Right partnerships will define success stories across industries. The insurance and financial services industries are the ones to benefit the most as it becomes clear that technology companies can bring efficiency into processes and redefine business models.
InsurTech Is Hitting Critical Mass
- Launched in 2013, Chinese non-life insurer ZhongAn has already reached a market cap of $13.6 billion on the Hong Kong Stock Exchange, where it started trading in late September this year. ZhongAn uses artificial intelligence and big data to generate mass market sales over the internet. Its flagship product is a policy that covers the cost of returning products bought on shopping platform Taobao.
- ZhongAn has sold over 7 billion policies to 490 million customers so far.
- InsurTech startups represent 15% of the $50 bill ...