China's first 'pure cyber' insurance company ZhongAn Insurance launches blockchain service platform

Rage Review : As China's first 'pure network' insurance company, ZhongAn Online Insurance Company is preparing to build an insurance trading platform based on Ethereum. At the same time, it will jointly establish a research and development laboratory with the faculty and staff of Fudan University to focus on insurance security issues. Blockchain will play a big role in the insurance field, not only simplifying the process of insurance claims, but also reducing costs and the risk of errors.

Translation: Nicole

A Chinese web-based insurance company is investing in new blockchain product development efforts with the goal of building a service platform around the technology.

ZhongAn Online Property and Casualty Insurance Company announced on October 4 that it has created a new technology subsidiary to develop products and services in the fields of artificial intelligence, cloud computing, and blockchain. The company has been called China's first pure online insurance company by the media.

The new subsidiary builds on current work ZhongAn said it is developing an insurance trading platform based on Ethereum. In addition, ZhongAn said it is working with local companies in Shanghai as part of the Shanghai Blockchain Industry Development and Research Alliance.

The company said it is working with Fudan University’s School of Computer Science and Technology to further its research. ZhongAn said it will set up a research and development lab with Fudan University faculty to focus on security issues.

Chen Jin

ZhongAn Insurance CEO Chen Jin said in a statement:

“We will not only develop technology, but our goal is to make technology a business driver and make it the core of our business ecosystem.”

The launch of the service platform could be another example of the insurer flexing its financial muscle. Earlier this year, the Wall Street Journal reported that ZhongAn could raise as much as $2 billion through an IPO. ZhongAn was reportedly valued at $8 billion in its most recent funding round.