I’m thoroughly enjoying my new role at CPP. It’s presented me with a range of exciting and new challenges and the team here is incredibly talented, particularly when it comes to understanding the Chinese market.
My personal ambition in the role is to bring my experience and existing network in the region to CPP, enabling CPP China and the Group reach the next level of growth.
One of the most significant changes I have seen in the market is the impact the aging population has had on consumer attitudes. The average age for life expectancy in China is now 76 according to a study from the World Health Organisation (WHO). As our population ages it means that the demand on healthcare is higher, putting different pressures on certain industries.
This shift in consumer priorities means that there is a significant opportunity for CPP and many other organisations, to expand into these growing markets.
Current health and medication facilities can’t meet market demands and as China is now the fastest growing healthcare market in the world we need to take advantage of this and contribute to the development of health management in China. Therefore, health will be a major focus for us in the next few years as we concentrate on developing our existing technology and fostering further strong relationships with key business partners in the industry.
Our developments will be based on Health Risk Assessments (HRA) to drive lifestyle changes, integrating innovative technology into everyday life.
In line with consumer trends in China, travel is also a key opportunity for us. With the increase of personal disposable incomes there has been a growth in outbound tourism, with 166 million trips expected to be made by the end of 2019, an increase of 18% from 2018. This is set to continue to grow year on year, making travel a serious opportunity for us.
In response to this, we have been working strategically with Whistle Technology, a Fairfax Financial company that specialise in insurance related technology development. It’s a very exciting partnership, especially as Whistle Technology and Fairfax believe in the ability for CPP to supercharge their growth in the travel sector within the Chinese market. The chance to collaborate with one of the biggest insurance technology brands in the world is significant and will allow us to share a common goal to create better travel experiences for consumers and to disrupt the Chinese travel market with new technology development.
China is a very important market for CPP Group and we are currently undergoing significant growth.
As reported in our half year financial results in September 2019, revenue in China grew by 84% compared to the same period in the previous year. We are going from strength to strength as we sign new partnerships plus develop existing ones in key sectors that we have a strong presence in or see real potential.
Our recent partnership with Bank of Communications (BoCom) provides our online Loss Reporting Service to BoCom’s mobile banking customers, of which there were around 74 million at the end of 2018. It also has a global presence with around 2,800 branches located in major cities across the world, therefore it has been a significant partnership to launch as it has significantly broadened our sphere of influence.
In the first six weeks the partnership generated over 30,000 new customers, which is amazing. We believe this will be a significant partnership going forward which I’m personally excited to progress.
Very simply, we need to pay close attention to what the market demands, to what our business partners need and to what customers want. We are fully focused on deepening our business partner relationships in existing and new sectors, delivering innovative solutions aligned to the many opportunities for product and sector diversification in our market.