E-commerce sets in insurance

The Chinese insurance market is preparing for new innovations with wholly online operations. New China Life is about to establish a subsidiary called New China E-Sales. In wait for license, this entity, which is endowed with 16.3 million USD of capital, will be underwriting and managing claims including online payments.

Giant insurer, Ping An, has paved the way for whole internet by creating a joint venture with Alibaba Group and Tencent Holdings, two reference entities specializing in e-commerce and e-mailing in China. This establishment, called Zhong An On Line is the first non-life insurer, fully dedicated to internet service, to obtain license.

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