A new report points to robust investment by China’s insurance sector in insurtech startups.
The 2017 China Insurance Technology Investment and Finance Report estimates that there are currently over 200 insurtech startups in China, attracting investors from a diverse range of backgrounds.
Most of China’s fledgling insurtech firms focus on the 2C model of direct dealings with retail customers, and can be divided into the six categories of comprehensive sales platform, product comparison platform, general management agent, mutual network assistance platform, policy management and smart insurance.
According to the report at least 15 Chinese insurance entities have invested in a total of 48 insurtech companies, with 14 traditional insurers obtaining stakes in 45 ventures in the sector.
Online insurer ZhongAn P&C is one of the most active players in the insurtech space, acquiring stakes in three firms.
All of China’s major insurance players have established their own insurtech platforms that provide “online services,” “golden service” or “e-commerce.”