At least 15 insurance entities have invested in 48 InsurTech firm in China, driving up interest in insurance technology. They include 14 traditional insurers with stakes in 45 InsurTech ventures and online insurer ZhongAn P&C which has invested in three Insurtech firms.
In all, it is estimated that there are more than 200 insurance technology startups in China, with shareholders hailing from diverse backgrounds apart from insurance, according to the 2017 China Insurance Technology Investment and Financing Report,
Insurance companies invest in Insurtech ventures mainly because of the need for strategic digital transformation, and to fill gaps in the insurance industry chain such as marketing, underwriting, policy services, and claims handling.
Currently, all major insurance companies have their own technology platform, presented as “e-commerce”, “online service”, or “golden service”.
Among the 200 odd InsurTech firms, most are focussed on direct dealings with the retail customer, that is, the 2C model. These can be divided into six categories: comprehensive sales platform, product comparison platform, general management agent, mutual network assistance platform, policy management, and smart insurance.