Chinese Internet giant Tencent has obtained the green light from regulators to sell insurance via online platforms such as WeChat and QQ.
The official website of the China Insurance Regulatory Commission (CIRC) has revealed that Weimin Insurance Agency Co., Ltd. (微民保险代理有限公司), in which Tencent holds a 57.8% equity stake, has garnered approval to engage in insurance agency operations.
The approval gives Weimin Insurance the go-ahead to engage in the agency sale of insurance products, agency receipt of insurance fees, as well as to conduct damage surveys and provide compensation in relation to insurance operations.
The decision is expected to see Weimin Insurance conduct insurance operations via Tencent’s WeChat and QQ platforms, which have nearly 900 million users, and the incorporation of Weimin Insurance products into the WeChat Wallet app.
Domestic observers expect Weimin Insurance to commence online operations within the next several days.