China's first online-only life insurer, Hetai, has started operations.
The company held a ceremony to mark its opening on 18 May.
Mr Li Yuquan, a former deputy CEO of PICC P&C, is Hetai's General Manager. He left PICC in September last year.
Mr Li, speaking at the opening ceremony, said that Hetai would focus on the market in Shandong Province in its first two years, according to local media reports. It will develop its protection and long-term savings business.
Hetai received the CIRC green light for its establishment in July last year. Chinese Internet services giant Tencent Holdings and several investors are shareholders of the online life company.