The new IT platform will be supported by Software AG, a Germany-based business infrastructure software provider.

Under the agreement, Ping An Insurance of China (Ping An) will use Software AG's webMethods product suite to offer full insurance, banking and asset management services to more than 40 million customers in China.

With webMethods product suite, Software AG will develop the needed IT platform to support Ping An's multi-product, multi-channel, business expansion strategy. The new IT infrastructure was recently recognised at research firm IDC's Innovation Awards as one of the top 10 innovative IT solutions in the Asia Pacific.

'One account' service

Ping An's new 'one account' service, launched in July 2008, offers a one-stop shop of the insurance company's full range of financial products. Within two months of the launch of service, it attracted 100,000 subscriptions.