Didi Chuxing, China's largest ride hailing platform operator, has launched nationwide insurance and other financial services through a smartphone app, in a bid to chase profits after having made losses since its founding in 2012.
Didi is offering mutual protection and crowdfunding products for both passengers and drivers who use its platform. The products include critical illness insurance, medical insurance, motor insurance, wealth management and auto-financing services. The company set up its financial services unit last year. Didi's insurance partners, numbering more than 10, include PICC, Ping An, China Pacific, China Life, and Allianz.
Among the products is a mutual assistance scheme, which was launched at the end of December and attracted 45,000 subscribers within a week. The plan, which is not described as an insurance product, covers cancer and 99 major illnesses. Signing up for the plan is free of charge. The highest payout from it is CNY500,000 ($72,800). An administrative fee of 6% is levied.
Didi has an estimated 550m users across China and 31m registered drivers on the platform.