Management. Ms. Tan is a Non-executive Director of OneConnect, Ping An Good Doctor, and HealthKonnect Medical and Health Technology Management Company Limited. Ms. Tan was the Chief Information Officer of the Company from January 2013 to November 2019, a Senior Vice President of the Company from June 2015 to December 2015, the Deputy CEO of the Company from October 2017 to November 2018, and the Chief Operating Officer of the Company from December 2013 to February 2021. Prior to joining the Company, Ms. Tan was a Global Partner of McKinsey & Company. Ms. Tan is a Singaporean. She holds bachelor's degrees in Electrical Engineering and Economics as well as master's degrees in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology(MIT).

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Peter Evans is the Managing Partner at the Platform Strategy Institute, a consultancy dedicated management strategy and application of platform business models across a wide range of sectors. Peter has over 20 years of experience leading teams in identifying, framing, assessing, and communicating high-priority marketplace trends and disruptions that support business planning and investment prioritization. He has specialized in helping companies see around corners, anticipate key market trends and craft seminal thought leadership that framed major multi-year growth initiatives. At KPMG, he was a Principle in the Innovation and Enterprise Solution group responsible market and emerging technology sensing, innovation portfolio management and business development. To support the firm's intelligent automation strategy, he led a major study of how the world's largest enterprises are adopting artificial intelligence. Prior to joining KPMG, Dr. Evans was Vice President at the Center for Global Enterprise a nonprofit established by Sam Palmisano, former Chairman and CEO of IBM. He was instrumental in framing and delivering on the Center’s research, business education, and global CEO engagements. He also worked as an independent consultant for a variety of corporate and government clients, including the US Department of Energy, the OECD and the World Bank. He received his master's degree and PhD degree from the Massachusetts Institute of Technology.

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Thanks so much. Stephen salary days that we see a rock concert as part of our work day on how everyone in Devon and it is my pleasure to introduce a fireside chat with Jessica tan g e, o of the King on group. On an RC your Evans will be moderating the conversation further, introductions in the video. Enjoy. It's my great pleasure to introduce you to Jessica. Tan, Jessica is the co-ceo chief operations, officer, and Chief Information officer of the Pion Insurance Group China. She's also the chairwoman of thing and Technology

managing pain of the internet and platform businesses under the group is also serving on the board of directors of over ten subsidiaries of ping on including Ping. On Bank. Jessica was a former partner with McKinsey & Company and head of the financial services in business technology of Southeast Asia or Mackenzie Mackenzie for 13 years, Jessica graduated from MIT with a master's in Engineering, in electrical engineering and computer science. And she has two bachelor's degrees in electrical engineering and economics. Thank you very much. Since we have a large

group of attendees at this Summit that are affiliated or graduated from MIT. I thought it might be fun to start there and ask you a little bit about your time at MIT. What were your challenges? And what, what did you bring back that you found particularly valuable in the work that you're doing now? He was a very interesting in breakthrough time for me. I was my first time to the space that grew up and study in Singapore. First came to a mighty. I was you have to adjust to the couch, or in the way and also, just a whole environment is

so it was quite challenging because I wasn't sure what to expect was. Actually my second time. It was, I had in my life, you know, it was very tough because I was an international student loan Financial way. It was also during the financial crisis. So mi. So I have to in addition to the financial aid have three jobs on campus. I had I was just amazed, that is truly Embrace this. What I think us and the MIT couch or elsewhere. I think that it was me. Drawings

of financial aid, my advisor was really open. I remember my, you know, I looked up and I went to a professor from the house that time and life and I told him I wanted to do my Master's thesis with him, and he's an undergraduate student. But so you came as a surprise, but once you come back in the day after and he took me for my Master's thesis and was late for me, we had host family to help us get a doctor than I was really Amazed by the time they open and

what I learned because I'm going up in in Asia are we have a much more rigid and the education system? And I think it allows me to do many interesting things and they were Eliza's who Basically and you asked me to do whatever I want you, I love that. I absolutely love it. But maybe less familiar with ping on. Can you just take a few minutes to explain? What is similar and what is difference and the core businesses that thing on? Is it engagement? How many of the internet companies are much more about it started off as a consumer internet company and then

overtime on that platform, they grow, there are ecosystems very much sense of the round, their own consumers and that overtime, you know, we took financial services and technology and these letters into five equal systems. The legal system is much more open. Think of it. As basically like a type of bear is ecosystems word by now. We have a soul about 10 technology companies in a week cover. 564 million users in China right now, and it's across the bridge. Buy burritos from Financial Services to sell

a car in a housing. And I'm smart city. And these are areas where buy we will become their teeth. And then each of these ecosystem. We have choo choo asks one is that we have our own beaches. He was kind of like a flasher. So for example, the doctor also Hoagies are the largest health and carpal tunnels in China, but more importantly we also have the betta be kind of franchise and I think that's what sneak about us aware by. We believe the unlined off my have too much significantly of my

anyways at our core competencies. So in addition to ask having good doctor, we have actually a smart Healthcare that basically and Abel has 70,000 hospitals and the medical institutions with 300,000. It's kind of in a, we have a flex shift, but then we would also use our technology to enable the whole system. Actually still in the offline system. I am even look at Financial Services. In China is one of the most developed in terms of internet, in a sexual, but even that's

to constitute you no less than 10 to 15% of the entire. In the Lehigh, for example, is a company in sacks, this one, connected and 1/2 years ago and Technology on. Because we really believe that for the rest of the bulk of the finest are in a customer's. We go for teken a moment. And that's very rude. So, when you look at some of the conditions in China is some of the institutions are quite weak and it's been interesting to look at, for example, Alibaba had to actually invent Solutions, like Allie pay because there was

no credit and they're very, it wasn't really a system to be able to accept payments. And so they invented a Leep, a ironically some of the market failures or the weaknesses of Institutions, actually created an opportunity for Some of the big internet companies, it really invent in it. So I kind of curious in the case of Kalam. Did you also face a situation where there was kind of gas in the marketplace that you were able to come in and instill the success

of the First Nations? Really always like the bat, identifying the use case or four white ones. We have proven a specific value proposition. That's when we would try to steal it up from revenue, 714 stages of development are Healthcare, example, of a note to show how that goes through. So, how can we really have? Two flashes, if you will, write one is good. Doctor emotions, which is kind of the largest Health also. And the other part is really offline Partners

in Health Care that I mentioned in both cases. You have to look for what the the pain points as in the system. I so the doctor started about six years ago, you know, you can look at the healthcare delivery system in China, are the problems with the lack of primary, a foldable Primary Health Care. There is problem, installation prices, but everyone's routes to basically DDR3 cost, free hospitals, you able to 50% of all the other day. And we really believe that time it has to be a better way because you are 82% of things that we get Smoke

Hole diva. You know, these things can be done. Frankly much, more easily accessible. And we believe that online was really a good way of doing it. So, we started mine and increases the doctor. So I first hired a thousand doctors reliable as possible until about 7, and then now we become the largest and during the co visit, you see that actually this year took off Note 10 times because you don't want to go to the hospital or risk of infection noticed and now we are not just in China, but also

kind of humor, that's another example. Because no matter how good online health education is not really working at it. And I believe the ratio is also under 10% in the right. Place close in the doctors and there's a severe lack of basic to be a good experience. I said you look at it. I notice about doctors and medical staff and not, all of them are the same quality. Especially to go to get you here, three or four City. So what we done karade with all technology,

that's a lot. As you know over the past 15 years rebuild basically all these knowledge brass and maps about He says all the symptoms of a have, the right clinical pathways medication. That you have this extra smart Healthcare company, right? Of the name of our product. We have a support system that makes research Doctors Medical Imaging system also has one that basically help a Hospital's better manage. Their system is one of the top universities, here

are a few years ago. We took three groups of basically GPS. The second, we train them first, how, to recognize one disease of one religion. And then the third one, we let them I got trained in the use of tools and it is interesting to have to do 6 cases of first untrained case, only had a mark of a 100 months of 15 to 20 bucks. So you really recorded all the various cases are the right Simpsons has an example of how the second part of our fundamental structural problems in the healthcare.

Like a basically their experience skilled professional strike because you now have 15% of the doctors using AI clinical decision support system to help raise their awareness and stuff. So I can be your ally a question on. What's unique about a thing on earth? Ecosystem write off a loss of these very different. You're using Healthcare example. We not only due out on Flagship become the largest online healthcare provider, but we also care about the rest of

the health care institutions. And how do we use our experience of the Wii knowledge in health, as well as health care? Else else we serve a freelance part-time basis, or are they full time on your network? So we would not the first teli help out of hotel in China that we were quite late. But who cares about us? It's about professionalism. And then maybe thoroughly you have service. I sold. The first thing we did was ask me who hired out on doctors that was that was the reason why we

really started very fast because we know we have our own doctors who have to follow our example. The kind of Pathways that use out on the iTunes and stuff. Time. We hired a thousand of them. And they answer questions online to chat or through video. I will make sure it was right before we even had our insurance. Basically, I'll provide a liability insurance. It also allows us to build our way. I can go to school, support system concert by humans, and The

Temptations a day and that 75% of them is going to bout a eye doctor assistant. All because well, if you, if you said that my kid has the flu, You the set of standard questions and Pathways that will kind of do that before you actually see a doctor. And then now, we have a doctors. Are we also have Parkland? Doctors eye. Doctors wear, my know. You my very first then that you were on a part-time basis. They made to second opinions and stuff. I see I see and then the

system does the scheduling of the city of a particular patient. May see a different doctor each time. They are very interesting. A New Concept. When you have a 670000 people is easier to schedule a slightly easier. Allow users of the time, they can pay for their own family doctor, the same doctor, and the doctor has a Basics, like a king is like a kt19 serving you as well. So you always get referred to the same person. Gotcha, and when you're, when you're dealing with the system of the scale, do you worry about

becoming bureaucratic at all? Or are you still able to have that connection with the customer requires really tip specialization and they're all users? Are not one of the same but it's not like we are Ecommerce platform. We're by the use of it, come to buy things and then you have one step closer toward them and stuff. So the song 564 million users in Oklahomans for health to buy cars with 76% of the car sold in China. Do you want to get loans at Chase? See how you manage them? So we think about ourselves about 5 years ago.

Anyway door as she comes from a Japanese Doraemon kind of anime. You can go to anywhere for the concept and users could come in in order to shop for less. They knew helverson something for them on or not on the front page of a lap. There is a always spend colorful tablets like little switch to any of the other kind of vehicles, which is one click. Stop that your your car insurance is going to expire in two months. The first, widget on the first page, to pick me with how

you. Oh, there's one click and you can bring you your, your car insurance with a discount to customize experience. We can have The Big Burrito extra fees which is served by each of all companies. That way of 10 companies, each. One of them is a song. I just any way you are, such that uses to circulate around and time that they want to just like an apartment store State. There's been a lot of criticism of the things that happened on the big platforms and who bears that responsibility. So for example, if a doctor Maybe Gay. Bad advice to

a patient who takes responsibility for that. How how do you handle responsibility of the things that happened on your? Your ecosystem are your platform, is your level of consistency, quality of a few things, we do to try to mitigate that risk, write this person. Like I said, we have a very strong and housekeeping, unlike some of the other players primarily rely on part-time. We actually even though and we have a very strict so they almost were actually we can

better manage that as if it were they in the hospital. Hospital together. I mean if you visit us in Shanghai, you see where all the doctors if they have things that they have to follow back up kind of hirons to guidelines and stuff them in a hospital where they may not have as much. Kind of one thing. We used to mitigate the risk of the second thing is that you can stop the patient's from us so that we don't you just let me introduce. I like some of those apps.

You have to adhere to so absurd. So that will make sure that they so I can record it and things. So this is the second part as possible and that will always be any kind of problems that might arise along the way. A lot of your career has been in technology and you've amassed a lot of data in your investing heavily in a, I am interested in, are you breaking new grounds? Are you finding that you're using a algorithms and tools developed by other companies and then basically deploying them? Or are you

breaking new ground? In really innovating around the application of AI? We found that we really have to do the older, the bilities. That's one of the things that I I joined the seven eight years ago and Mound of so many different use cases and stuff. All we really have to build our own capabilities. So we've grown from when I join, we only have three. 4,000 engineer's. You know, I have thirty-four thousand years and and so a lot of people have to do it ourselves. Some of the examples

just to show her husband existence for 60-plus years old. It's not just about having the people and they'll guard him striving to everybody. Notice money and access could have, is really about having the youth cases and the data that you can merge them together to create something. And it's not easy right now. That's some projects to make sure 84,000 contact center agents. A couple years back, every day. We Unser on outbound calls and 6 million calls today.

Also. I was joking. I went I contact sensor thing, but we are slaves are 200 million. Now 85% of our customer service carries, the uncertified robot chat box out. There are two pieces of intelligence and the level, if it's just a sales and service is really break through and it was really, really tough because of what we have to do with some, you know, we have to get through all the recordings. We had to get our people to mark them, you know, four different product. Different type of customer, was the best

Accents in China. And you're just one by that. We have people trying to Mark. What? The right angle is a hetera is So this is almost this is like Amazon's Alexa insurance policy that we might have so 10 years ago and we're having having boy trouble concert that you have these awesome policy. So basically you are Insurance customer of ours, but you're aging me have left you the wonderful thing. These first things we do what we will call you. I will say I'm sorry and I'll give it to you right now, you know?

And customers after our boys robot. Learn really the past kind of two years dies how they do. It 35% of them. Take out Ryder. The humans as if it were a real person takes in these days, we talked about AI breakthrough. I'm out of gourds to hasmik, frankly, vows to do that. But a lot of them are not within the context is now you don't have to use cases. You have to work together and we have to force our best Asian out. That's Professor to work with the stuff they decide to, so that you can call if I

know just kind of domain knowledge, if you will show that. So now we are able to eat any of the scenarios exceed the average and actually Bunch much do the top 10% of the abuse of the back. How we we think about AI, Are you looking at overseas markets? Do you have activities overseas? And if so, what are your what are your plans? We have a unique approach to International. We've taken deliberately a technology and ableman's approach to International because no matter what country are not used to dealing with dr. Of

Southeast Asia tourist, 6, so we don't want to go and compete in each of the market because we think that over the past 32 years, the union knowledge to get out in the channel, the customers, you know, it's difficult to replicate, go overseas. Where is language? Independent and dependent. So we can take in first hour and text her One Kinect is in 10 countries outside of China, you know, we serve a large financial institutions Regulators outside and Japan's are so that's I think our approach hopefully we'll be able to take these

lessons to happen and Cody. And that would include your voice technology. Interesting. Thank you. Last question is around you do though the world is it's facing a massive shock. That is both a health care crisis. It's morphed into an economic crisis. And now, we have social crises happening to see what your outlook. You're in a very important position in the company interested in in your you're thinking about what is 2021. How do you do, strategic planning, or given all the uncertainty that's happening in the market?

Because of the political Dynamics, Global impact the rest of Asia. I haven't gone through the covid-19. Lucky. So we are cautiously optimistic that hopefully this year. China should be about 3%, GDP growth or so, but it is nonetheless to impact. Its. I think, what we're focusing particularly in my role as you know, it's amazing to think about how to use technology to any Ecosystems. I've been fortunate to be tasked with and looking more forward. And so I remain cautiously optimistic that I actually think this actually some time to Spur the adoption of

these from consumer standpoint from regulators and flying from Ashley. The professional Healthcare was a great example of pushing it online, healthcare for seven years. And is it incredibly difficult to sometimes get to do her hair? Just that the actually even simple things is okay, you know, 34% of the things can be done online perfectly. Even The Regulators for a long time could we didn't reimburse social health insurance online? You know, they would like to provide such things for their employees and doctors to. I got your back sometimes. Professionals are the hardest to

change their behavior in mines. That I remain cautiously optimistic that I think there's still a lot of fundamental and healthier than education, you know, we had traffic and I believe technology has a role to play a lot more trip and then hopefully times like this gives people more receptiveness to one to work and how to do it. Fantastic, I appreciate so much your time given the size and scale of the operations. You're running really truly fascinating to hear about

how your described, you know, the complexity is your company, but also the consistency of the business model that you have and also the power of technology to help drive solutions. So appreciate your a munch your time today. Thank you.

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