SoftBank teams with ZhongAn for Asian insurtech impetus
China-based ZhongAn Online P&C Insurance’s subsidiary ZhongAn International has teamed with SoftBank’s Vision Fund as they target the overseas market.
As part of this agreement, ZhongAn International will establish a new operating entity to partner with the bank in exploring international opportunities – initially in Asia.
Wayne Xu, vice-general manager of ZhongAn Online, in charge of international business, says: “Since inception, ZhongAn International has focused on building technology capacity and fostering platform cooperation to support overseas business development. Going forward, we hope the Asian markets will act as a bridgehead in expanding our business globally and SoftBank is the ideal partner.”
ZhongAn International was founded in December 2017. ZhongAn Online P&C Insurance started operations in October 2013.
The latter says it primarily offers products and solutions in the context of five major ecosystems, namely lifestyle consumption, consumer finance, health, auto and travel.
ZhongAn Online says it was the largest insurer in China as measured by the number of insurance policies sold and policyholders and the insured served since its inception in October 2013 to 31 December 2016.
There aren’t a lot more details at present but the deal demonstrates how the Vision Fund’s $93 billion plan is progressing.
Earlier this month, Vision Fund was mulling a stake in German insurtech wefox.
It has also shown an interest in the offshore enclave of Jersey – and its plans to become a blockchain island.
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