China’s first online insurance firm established
November 28, 2013 Category Uncategorized
Zhong An Online Property Insurance, China’s first online insurance firm, plans to roll out its first products by the end of the year. The new venture is a three-way tie-up between Ping An Insurance, Tencent and Alibaba. The partners would address the risks of online shopping and design “innovative products” to solve these problems, said Chief Executive Yin Hai at the company’s launch ceremony in Shanghai. Alibaba is the largest shareholder of Zhong An with a 19.9% stake. Tencent and Ping An each own 15%, while online travel agency Ctrip owns 5%. The balance is spread among a number of other shareholders. Jack Ma, Chairman of Alibaba, said the most important task for Zhong An was to build a database that could be leveraged by all kinds of companies in the future. Headquartered in Shanghai, the insurer has a registered capital of CNY1 billion. Yin said the company would provide products for internet enterprises and individuals. Zhong An’s product portfolio would range from enterprise property insurance to cargo transportation insurance and exchange rate insurance “but all these businesses must be related to internet transactions”, he said. Online transactions by individuals usually involved small payments, on average just several hundred yuan, he added. As a result, the firm’s insurance products will be quite cheap.
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