Driving data to settle fees for car insurance
Print Edition
ZHONG An Online Property and Casualty Insurance Co, China’s first online insurer, said yesterday that it will offer car insurance using data about driving habits to calculate the premiums.
Zhong An, set up in 2013 by Tencent boss Pony Ma, Ping An Insurance head Peter Ma and Alibaba’s founder Jack Ma, said it will calculate car insurance premiums based on data like driving habits and how often drivers use their cars.
The insurer will also roll out policies in regions where it has the freedom to work out the premiums drivers have to pay and not follow those imposed by the China Insurance Regulatory Commission.
The CIRC in June piloted car insurance premium deregulation in six provinces and cities. They will expand to another 12 regions starting next year. But Shanghai, Beijing and provinces of Jiangsu and Zhejiang are among areas not included in the deregulated trial program.
Zhong An will work out the premiums and sell the car insurance policies, while Ping An Insurance Co will be the actual insurer.
Zhong An will give policy holders devices to be installed in the car to collect data about their driving habits, and the collected data will be connected to four credit systems operating in China to gain a better picture of the drivers’ records.
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