Ant Financial Launches Online Mutual Insurance Service with Trust Mutual Life


Ant Financial has teamed up with China’s Trust Mutual Life (信美人寿相互保险社) to launch online mutual insurance products via the Alipay platform.

Alipay’s new online “XIanghu Bao” ( (相互保) ) product will provide insurance coverage for 100 major illnesses including malignant tumours, with insurance payments to be defrayed by insurees themselves.

Because the online product is only in its initial stage of launch, however, Xianghu Bao will only be available to Ant Financial members with Sesame Credit points of 650 of more, with entry permitted free of charge.

Trust Mutual Life, Ant Financial’s partner for the product, is the first mutual life insurance organisation established in China.

The company obtained official approval for establishment from the China Insurance Regulatory Commission (CIRC) on 5 May 2017, and its industrial and commercial administrative license on 11 May of the same year.

Ant Financial helped to provide 1 billion yuan in initial operating funds to Trust Mutual Life in the second half of 2016, while in December 2017 its launched a plan to allow Alipay members to use their own membership points for to pay for insurance products.

Ant Financial and Trust Mutual Life have already teamed up to provide products such as “Zhifu Ji Baozhang (支付即保障) and “Zhifu Bao” (”等产品) via Alipay.