China’s First Online Insurance Firm Starts Blockchain R&D
China’s first online insurance company ZhongAn has officially announced its ZhongAn IT Services subsidiary. The newly founded startup will use ZhongAn and its external partners to research and develop artificial intelligence (AI), blockchain, cloud computing, and data-driven technologies. China’s First Online Insurance Firm Initiates the ‘ABCD Plan’.....
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Zhong An, China’s first online insurance company, has established Zhong An Technology to conduct research and development on artificial intelligence, Blockchain and cloud computing. Their focus is on implementing Blockchains into their online insurance platform and to be an innovator in the healthcare and finance sectors. Xing Jiang, CTO of ZhongAn said: "With the creation of ZhongAn Technology, we are developing a new FinTech ecosystem, integrating technological research with financial innovation. We aim to be an accelerator for both the finance and healthcare sectors.” The....
The former vice chairman of China Insurance Regulatory Commission (CIRC) Wei Yingning has said Blockchain technology could revolutionize China’s multi-trillion yuan insurance industry. Speaking at the opening ceremony of the China Blockchain Application Research Center in Shanghai Sunday, Yingning said Blockchain held promise for the industry which the Internet failed to deliver. Growth in life insurance alone last year reached 55 percent, with premium income touching 2.9 tln yuan. “In the modern insurance industry, the cost of auditing accounts for 30 percent or even 40 percent of the....
A web-based insurance firm in China is investing in new blockchain product development, with an eye to build a services platform around the technology. Zhong An Online P&C Insurance Co. announced today that it was creating a new technology-focused subsidiary that will develop products and services in the areas of artificial intelligence, cloud computing and blockchain. The firm has been described in the media as China's first online-only insurance company. The new subsidiary will be building on progress that already exists today. Zhong An said that it is developing a platform for....
As China continues applying the pressure of becoming the number one FinTech country, ZhongAn, an online property and casualty insurance company has announced the creation of an incubator designed to focus on blockchain and artificial intelligence (AI), further boosting the country’s intentions of becoming number one. Founded in 2013 by Ant Financial, which was one of the four Chinese companies that made it in the top five annual FinTech 100 report this year, the China-based online insurance company will explore the technology through its ‘ABCD’ plan, which will focus on four areas: AI,....
The blockchain technology has now entered the insurance sector, making it possible for the insurance companies to offer policies to suit the customers' needs. The use of blockchain technology in insurance sector is something relatively new. London, the fintech destination of Europe is the first one to explore the potential uses of distributed technology in the insurance industry. The Capital of England already has a couple of companies who have already implemented it into their offerings. The blockchain is known for its transparency, security, immutability and reliability. All the....