ZhongAn Online P&C Insurance, China's first online-only insurance company, is exploring business opportunities in the sports and health insurance sector, based on data collected through mobile sports-related applications.
Tailored insurance coverage aimed at rewarding people who exercise would be provided through its Internet health product Bububao by monitoring customers' exercise regimes.
Users who run an average 15,000 steps a day, for example, would be asked to take up critical disease insurance with coverage up to CNY200,000 (US$30,300). People whose average steps reach 5,000 a day, will be recommended insurance coverage of about CNY100,000.
In addition, if a policyholder runs more than 15,000 paces a day, he or she will be exempted from one day's premium. If the participant maintains this regime for a year, he or she could be covered without paying the premium for a whole year.
Statistics from the company show more than 10 million customers have used Bububao, covering all regions on the Chinese mainland. Most of the users are from the post-1980 or 1990 generation, and 70% of users are men.
The company is working with China's mobile phone producers, including Huawei and Meizu, and sports-related applications, including Mi Fit, as well as wearable devices to reach customers.