Chen Wei, CEO of ZhongAn Tech, believes blockchain will play a significant role in transforming China’s insurance sector. Wei said that the company had data-sharing agreements with over a 100 Chinese hospitals to automate claims.
“Insurance sales used to rely on agents and individual salespeople. However younger generations prefer making online purchases,” Chen said according to South China Morning Post. “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 a subsidiary of China’s largest online insurer, ZhongAn Online. The parent had a turnover of just under $1bn in 2017, and its current market capitalization is almost $10bn. The insurer was founded by the heads of Alibaba and Tencent as well as Ping An Insurance, China’s second largest insurer.
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