Ping An Insurance of China was reported: set up a set of fraudulent insurance development like a pyramid scheme

According to the complaint platform, as of April 15, 2020, the number of complaints against Ping An P&C has exceeded 22,000. The picture shows Ping An Insurance Company of China located in Nanjing on March 1, 2007.

Following the news of reporting by employees of China Life on Weibo hot search, the reporting by employees of Ping An Insurance Company of China was also pushed to the limelight. A former employee of Ping An Insurance Company of China recently reported online that Ping An of China has serious violations such as collusion between internal and external staff and developing teams in the form of pyramid schemes, causing many people to be duped.

On Feb. 25, the weekly “Financial World” reported that the netizen “A da Xi” claimed to have been an employee of Ping An Insurance Heilongjiang Branch in the second district of Gogol Branch, and worked in the second district of Gogol Branch from May 2018 to October 2019, reporting that the target was Feng Hui, the manager of the 35th district of Gogol Branch.

The netizen said that Feng Hui, the manager of the thirty-five division of District Topo, has committed a number of violations since she took office in February 2017, including false recruitment, false interviews, illegal formation of assistant teams, low age and illegal induction, as well as false convening of the management meeting and other falsifications, embezzlement and embezzlement of company property.

A former employee of Ping An Insurance Company of China reported online that there was collusion between internal and external staff and team development in the form of pyramid schemes. (Web screenshot)

Reported information was blocked

Regarding the above reported issues, China News Service reported that Ping An Life said it had fired Feng, the person responsible for the relevant incidents.

However, the whistleblower said in an interview with the land media that Feng Hui (the manager) told us that he did so and we did so, and that the company (superiors) was allowed to do so. Feng Hui was fired from the company is not because we this thing east, he should also have in his hands the company’s more senior leadership evidence of corruption. Because at that Time we gave gifts to the company’s higher-ups, sent two Gold necklaces worth 60,000 yuan.

At present, the above-mentioned whistleblower, micro-blog certified “Ada West” account has been officially cancelled. The Epoch Times reporter found that an article published by titled “China Life was reported by employees in real names, and Ping An was complained about by 56 people to prevent which pit to buy insurance? The article was blocked by the entire network.

The number of complaints against Ping An Life ranks among the top three in the industry

Recently, there are indeed many complaints and reported cases about Ping An Insurance Company, but the Chinese Communist Party regulators only interviewed it and then nothing more.

Mr. Chen from Fujian recently complained in Black Cat that he had applied for a loan of 300,000 yuan with Ping An P&W more than three years ago, but the salesman did not inform him of the additional payment of insurance and management fees in the loan at the time of application. The whole process of the online loan application procedure took only about 15 minutes, and the user did not have sufficient time to read the relevant terms and conditions during the process.

According to public information, Ping An Puhui is a financial service company that carries out financing guarantee and microfinance business under the affiliated company of Ping An Insurance (Group) Company of China. Ping An Insurance Company of China, on the other hand, is the first joint-stock insurance company in China, with products involving life insurance and property insurance. The company is backed by a number of Chinese Communist Party state-owned enterprises that hold shares.

Recently, the number of complaints against Ping An Puhui has soared. The mainland media reported that according to the complaint platform, as of April 15 last year, the number of complaints against Ping An Puhui had exceeded 22,000, and the complaint resolution rate was only 25.96%, with complaints focused on mandatory collection of insurance and service fees, high-interest subprime loans, and violent collection.

In the second and third quarters of 2020 insurance consumer complaints issued by the Consumer Rights Protection Bureau of the China Banking Regulatory Commission, China Life and Ping An Life were ranked among the top three life insurance companies in terms of the number of complaints.

China Life female employees were retaliated for revealing shady practices

Recently, China Life Insurance Company Limited (hereinafter referred to as “China Life”), the head of its Nengjiang Branch was reported by employee Zhang Naidan, the company’s fraud and corruption is very serious, but the company officials cover up for each other, the whistleblower was retaliated against, was dismissed for trumped up charges.

Public information shows that China Life Insurance (Group) Company, the largest insurance company in China, is a central-level financial enterprise of the Communist Party of China. China Life Insurance Co., Ltd. is one of the group’s eight tier-one subsidiaries.

According to the reporting materials, China Life Nengjiang Branch corruption problems include: “long insurance short do”, promise customers high interest fraud insurance; false increase in staff, false hanging manpower; false expenses and other irregularities. The report material said that the branch company falsification is authorized by the provincial company, the company layers of falsification, the officials are complicit in the corruption, covering for each other.

After Zhang Nai Dan reported the leaders of China Life Nengjiang Branch to create false premiums to obtain high product commissions, a female employee of Zhangzhou Branch broke the news again: for not cooperating with the department manager to make false premiums, was forced to terminate the contract without reason.

Ms. Wu broke the news that the department she belongs to in the fourth quarter of 2020, employees did a lot of policy fraud to siphon off the benefits of the company’s personnel policy, “is to use the policy of increasing the number of people, each increase in a person, you can get a certain reward. And all these people that were added were false.”

According to land media reports, from the content of netizens’ postings and the attitude of industry insiders, the disorder of “falsification” of insurance for premium performance reported by Hotspur is not uncommon in the industry, with Ping An Insurance and Sina Insurance being mentioned in the comments.