Zhong An is a 100% online Chinese insurance company backed by leading companies such as Alibaba and Tencent

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Country: China  zhongan
Year: 2013

  • Partner with big retail players to progress on data-driven insurance: an insurance could partner with big platforms to launch an online insurance (threats from Amazon, Google etc.).
  • Reshape traditional insurance: by applying internet thinking across the insurance value chain from product design to claims servicing.
  • Pushing the boundaries: through API design pocket insurance and non-core insurance products to expand the insurance territory (e.g. WeChat, Midea, Zhong An, High Temperature Insurance).

Concept

  • Zhong An is an innovative and disruptive insurer in China with leveraging big-data, cloud computing, IoT and partner API. It is an insurance joint venture of e-commerce company Alibaba, Tencent Holdings and Ping An Insurance.
  • Zhong An is a “pocket-insurance-product factory” thanks to its advanced cloud-based IT system from day 1. The partnership model is fully based on APIs which allows industrialized and automatic underwriting from any partner platforms.
  • As of April 30, 2015, Zhong An offers more than 100 insurance products and has underwritten more than 1.6 billion policies for more than 250 million customers. It also offers e-commerce, mobile payment, and financing guarantees for internet businesses and users.

Consumer Benefits

  • Fast product development: cycle of 15 days. 4-6 times faster than traditional insurers.
  • Industrialization : Automatic and instant underwriting and claims refund.
  • Client interaction: ability to get pocket coverage on-demand from any partner platform/website.
  • Lower costs: Zhong An has lower operating and distribution costs because it is all based online from products to claims.

How to use

  • The user creates an online account, from which they can buy insurance and place claims inquiries.