3 InsurTech companies disrupting China’s insurance industry
By Leandra Monteiro
The InsurTech ecosystem in China has witnessed a significant boom since 2020. According to a report by Swiss Re Institute and Fudan University, China is riding high on a second InsurTech wave in four years.
In 2019, the size of the InsurTech industry in China reached almost 78 billion yuan. According to the forecast, the online insurance market was projected to be valued at over 125 billion yuan by 2025. In China, established insurance companies, as well as startups, are venturing into the digital space.
Business-friendly conditions in China is one of the main factors for growth of the industry. Furthermore, what has played a major role in contributing towards the development of the industry in China is the use of advanced technology, IoT and big data.
Going forward, here are some of the InsurTech companies that are disrupting China’s insurance industry:
Launched in 2019, backed by Asia Insurance, Hillhouse Capital and Two Sigma, Avo Insurance is the 1st virtual licensed general insurer in Hong Kong. Avo was created with a vision to allow anyone to be insured anytime, anywhere digitally. With Avo, its mission is to create an easy and enjoyable digital insurance experience that merges seamlessly into people’s everyday lives, giving them absolute ease and security through every process of acquiring insurance.
WeSure Insurance Ltd. is Tencent’s insurance platform. Leveraging Tencent’s strengths of data-driven and social connection, WeSure works with well-known insurance companies to provide users with high-quality insurance services. The company enables users to make insurance purchases, inquiries and claims directly on the firm’s vastly popular instant messaging and lifestyle platform, WeChat and QQ.
China-based ZhongAn Insurance is an online-only InsurTech company that develops ecosystem-oriented insurance solutions covering multiple consumption situations. Zhongan is an online-only InsurTech company in China. From its inception in October 2013 to December 31, 2016, the company claims to have sold over 7.2 billion insurance policies and served approximately 492 million policyholders.
ZhongAn operates its core insurance system on its cloud-based platform Wujieshan. The company has also developed improved AI capabilities to strengthen risk management, optimise product features quickly, and enhance customer experience.
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