ZhongAn generates 70pc of 2017 car insurance premiums in just one month
The online-only insurer has created an ecosystem through the use of big data and AI involving carmakers, dealers, after-sales service providers and lenders to build a loyal customer base
ZhongAn Online Property and Casualty Insurance has seen explosive growth in car insurance premiums, making nearly 70 per cent of the segment’s revenue this January than it did for entire 2017, thanks to its strategy to use big data and artificial intelligence to provide more innovative products and create an online platform that encompasses companies along the car value chain to build customer loyalty.
The online insurer ZhongAn’s car insurance premiums surpassed 56 million yuan (US$8.9 million) in January compared with 84 million yuan for the whole of last year, the company said on Wednesday.
ZhongAn, which launched its Bao Biao Car Insurance business in partnership with Ping An Insurance in 2015, has seen rapid growth in premiums – from 17,019 yuan in 2015 to 3.5 million yuan in 2016, according to a recent company filing.
“We have adjusted our strategy in online car insurance and it has played out well,” said Chen Jin, chief executive officer of ZhongAn, at a press conference in Beijing.
The ecosystem on the platform is “inclusive”, he said, as it includes carmakers, dealers, after-sales service companies, designated car driver service providers, and financial institutions that offer car loans.
