FinTech Watchlist Company Profile – ZhongAn

Online Insurance Company ZhongAn Creating New Markets and Disrupting Existing Markets in the Chinese P&C Insurance Industry
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Published: 26 Dec 2017

The study covers the leading online insurance provider ZhongAn in China. ZhongAn has launched many new products mostly partnering with the industry participants. It started by offering Merchant Performance Insurance, Zhonglebao in November 2013. Since then it has ventured in many different market segments covering e-Commerce, Electronic Products, Health, Auto, Travel and Consumer Financing. In the study, Frost & Sullivan has tracked ZhongAn portfolio that has swelled from one product in November 2013 to 245 different products and variants by the end of 2016. The study details key growth strategies adopted by the company to grow at break neck speed across 2013-2016. For ZhongAn technology is key to progress and it keeps investing substantial amount of revenue it has generated for Research & Development to further develop its technology. It uses its own proprietary technology to automate underwriting, claim processing and to an extent approve claims settlement. This enables it to generate personalised insurance premiums at a fraction of cost as compared to traditional companies. Although most of its insurance is processed online, it has partnered with both online and offline partners to sell its insurance to customer, thus taking the reach of online insurance provider from Internet only to offline customers. ZhongAn competes with other online insurance companies as well as established insurance companies such as People's Insurance Company of China, PingAn, China Pacific Insurance (Group) Co and China Continent. We have further investigated the business model of the company and represented it in the most simplest possible way. The study also covers key technologies used to automate the processes to not only run them more efficiently, but also to reduce the cost of executing the process. Its innovative features have also equipped clients to get loans as per their convenience. We have added executive summary that brings all of this together in a crisp form, to help busy executive get the gist of the study and then read sections in detail that matters to them.

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