In China, ZhongAn, China’s largest online insurer, sees Ping An as an insurtech rival it can learn from.
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“China’s insurtech market is so huge that no single company can gain a dominating share, ” he said in Hong Kong on Wednesday. “The Chinese market is big enough to contain both ZhongAn and Ping An.” ZhongAn Technology was set up in November 2016 to focus on research and development (R&D) of fintech, with the aim of exporting these capabilities to the insurance industry that is being disrupted by technology. “Financial technologies are transforming and upgrading the traditional insurance industry,” said Chen. “Ping An Insurance is a competitor that we can learn from.”