China’s Online Insurer ZhongAn Launches Fintech Incubator

November 4, 2016

ZhongAn Online Property & Casualty Insurance Co. Ltd., China’s first online insurance company, has launched a fintech innovation company.

The company, called Called ZhongAn Information and Technology Services Co. Ltd. (also known as “ZhongAn Technology”), will explore innovation for its parent company, ZhongAn, and its external partners.

ZhongAn Technology will focus on innovation in four main areas: artificial intelligence, blockchain, cloud computing, and data driven.

Further, its services will be rolled out on a blockchain cloud platform.

Commenting on the new company, Xing Jiang, chief technology officer of ZhongAn and chairman of ZhongAn Technology, said: “With the creation of ZhongAn Technology, we are developing a new fintech ecosystem, integrating technological research with financial innovation. We aim to be an accelerator for both [the] finance and healthcare sectors.”

ZhongAn Technology describes itself as the technology connector between companies. “It is an open innovation company which collaborates with other technologies and business partners to develop the market together,” the company said in a statement.

“As an internet-based company, we have launched over 300 insurance products to create an ecosystem and better meet the needs of our clients, while minimizing financial risks,” said Jin Chen, chief executive officer of ZhongAn.

“Not only will we develop technology, but our aim is to make technology become a commercial driving force, to put it at the core of our business ecosystem,” added Chen.

About ZhongAn

ZhongAn Online Property & Casualty Insurance Co. Ltd. was founded in 2013 by Ant Financial, Tencent and Ping An, as the first online-only insurance company in China. Over the past three years, it has accumulated 460 million service users and issued over 5.8 billion insurance policies.

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