A closer look at ZhongAn, one of our top 10 insurtechs

By Olivia Minnock
Last month, we named our top 10 insurtechs around the globe, and Chinese insurance company Zhong An made the cut. Touting itself as “China’s first...

Last month, we named our top 10 insurtechs around the globe, and Chinese insurance company Zhong An made the cut.

Touting itself as “China’s first complete online insurance company”, ZhongAn has claimed the top spot on the Post Insurtech leaderboard. The company’s CEO is Jin “Jeffrey Chen” but it was initially co-founded by some of the country’s most renowned business magnates including Alibaba’s Jack Ma, Tencent’s Pony Ma and Ping An Insurance’s Mingzhe Ma. In 2017, the Chinese insurer raised $1.5bn in its IPO in what the Financial Times described as “the world’s first insurtech public offering”.

Here are five things you need to know about ZhongAn:

  • ZhongAn has sold over 9.5bn insurance policies – and counting, as it has yet to release its figures from the past year.

  • The company is the largest online insurer in China, but still only makes up about 0.9% of overall insurance market, leaving plenty untapped.

 

SEE ALSO: 

 

  • In addition to the big names that founded the business, the company has also attracted big name investment – last year, it was reported the company is backed by SoftBank, which has a $100bn Vision Fund focused on promising tech startups.

  • ZhongAn is said to gain around as much income from online shopping insurance alons as Apple does from the iPhone.

  • The company is the world’s sixth most valuable e-finance company overall, according to Bloomberg.

 

Check out the other nine insurtechs on the list in FinTech Magazine.

 

Share

Featured Articles

Five New Trends Driven by Uncertainty in Cryptocurrency

As the markets show signs of recovery from the recent cryptocurrency crash, we look at five new trends emerging from the crisis

Meta makes 2nd attempt at virtual currency with ‘Zuck Bucks'

Arthur Caplin, solicitor and specialist in tech and crypto regulatory matters at law firm BLM, discusses Meta’s latest venture into cryptocurrency.

What Technologies are Driving the Digital Wallet Trend?

The advance of technology is providing us with new ways to pay. So what are digital wallets, how do they work and what will their future look like?

Is the US$10bn Decacorn the new Unicorn for Fintechs?

Financial Services (FinServ)

Five Emerging Fintech Hubs to Watch in 2022

Financial Services (FinServ)

Why are Banks and Fintechs Entering the Metaverse?

Crypto