InsurTechs in China

Nowhere in the world is the pace of digitalisation faster than in China. Smartphones are ubiquitous in the country, such as when paying via WeChat or Alipay or ordering a taxi. 

It goes without saying that this has an impact on the economy. Digitalisation is a key component of the country’s ‘One Belt, One Road’ strategy: by means of huge financial investment in infrastructure, the aim is to create a new ‘Silk Road’ linking China with the rest of the world and paving the way for international trade.  

Against this backdrop, it should come as no surprise that the insurance sector is also becoming increasingly digitalised and connecting with customers via smartphone and tablet. 

Thomas Wang, an expert on China at Funk and a Member of the Management Board, has examined the fast-growing InsurTech sector.  Chinese InsurTechs provide insurance services using digitalised processes, artificial intelligence and blockchain technology. While their activities currently focus on the B2C segment, they are already preparing business models that are suitable for B2B. 

For his study, Thomas Wang spoke to more than 30 executives from the Chinese insurance sector. Here are some of the InsurTech firms that he focuses on:

• WeSure
  A mobile platform that, for example, enables consumers to compare and buy insurance policies. 

• ZhongAn Insurance
  This listed company targets B2B and B2C customers with its mix of an online platform and analogue activities. 

• YiTong Bao
  This start-up operates in the B2B segment, and its online platform is aimed at microenterprises and others.

‘The Chinese market harbours huge potential for German companies. Funk offers in-depth knowledge of local conditions and is always happy to advise its customers,’ summarises Thomas Wang. 

Want to know more? In his contribution to the book Insurance & Innovation 2018, Thomas Wang takes a detailed look at the ‘Digital transformation of China’s insurance industry’.

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