Online insurance firm breaks the norm
Print Edition
China’s first online insurer Zhong An Online P&C Insurance Co opened yesterday, embracing e-commerce, mobile payment and financing guarantee for Internet businesses and users.
“The company is not simply about selling insurance products online, but aims to serve the Internet businesses and provide a safer environment for Internet users,” said Henry Yin, CEO of Zhong An.
The company will develop products in e-commerce activities, mobile payment safety, and financing.
For example, Internet businesses with sound credit records can purchase insurance and pay a lower deposit to e-commerce platforms while consumers can buy insurance against safety glitches in their payment accounts. Zhong An will also guarantee that loans taken by Internet businesses will not default when they buy insurance protection, Yin said.
Zhong An will launch its first product within a month in cooperation with some Internet businesses, Yin said, but he didn’t name them.
“We’ll spend the first two years to mainly communicate with Internet businesses and users to gauge their demand,” Yin said. “We will not prioritize profits at the initial stage, and will focus on finding a sustainable business model for online insurance.”
Yin sees the insurer as profitable in three years and be a mid-sized property and casualty insurer with an annual premium income of 5 billion yuan (US$820 million) in five years.
Zhong An was granted China’s first online insurance license by the China Insurance Regulatory Commission. The insurer is not allowed to open outlets beyond its headquarters in Shanghai and cannot tap traditional insurance products such as car insurance.
Analysts expect the company to pilot innovation in the insurance market but do not see it making a splash in the market in the near term.
“Zhong An will certainly give a boost to the insurance market in terms of new ideas for business concepts and sales channels,” said Zhang Meng, a researcher with Analysys International.
Zhong An’s shareholders include Ping An Insurance Group and Internet giants Alibaba and Tencent.
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