The functions of Ant Group’s legal representative and insurance company chairman were recently changed to Zhang Yu, Vice President of Ant Group. This marks another major change to the platform since April 2021.
On November 7, regulators in eastern China’s Zhejiang province had approved Zhang’s qualification as the company’s chairman. Zhang has been the vice president of Ant Group since September 2019. She joined Alibaba in November 2015 and served as vice president of finance from November 2015 to August 2019.
Shao Wenlan, the former chairman of the insurance agency, continues to hold senior leadership positions at Ant Group’s credit rating business and Sesame Credit Management Company.
The Ant Group insurance agency platform was established in September 2016 with a registered capital of 50 million yuan ($6,981,875). At present, the mainstream insurance companies in the market have settled within the platform, including auto insurance, casualty insurance, health insurance, travel insurance, life insurance, property insurance and so on. Since its launch, it has cooperated with more than 100 insurance companies in China and is one of the largest online insurance platforms in China.
In addition to major personnel changes, the insurance agency platform has been trying to open up new businesses to individual users and enterprises since the beginning of this year.
On the user side, it launched the “Golden Selection” project in early 2022, which categorized 12 insurance categories based on five dimensions, such as insurance threshold, coverage, cost performance, service claims and operation, thus easing consumers’ choice problems online insurance.
Since the official launch of the Golden Selection project in March this year, consumers have been equipped with 2.1 insurance products per capita. So far, only 50 products have been selected for the project. In 2022, the share of users born in the 1990s of the consumers participating in the project will be 40%, while the combined share of users born after 1980 will be 80%.
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In September, the insurance agency launched a digital operation platform called “Xingyun 1” for insurance companies and other partners to realize online sales and services. At present, more than 60 insurance institutions such as China Pacific Insurance, China Taiping Insurance, PICC Health, Sunshine Insurance and Zhongan are connected to Xingyun 1.