ZhongAn

insurtechonline first insurance

FOUNDING YEAR: 2013
LOCATION: China
Last Update: 01/05/2020

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About

Zhongan is an online-only Insuretech company in China. Leveraging our technologies, we develop ecosystem-oriented insurance products and solutions in different consumption scenarios to better serve our customers. From our inception in October 2013 to December 31, 2016, We sold over 7.2 billion insurance policies and served approximately 492 million policyholders and the insured, ranking us the largest insurer in China by these measures during this period according to the Oliver Wyman Report. As of June 30, 2017, We had sold over 9.5 billion insurance policies. In addition, we are the largest online insurance company in China with GWP of RMB3,408.0 million in 2016. Zhongan believe our proprietary infrastructure and technologies are critical to our success. We operate our core insurance system on our proprietary cloud-based platform called Wujieshan. We have also developed advanced artificial intelligence capabilities to optimize product features quickly to enhance customer experience and strengthen risk management. We have accumulated extensive user data originating from our large and expanding customer base and third-party data providers. The application of our big data analytics throughout the insurance value chain enhances our results of operations.Zhongan have adopted a set of effective policies and procedures that is consistent with industry best practice to evaluate and manage risks. We have an experienced team comprised of risk, legal and compliance professional to oversee our risk management efforts. In addition, our data-driven risk management system enables dynamic pricing and risk tracking, which enables us to optimize our product features based on our risk control capabilities.

MEDICI Analysis

Zhong An Online P&C Insurance Co. is China’s first online-only insurer. The Chinese insurer was started in 2013 with backing from Chinese Internet giant Alibaba Group Holding Ltd.’s financial-services affiliate. Zhong An innovative insurance is an Internet-based insurance company data. Big data allows insurers can not meet the needs of the past becomes possible.

Focus

PRODUCTS & SERVICES

Provide online only insurance

MAIN CLIENTS

Retail Insurance customers

EXISTING PARTNERSHIPS

Partnership with Tencent

Zhaopin

PRIMARY PROBLEM SOLVED

Provide lower operating and distribution costs to its users. Big data and analytics support ensures accurate product pricing and risk control, making the internet ecosystem more desirable.

COMMENT

The company has got a first mover advantage of being the first insurer to provide online-only insurance in China.

Traction

VALUATION / MARKET CAP:

$8 B in 2016

TRACTION COMMENT:

The company offers more than 200 insurance products and had written more than 3.6 billion policies to 369 million customers as of 2015.

Momentum

FUNDED

YES

TOTAL FUNDING

$931.3 M

DATE OF LAST FUNDING

Jun 2015

FUNDING SERIES

SERIES A  · $931.3 M  · Jun 2015

LISTED

NO

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