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