It was one of the most striking insurtech startup stories of recent years: launched in 2013 as one of the first online-only insurances targeting a massive $ 8 billion investment involving Morgan Stanley and China Internaional Capital, but especially Alibaba (through the subsidiary Ant Financial Services Group, which is the majority shareholder with 16% of the shares) and even Tencent Holdings, which is the main Chinese Internet giant, Alibaba’s rival.
Born on the assumption that the entire insurance value chain and user experience can be digitalized, by leveraging on cloud and large data analytics, it has managed to develop more than 200 insurance products, both for companies and individuals, by securing traditional assets as well as new risks related to the Internet; managing the entire process from purchasing to claims.
Zhong An, as anticipated in this article, is now ready to trade on the stock exchange, specifically at Hong Kong, where it has already applied for a quotation by the end of 2017 with the goal of collecting up to $1,5 billion, according to South China Morning Post.
The startup company would have already developed, through its subsidiary ZhongAn Technology (research center with more than 800 technicians and IT specialists), a blockchain protocol called Ann-chain, basis for building applications which has already experienced a number of blockchain applications during the last year, including Ti-Packet, launched in May 2017 and described as a blockchain based signature system for food supply chain particularly in the breeding chickens industry.
For more info, here is the analysis of Zhong An’s Ipo Prospectus by CBInsights.