Ant Group's online mutual aid platform Xiang Hu Bao attracted 105.59m members last year and extended financial help to 68,600 subscribers, according to data released by the platform.
Third-party platforms will remain the core source of business for the online operations of insurers, says Fitch Ratings in a new report.
Online life insurance business maintained steady growth in 2020, with a total of CNY211.08bn ($32.6bn) in premiums, a year-on-year increase of 13.6% compared to 2019, according to data released by the Insurance Association of China (IAC) that are based on 2020 Internet life insurance business information submitted by life insurance companies with online operations. The pace of growth was almost double the 6.9% increase in premiums produced by life insurers from all channels.
Munich Re, Google Cloud and Allianz have announced a joint partnership towards pioneering cyber insurance, a first-of-its kind collaboration between a major cloud provider and leading cyber insurance companies. .
Symbo Platform Holdings, a Singapore-based InsurTech platform, has completed a $9.4m funding round led by CreditEase FinTech Investment Fund. The round also saw significant participation from San Francisco-based investment firm Think Investments along with follow-on investment from existing investors Integra Partners, Insignia Ventures and AJ Capital.
Three specialist firms in the insurance industry will create a secure InsurTech platform that will support cryptocurrency investors in insuring crypto risk.
The COVID-19 pandemic has brought back the focus on innovative insurance solutions in the Indian market and companies are today scaling up their digital initiatives and increasingly using AI and automation to drive business and serve their customers, said speakers during a webinar organised last week by the National Insurance Academy (NIA) in association with Swiss Re.
Technological innovation and e-commerce's rising popularity will reshape Chinese insurers' landscape and market structure, says Fitch Ratings.
The Association of Kenya Insurers (AKI) has announced that the issuance of hardcopy motor insurance certificates will be terminated wef today.
The rapid adoption of digitalisation in insurance and the changing customer behaviour along with the influx of new technologies have led to key shifts in the insurance industry in terms of product innovation, the emergence of ecosystems and data, and technology-driven innovations across the value chain, says a report of the international consultancy firm Boston Consulting Group and India InsurTech Association.