https://www.scmp.com/rss/324814/feed Stories about how technology is used to enhance all aspects of the insurance industry, including life and general insurance en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com The latest move by the Hong Kong Monetary Authority (HKMA), expanding its fintech development road map to include insurance firms and brokers, will encourage more financial companies to adopt technology for cutting costs and enhancing services, industry players said. The HKMA, Hong Kong’s de facto central bank, said in August that it would team up with the Insurance Authority (IA) and the Securities and Futures Commission (SFC) to encourage financial firms to invest in technology to enhance... https://www.scmp.com/business/banking-finance/article/3236660/hong-kong-virtual-insurer-bowtie-eyes-disruption-amid-hkmas-fintech-push-securities-and-insurance?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3236660/hong-kong-virtual-insurer-bowtie-eyes-disruption-amid-hkmas-fintech-push-securities-and-insurance?utm_source=rss_feed Thu, 05 Oct 2023 23:30:19 +0000 Hong Kong’s digital insurers are expanding their product ranges to tap tech-savvy customers who buy their policies online, but are years away from mounting a challenge to the city’s traditional insurers with their armies of agents and brokers. Currently, five such digital players – four were issued licences by the Insurance Authority over the past two years and one, Blue, turned into a digital insurer from a traditional firm in 2018 – must compete in Hong Kong’s crowded market with 160 tradition... https://www.scmp.com/business/banking-finance/article/3158510/hong-kong-digital-insurers-such-onedegree-bowtie-life?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3158510/hong-kong-digital-insurers-such-onedegree-bowtie-life?utm_source=rss_feed Sun, 05 Dec 2021 05:40:36 +0000 Chad Bray,Georgina Lee,Enoch Yiu Chad Bray,Georgina Lee,Enoch Yiu As an international financial centre, Hong Kong has been surprisingly traditional when it comes to the local economy. Shopkeepers, crammed into wardrobe-size stores filled with ceiling-high stacks of clothing, hardware or toys, track their accounts in notebooks, often putting price stickers next to their sales records. Handwritten invoices are common, and cash remains king in Asia’s second-largest financial market. It is a different world 14 minutes away by high-speed train across the border in... https://www.scmp.com/business/banking-finance/article/3154984/silent-revolution-underway-hong-kongs-fintech-industry?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3154984/silent-revolution-underway-hong-kongs-fintech-industry?utm_source=rss_feed Sat, 06 Nov 2021 02:00:32 +0000 Hong Kong faces a mortality protection gap of HK$6.9 trillion (US$884.6 billion), which could cause many families undue financial trouble in the event of the death of the main earner, according to the Insurance Authority’s first study on the subject. To raise awareness about insurance protection, the authority plans to introduce a free online tool to allow people to calculate their insurance protection needs by the end of the year, a senior executive said. While Hong Kong had the highest... https://www.scmp.com/business/banking-finance/article/3149687/hong-kong-looks-technology-public-ignorance-and-apathy?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3149687/hong-kong-looks-technology-public-ignorance-and-apathy?utm_source=rss_feed Thu, 23 Sep 2021 00:30:18 +0000 OneDegree, Hong Kong’s only online pet insurer, has raised US$28 million in its latest funding round, it said on Monday. The start-up is among four purely online insurers that started operations last year as part of a push by the Hong Kong Insurance Authority to promote the use of more technology by the insurance sector to reduce costs and enhance services. Such companies can only use the internet and apps to sell their products and cannot hire agents. “The success of our fundraising exercise... https://www.scmp.com/business/banking-finance/article/3146856/online-pet-insurer-onedegree-raises-us28-million-amid?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3146856/online-pet-insurer-onedegree-raises-us28-million-amid?utm_source=rss_feed Mon, 30 Aug 2021 05:05:52 +0000 AIA Group Limited, Hong Kong’s largest publicly traded life insurer, has launched the city’s first hospital-backed telemedicine service just as the urban centre with one of the world’s fastest greying populations finds itself gripped by a fourth wave of coronavirus infections. AIA, the HKT phone network and the Gleneagles Hospital launched their DrGo platform for customers to book appointments with the hospital’s doctors. Patients can receive consultations and diagnosis via video on the... https://www.scmp.com/business/article/3112287/aia-launches-telemedicine-platform-hkt-gleneagles-hospital-fourth-wave?utm_source=rss_feed https://www.scmp.com/business/article/3112287/aia-launches-telemedicine-platform-hkt-gleneagles-hospital-fourth-wave?utm_source=rss_feed Thu, 03 Dec 2020 00:15:14 +0000 Pet insurance has existed for a while, but it often involves filling out boring paper forms and taking a trip to the vet to implant a microchip in their furry friends. China’s e-payment giant Alipay has another idea. The platform, run by Ant Financial – an affiliate of South China Morning Post owner Alibaba – has launched its first ever insurance program for cats and dogs. Enrolment is simple: Using the Alipay app, owners can set up a digital profile of their animals by taking a few pictures. A... https://www.scmp.com/abacus/tech/article/3094053/alipay-allows-pet-owners-buy-insurance-using-facial-recognition-their?utm_source=rss_feed https://www.scmp.com/abacus/tech/article/3094053/alipay-allows-pet-owners-buy-insurance-using-facial-recognition-their?utm_source=rss_feed Tue, 21 Jul 2020 10:15:12 +0000 A former JPMorgan Chase banker is about to kick-start his new business venture of selling online medical insurance coverage with a focus on pets, after winning an operating licence on Wednesday as innovation in Hong Kong financial markets gains traction. OneDegree, founded in 2016 by Alvin Kwock Yin-lun and industry veteran Alex Leung Te-yuan, became the third online insurer to be approved by Insurance Authority since 2017. The start-up aims to focus on a niche market for pets as its “flagship... https://www.scmp.com/business/banking-finance/article/3080059/former-jpmorgan-banker-set-launch-virtual-insurance-start?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3080059/former-jpmorgan-banker-set-launch-virtual-insurance-start?utm_source=rss_feed Wed, 15 Apr 2020 10:45:14 +0000 Xiao Li was devastated when she was diagnosed last June with breast cancer. The cost of treatment, at 70,000 yuan (US$9,913) a year, is about 40 per cent more than what she and her husband bring home as factory workers in central China’s Shaanxi province. “I cried,” the 35-year old mother of two said in an interview by email. “While cancer can be treated, the medical cost is just so high that my family simply could not afford it.” Thanks to Xiang Hu Bao, though, Xiao’s medical bill was... https://www.scmp.com/business/china-business/article/3078273/technology-turbocharges-chinas-access-health-insurance-amid?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3078273/technology-turbocharges-chinas-access-health-insurance-amid?utm_source=rss_feed Sat, 04 Apr 2020 04:00:10 +0000 Prudential should break itself up into two publicly listed companies focused on Asia and the US to boost shareholder value, urged activist investor Third Point. The London-headquartered insurer should then move the primary base for its Asian arm to Hong Kong, and that of its US business, Jackson National Life, to Michigan, said Third Point. It should also stop prioritising dividends over investment in Asia. This deep restructuring would unleash the potential of its fastest-growing business,... https://www.scmp.com/business/banking-finance/article/3052310/prudential-should-move-asian-headquarters-hong-kong-urges?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3052310/prudential-should-move-asian-headquarters-hong-kong-urges?utm_source=rss_feed Tue, 25 Feb 2020 12:13:52 +0000 Xiang Hu Bao, an online mutual-aid platform owned by Ant Financial, has attracted 100 million users since its launch a year ago and helped insurers on Alipay’s platform increase their health policy revenues by 60 per cent. The platform, which is popular among China’s rural population, is not an insurance product, but a collective claim sharing mechanism built on blockchain technology that offers basic health plans to protect participants against 100 types of critical illnesses. It has, however,... https://www.scmp.com/business/companies/article/3039554/ant-financials-mutual-aid-platform-xiang-hu-bao-attracts-100?utm_source=rss_feed https://www.scmp.com/business/companies/article/3039554/ant-financials-mutual-aid-platform-xiang-hu-bao-attracts-100?utm_source=rss_feed Wed, 27 Nov 2019 06:59:19 +0000 Ping An Insurance (Group), China’s largest insurer by market value, has set its eyes on the country’s smart city projects to bolster its transformation into a technology-driven financial conglomerate while taking on established technology giants. Mature technologies used to build a smart city will be fully developed and expanded to various mainland cities next year as the company looks to secure a front runner position in the segment nationwide, said Yu Ning, head of Ping An’s technology... https://www.scmp.com/business/companies/article/3025447/what-does-insurer-know-about-smart-cities-ping-reckons-its-big?utm_source=rss_feed https://www.scmp.com/business/companies/article/3025447/what-does-insurer-know-about-smart-cities-ping-reckons-its-big?utm_source=rss_feed Tue, 03 Sep 2019 03:45:06 +0000 Shanghai-based insurance technology start-up The CareVoice has raised about US$10 million in a funding round led by Chinese investment management company Lun Partners Group, it said on Thursday. The company, which launched in Hong Kong last September and is present in mainland China, provides software to 15 insurance companies, including Ping An Insurance, China’s second-largest insurer, Zhong An Online P&C Insurance, the country’s first internet-only insurer, The People’s Insurance Company of... https://www.scmp.com/business/companies/article/3023802/shanghai-insurtech-start-carevoice-eyes-asia-expansion-after?utm_source=rss_feed https://www.scmp.com/business/companies/article/3023802/shanghai-insurtech-start-carevoice-eyes-asia-expansion-after?utm_source=rss_feed Wed, 21 Aug 2019 23:00:16 +0000 Ping An Insurance (Group), China’s largest insurer by value, posted the biggest jump in interim net profit since 2015, bolstered by a one-time tax benefit, a stock market rally and growth in its new business units. Net income soared 68 per cent to 97.7 billion yuan in the six months ended June 30, beating the 19 per cent increased expected in a Bloomberg survey of analysts. Revenue rose 17 per cent to 690.25 billion yuan (US$98 billion), while basic earnings per share rose 23.7 per cent to 4.12... https://www.scmp.com/business/companies/article/3022971/ping-posts-biggest-jump-interim-net-profit-2015-helped-one-time?utm_source=rss_feed https://www.scmp.com/business/companies/article/3022971/ping-posts-biggest-jump-interim-net-profit-2015-helped-one-time?utm_source=rss_feed Thu, 15 Aug 2019 12:00:12 +0000 Former Financial Secretary and Chief Executive hopeful John Tsang Chun-wah has joined Hong Kong’s first virtual insurer, Bowtie Life Insurance, as a senior adviser. Analysts said the appointment of a well-known figure like Tsang could give the digital start-up a secret weapon as it battles for market share with big, established insurance companies. Speaking to the South China Morning Post after his appointment, Tsang declined to disclose how much he would be paid for the new role. He said he... https://www.scmp.com/business/banking-finance/article/3004204/former-hong-kong-financial-secretary-john-tsang-joins?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3004204/former-hong-kong-financial-secretary-john-tsang-joins?utm_source=rss_feed Mon, 01 Apr 2019 22:00:11 +0000 China’s insurance market will quadruple in 14 years to US$2.36 trillion, on the way speeding by the US, currently the world’s leader, according to Swiss Re Institute. Insurance premiums will hit US$2.36 trillion in 2032, up from about US$575 billion in 2018, the Zurich-based re-insurance company said Thursday. The US market is worth about US$1.47 trillion. “Asia is the place to be [for insurers],” said Jerome Haegeli, Swiss Re Group’s chief economist. “The region and its engine of growth are... https://www.scmp.com/business/article/2189033/china-will-become-worlds-biggest-insurance-market-mid-2030s-speeding-past?utm_source=rss_feed https://www.scmp.com/business/article/2189033/china-will-become-worlds-biggest-insurance-market-mid-2030s-speeding-past?utm_source=rss_feed Thu, 07 Mar 2019 10:03:12 +0000 Despite escalating tensions between the US and China over trade and technology, Chinese companies accounted for nearly half of all fintech investments globally last year, according to a new report by the consulting firm Accenture. Global investment in financial technology companies more than doubled to US$55.3 billion in 2018, with China accounting for US$25.5 billion in transactions. Overall, the number of transactions worldwide increased 19 per cent to 3,251 last year, according to the... https://www.scmp.com/business/article/2187649/china-drove-fintech-funding-globally-2018-despite-rising-tensions-us-report?utm_source=rss_feed https://www.scmp.com/business/article/2187649/china-drove-fintech-funding-globally-2018-despite-rising-tensions-us-report?utm_source=rss_feed Tue, 26 Feb 2019 01:01:50 +0000 Ping An Technology, a subsidiary of China’s second-largest life insurer, is revving up infrastructure expansion to bolster its cloud computing service with the aim to become a market leader in the mainland in three to five years. William Fang Guowei, chief technology officer of Ping An Tech, told the South China Morning Post that the company enjoyed a breakneck growth in cloud-service infrastructure last year, with demand for GPU (graphics processing unit) hardware volume jumping 12 times over... https://www.scmp.com/business/companies/article/2179548/ping-technology-vies-chinas-cloud-market-leadership-taking?utm_source=rss_feed https://www.scmp.com/business/companies/article/2179548/ping-technology-vies-chinas-cloud-market-leadership-taking?utm_source=rss_feed Thu, 27 Dec 2018 04:00:39 +0000 Singapore Life said the increased investment this week from British billionaire Michael Spencer, who boost his stake in the firm to 63 per cent from 29 per cent, is a precursor to potentially more new investors. Singapore Life chief executive Walter de Oude told the Post that he will continue to channel investment into new technology to tap opportunities in internet-basesd services that increasingly straddle across insurance, asset management and banking. In January Singapore Life bought S$6... https://www.scmp.com/business/article/2176913/london-billionaire-michael-spencer-boosts-stake-singapore-life-63pc?utm_source=rss_feed https://www.scmp.com/business/article/2176913/london-billionaire-michael-spencer-boosts-stake-singapore-life-63pc?utm_source=rss_feed Fri, 07 Dec 2018 08:38:35 +0000 Chinese insurance giant Ping An (Group) unveiled Ping An Cloud, a home-grown cloud computing service targeted at five industries, such as finance and health care, on Wednesday. The country’s largest insurer by market value aims to capture a share of China’s expanding but already crowded market for cloud computing with the customisable service. The other sectors it is targeting include automobiles, smart city initiatives and real estate. China’s Ping An Technology aims to generate half its... https://www.scmp.com/business/companies/article/2169023/chinese-insurance-giant-ping-launches-cloud-service-aimed-banks?utm_source=rss_feed https://www.scmp.com/business/companies/article/2169023/chinese-insurance-giant-ping-launches-cloud-service-aimed-banks?utm_source=rss_feed Wed, 17 Oct 2018 23:04:49 +0000 Ping An Global Voyager Fund, the US$1 billion global technology investment fund of Ping An Insurance, is exploring data analytic technologies as a potential investment area, as it sees the internet of things as the next big wave of innovation that could reshape the insurance sector. Donald Lacey, managing director and chief operating officer of the fund, expects the internet of things to redefine the way that insurers have do business. One immediate impact is that insurers’ premium pool will get... https://www.scmp.com/business/companies/article/2156328/data-tracking-about-change-way-insurance-companies-do-business?utm_source=rss_feed https://www.scmp.com/business/companies/article/2156328/data-tracking-about-change-way-insurance-companies-do-business?utm_source=rss_feed Sun, 22 Jul 2018 06:09:50 +0000 China’s vehicle insurers can expect huge disruption to their traditional business models, as the era of autonomous driving, powered by artificial intelligence (AI) continues to accelerate, a new study claims. Three-quarters of insurers expect vehicle premiums to be included in the price tags of cars while more than 60 per cent expect a drop in premiums collected from car owners, once self-driving models becomes commonplace on our roads, said a joint report published between the Insurance Society... https://www.scmp.com/business/companies/article/2148009/car-insurers-warned-start-preparing-now-autonomous-driving-future?utm_source=rss_feed https://www.scmp.com/business/companies/article/2148009/car-insurers-warned-start-preparing-now-autonomous-driving-future?utm_source=rss_feed Sun, 27 May 2018 23:15:15 +0000 Home-grown fintech company OneDegree sees opportunity in the more than half a million underinsured dogs and cats in Hong Kong, as the company races to be among the first batch of pure online insurers in the city. The company, whose insurance products range from pets to travel, is among the first generation of companies seeking to be fast-tracked for an operating license under the Insurance Authority’s guidelines unveiled last October. “There are over 510,000 dogs and cats that are kept as pets... https://www.scmp.com/business/banking-finance/article/2146348/one-online-insurer-wants-sign-your-cat-or-dog-plan-helps?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2146348/one-online-insurer-wants-sign-your-cat-or-dog-plan-helps?utm_source=rss_feed Wed, 16 May 2018 05:15:30 +0000 About 2.3 million finance industry employees in mainland China are likely to either lose their jobs, or be reassigned to new roles, by 2027, as they fall victim to disruptive artificial intelligence technologies. A study by Boston Consulting Group (BCG) found that 23 per cent of the total 9.93 million jobs in the country’s banking, insurance and securities sectors will be affected, with entry-level staff engaged in repetitious daily operations bearing the brunt of any cuts. “Many jobs,... https://www.scmp.com/business/companies/article/2139685/23-million-number-jobs-could-be-lost-artificial-intelligence?utm_source=rss_feed https://www.scmp.com/business/companies/article/2139685/23-million-number-jobs-could-be-lost-artificial-intelligence?utm_source=rss_feed Fri, 30 Mar 2018 11:15:45 +0000 More than 40 international and Chinese tech companies and start-ups have approached the Insurance Authority seeking information on digital insurance licences via the newly launched fast track scheme, according to an official. “This shows Hong Kong can attract a wide range of companies to come here to set up insurance businesses,” said Carol Hui Mei-ying, executive director of long-term business at the Insurance Authority, on Wednesday, adding that the fast track will help the development of... https://www.scmp.com/business/banking-finance/article/2136193/huge-response-insurance-authoritys-online-only-fast-track?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2136193/huge-response-insurance-authoritys-online-only-fast-track?utm_source=rss_feed Wed, 07 Mar 2018 12:36:59 +0000 UK insurance giant Aviva and its partners Chinese internet major Tencent Holdings and private equity fund Hillhouse Capital have received regulatory approval to launch a digital insurer, Aviva said on Tuesday. Last January, the 322-year-old UK insurer signed an agreement with Tencent and Hillhouse to sell shares in Aviva Life Insurance Company (Aviva Hong Kong) to turn it into a digital insurer.  Aviva has been operating in the city since February 2002, according to the company. Tencent will own... https://www.scmp.com/business/article/2133242/tencent-expands-its-digital-insurance-footprint-hong-kong-uk-giant-aviva?utm_source=rss_feed https://www.scmp.com/business/article/2133242/tencent-expands-its-digital-insurance-footprint-hong-kong-uk-giant-aviva?utm_source=rss_feed Wed, 14 Feb 2018 00:00:00 +0000 Big data and artificial intelligence are at the heart of a platform announced last week by ZhongAn Online Casualty and Property Insurance, China’s first internet-only insurer. “Mobile internet and digital technologies are transforming the car industry. So the car insurance industry must change as well,” Wang Yu, head of car insurance at ZhongAn, said in an interview with the South China Morning Post. The platform will include companies along the car value chain and provide a one-stop shop for... https://www.scmp.com/business/companies/article/2131948/big-data-and-ai-future-car-insurance-according-chinas-first?utm_source=rss_feed https://www.scmp.com/business/companies/article/2131948/big-data-and-ai-future-car-insurance-according-chinas-first?utm_source=rss_feed Mon, 05 Feb 2018 00:03:12 +0000 ZhongAn Online Property and Casualty Insurance has seen explosive growth in car insurance premiums, making nearly 70 per cent of the segment’s revenue this January than it did for entire 2017, thanks to its strategy to use big data and artificial intelligence to provide more innovative products and create an online platform that encompasses companies along the car value chain to build customer loyalty. The online insurer ZhongAn’s car insurance premiums surpassed 56 million yuan (US$8.9 million)... https://www.scmp.com/business/companies/article/2131449/zhongan-generates-70pc-2017-car-insurance-premiums-just-one-month?utm_source=rss_feed https://www.scmp.com/business/companies/article/2131449/zhongan-generates-70pc-2017-car-insurance-premiums-just-one-month?utm_source=rss_feed Wed, 31 Jan 2018 23:30:58 +0000 Competition in China’s emerging insurance technology scene is getting fierce, drawing several new players who want to tap the world’s third largest insurance market with its large mobile and digitally savvy consumer base. CareVoice, China’s first review-based social platform that helps people make better health related decisions, is the latest insurtech start-up to attract investors, as it hopes to compete in the market by targeting a younger generation of affluent, tech-savvy consumers. The... https://www.scmp.com/business/companies/article/2129911/insurtech-start-wants-compete-zhongan-ping-targeting-chinas?utm_source=rss_feed https://www.scmp.com/business/companies/article/2129911/insurtech-start-wants-compete-zhongan-ping-targeting-chinas?utm_source=rss_feed Mon, 22 Jan 2018 00:18:01 +0000 ZhongAn Online Property & Casualty Insurance, China’s first and largest online-only insurer, has teamed up with Hong Kong-listed Sinolink Worldwide Holdings to create an offshore arm to facilitate overseas expansion. Through the new joint venture, ZhongAn said it aims to increase its investments in financial and insurance technology internationally in response to China’s “Belt and Road Initiative” that encourages Chinese firms to go global. ZhongAn Tech, the insurer’s technology unit, has signed... https://www.scmp.com/business/companies/article/2123718/zhongan-forms-offshore-arm-sinolink-bets-fintech-insurtech?utm_source=rss_feed https://www.scmp.com/business/companies/article/2123718/zhongan-forms-offshore-arm-sinolink-bets-fintech-insurtech?utm_source=rss_feed Sun, 10 Dec 2017 14:15:30 +0000 ZhongAn Technology, the tech incubator of Chinese insurtech giant ZhongAn Online, is not satisfied with being the first in China to use blockchain technology to monitor the life journey of chickens in organic farming – it now plans to use facial recognition to better identify each bird during real-time monitoring. The company, a unit of Hong Kong-listed ZhongAn Online Property & Casualty Insurance, is targeting China’s increasingly health-conscious urban consumers, who want to trace the origins... https://www.scmp.com/business/companies/article/2123567/blockchain-and-facial-recognition-zhongan-techs-recipe-changing?utm_source=rss_feed https://www.scmp.com/business/companies/article/2123567/blockchain-and-facial-recognition-zhongan-techs-recipe-changing?utm_source=rss_feed Sun, 10 Dec 2017 00:30:00 +0000 ZhongAn Online P&C Insurance, China’s first and largest online-only issuer, said it wanted to learn from its rival and early investor, Ping An Insurance Group, which has taken the lead in research and development in insurance technology. With its scale and rapid pace of expansion, China’s insurtech market would have room for everyone, said Chen Wei, chief executive of ZhongAn Technology, the online insurer’s technology incubator. “China’s insurtech market is so huge that no single company can... https://www.scmp.com/business/companies/article/2123211/zhongan-chinas-largest-online-insurer-sees-ping-insurtech-rival?utm_source=rss_feed https://www.scmp.com/business/companies/article/2123211/zhongan-chinas-largest-online-insurer-sees-ping-insurtech-rival?utm_source=rss_feed Thu, 07 Dec 2017 00:00:00 +0000 Rising demand for highly automated wealth management services from traditional financial institutions has put mainland Chinese start-up Polaris, a specialist provider of robo-advisory systems, on the fast track to steady domestic and international expansion, according to its chief executive. “We have a unique position in the market as a business-to-business robo-advisory solutions company,” Polaris chief executive Zheng Yudong told the South China Morning Post. Zheng said Polaris was keen to... https://www.scmp.com/tech/enterprises/article/2118482/china-developed-robo-advisers-poised-transform-asias-wealth?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/2118482/china-developed-robo-advisers-poised-transform-asias-wealth?utm_source=rss_feed Sun, 05 Nov 2017 09:14:52 +0000 A race is underway between Baidu, Alibaba Group Holding and Tecent Holdings - three of China’s largest technology companies - to use their advantages in internet search, big data analysis and online payments to help them sell insurance, as competition for insurtech escalates. Weimin Insurance, in which Tencent owns 57.8 per cent, received a license from China’s regulator, in a move that allows the operator of China’s dominant social media network to sell insurance policies to more than 900... https://www.scmp.com/tech/enterprises/article/2117910/explainer-how-are-chinas-technology-giants-mapping-out-their?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/2117910/explainer-how-are-chinas-technology-giants-mapping-out-their?utm_source=rss_feed Wed, 01 Nov 2017 04:55:16 +0000 Shares of ZhongAn Online Property & Casualty Insurance, China’s first online insurer, rose for the first time in five days, after the insurance regulator clarified that an article on a website warning of potential risks in ZhongAn’s business model was a misplaced opinion piece, not a formal regulatory notice. ZhongAn shares rose as much as 2.9 per cent to HK$79.10 on the Hong Kong exchange. The stock had slumped as much as 7.1 per cent on Thursday, after the Hainan branch of the China Insurance... https://www.scmp.com/business/companies/article/2117238/zhongan-shares-resume-gains-hong-kong-after-regulator-said-it?utm_source=rss_feed https://www.scmp.com/business/companies/article/2117238/zhongan-shares-resume-gains-hong-kong-after-regulator-said-it?utm_source=rss_feed Fri, 27 Oct 2017 02:49:02 +0000 Alibaba chairman Jack Ma-backed Yunfeng Financial Group, which is leading the US$1.7 billion acquisition of the Asian unit of Massachusetts Mutual Life Insurance, said it won’t complete the deal until the third quarter of 2018 due to the complex approval process involved. “We hope to complete the transaction by this time next year, depending on shareholder and regulatory approval,” Li Ting, Yunfeng Financial’s chief executive told the South China Morning Post. “This is quite a long... https://www.scmp.com/business/article/2115670/jack-ma-backed-yunfeng-financial-expects-take-least-year-complete-us17b?utm_source=rss_feed https://www.scmp.com/business/article/2115670/jack-ma-backed-yunfeng-financial-expects-take-least-year-complete-us17b?utm_source=rss_feed Tue, 17 Oct 2017 04:15:00 +0000 The Insurance Authority plans to introduce a licensing fast track for online-only insurance companies, accelerating an approval process which currently takes about 12 to 18 months, according to Insurance Authority chief executive John Leung Chi-yan. About a dozen companies have filed license applications to set up in Hong Kong as traditional insurers using agents to liaise with customers, Leung said Tuesday at a regulatory conference in Hong Kong. The fast track will apply to online-only... https://www.scmp.com/business/banking-finance/article/2114762/ready-speed-insurance-authority-offer-licensing-fast-track?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2114762/ready-speed-insurance-authority-offer-licensing-fast-track?utm_source=rss_feed Wed, 11 Oct 2017 00:02:19 +0000 A planned US$1.5 billion share offer in Hong Kong by Chinese online insurance broker Zhong An Online P&C Insurance, the largest ever by a fintech company in the city, could help Hong Kong improve its attractiveness as a destination for technology initial public offerings. The company will offer 199.29 million shares priced between a range of HK$53.7 to HK$59.7 each. If priced at top end, it could raise US$1.5 billion. That would also make it the sixth-largest fintech IPO worldwide this... https://www.scmp.com/business/banking-finance/article/2111577/chinese-insurers-us15-billion-hong-kong-ipo-could-put-city?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2111577/chinese-insurers-us15-billion-hong-kong-ipo-could-put-city?utm_source=rss_feed Sun, 17 Sep 2017 14:08:39 +0000 China Life and Ping An Insurance, the country’s two largest insurers, have both been focusing heavily on investment in technology, and now it appears artificial intelligence (AI) may becoming more important than sales agents across the sector, as premium income continues to soar. Traditionally, insurers have relied on armies of agents to sell their products. This is particularly the case for life companies, many of which still employ thousands of agents to sell products to friends, relatives and... https://www.scmp.com/business/companies/article/2108594/chinas-top-insurers-ploughing-billions-fintech?utm_source=rss_feed https://www.scmp.com/business/companies/article/2108594/chinas-top-insurers-ploughing-billions-fintech?utm_source=rss_feed Mon, 28 Aug 2017 06:45:00 +0000