Ping An Insurance (Group) Co, the country's largest insurer by market value, posted a 68.1% jump in first-half net profit, the fastest pace of growth in more than a decade, on a rise in retail customers, reported Reuters.
The digital transformation of property insurance will be different from that of life insurance, say respondents to a poll on technology in insurance. They also believe that life insurance companies and property insurance companies will apply InsurTech in significantly different ways.
Four life insurers and two non-life companies, which started operations last year, have posted 1H2019 results that highlight outcomes arising from their different backgrounds.
Around 60% of consumers in mainland China prefer to engage with their life insurers on digital channels over physical ones, according to data released by market research firm Forrester.
Major insurance group Taikang Insurance Group plans to double the registered capital of its online-only insurance subsidiary Tk.cn Insurance.
Insurance professionals in China say that combining technology with core insurance functions lines such as actuarial work and underwriting will take time. For this reason, they believe that in the early stages, InsurTech should be applied gradually, with more innovations being carried out as data are accumulated.
China's three mutual insurance startups, all licensed in 2016, posted increases of over 200% in premium revenue for the first half of this year. Despite the surge in premiums, the mutuals continued to report losses.
China's latest relaxation on foreign insurance companies entering the country is welcome news for many global brands, yet smaller players appear to have been left out in the cold, according to industry analysts, according to a report in South China Morning Post.
Ant Financial Services's mutual aid scheme platform Xianghubao has announced that its members now exceed 80m, less than a year after its launch in October 2018. The number makes Xianghubao the world's largest mutual help platform.
Employers saved CNY128.8bn ($18.2bn) in payments for basic pensions, unemployment insurance and work-related injury coverage between 1 May and 30 June, the official Xinhua news agency reported.