Allianz aims to grab a big slice of China’s customers going direct
Allianz has teamed up with Baidu, dubbed the “Chinese Google”, to launch an onilne insurance company.
Allianz believes the partnership will help it grab a share of the growing Chinese middle-class market that is now bypassing brokers and buying direct.
The deal has been struck in collaboration with leading Asian investor Hillhouse Capital Group
Products in the pipeline are travel, health and internet finance insurance.
Allianz Asia Pacific chief executive George Sartrorel, said: “The digital revolution in financial services is happening rapidly in Asia and particularly in China, where the financial services sector is being reinvented. With the speed of innovation that is taking place, we will see the quick disruption of traditional models.
”Allianz and its partners are at the forefront of this mega trend.”
A report last year from Dagong Europe suggested the Chinese insurance market will grow at around 15% a year and premiums will rise.