Zhong An is China’s first fully digital insurance company that was founded in 2013 through a joint effort of Ping An, Tencent and Alibaba. As mentioned in the link above from CB Insights, Zhong An started with a shipping insurance product for merchants and has now expanded to over 240 product lines. They have sold 7.2 billion insurance policies, serve 492 million customers and have close to $500 million in gross written premium in 2016.
This is big news, folks. Here are a few thoughts as to why I think this is so big:
- Insurtech provides a viable full stack offering to consumers
- China has now helped to push Asia to the top of the ‘Insurtech leader’s club’
- Alibaba first, Amazon next?
For added insight read "Competing in a world of crumbling boundaries"