ZhongAn Tech praises Blockchain’s transformational power, signs over 100 hospitals
Chinese online insurance giant Zhongan is on a mission to transform the centuries-old insurance sector in China. The company’s chief believes that Blockchain technology will play a “tremendous role” in the transformation.
Sources report that the tech unit chief of ZhongAn Online Property & Casualty Insurance, Chen Wei said,
“Insurance is backed by statistics and blockchain will help to connect that massive and varied data. It will be used to manage risk and improve pricing.”
ZhongAn Online Property & Casualty Insurance is the largest provider of online insurance services in China.
Chen further added that the company has placed data-sharing agreements with over 100 Chinese hospitals. This move will go a long way in streamlining record verification process and automatic claims. He added that,
“Insurance sales used to rely on agents and individual sales people, however younger generations prefer making online purchases. Insurance clients no longer need to file paper documents as proof, instead they can just say when and which hospital they attended.”
ZhongAn Tech is Zhongan’s specialized technology incubator. The company which is the first digital insurer in China was formed by Ping An, Tencent and Alibaba in 2013. Chen added that the company now serves about 10 Chinese insurers. Zhongan Tech is working at helping these insurers tailor their services better and increase risk analysis.
Chen also added that ZhongAn Tech has securely stored all insurance policies from the parent company ZhongAn Online using Blockchain technology. He also said that the Insurtech start-up is collaborating with Shanghai’s insurance regulatory bureau for building a blockchain-based reinsurance platform. This platform will help in improving security and the traceability of re-insured policies.
Chen added that ZhongAn Tech has a dedicated team exploring innovative technologies. He also said,
“We are trying to combine blockchain with real life scenarios.”
While cryptocurrency trading is banned in China, Blockchain and its applications are being explored into with gusto. In fact, China’s one of the first countries in the world which has included blockchain technology in state-level policy. Blockchain Technology is included in the 13th Five-Year Plan, which serves as a road map for national development from 2016 to 2020.
Image via Asia Insurance Review
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