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Insurtech is hitting critical mass

Launched in 2013, Chinese non-life insurer ZhongAn has already reached a market cap of US$13.6 billion on the Hong Kong Stock Exchange, where it started trading in late September this year.

Insurtech is hitting critical mass

ZhongAn uses artificial intelligence and big data to generate mass market sales over the internet. Its flagship product is a policy that covers the cost of returning products bought on shopping platform Taobao.

ZhongAn has sold over 7 billion policies to 490 million customers so far. While it has yet to turn a profit, its runaway revenue growth is a sign of things to come in the insurance industry: Insurtech is no longer an interesting fringe experiment, but a major activity supported by millions of customers. 

Read the full article by INSEAD Knowledge.

About the authors

Christophe Angoulvant is Senior Partner and Global Head of Insurance at Roland Berger.

Karel Cool is the BP Chaired Professor of European Competitiveness at INSEAD.

Brian Rogers is Senior Business Development Manager at the Swiss Re Institute.