Firms trying to make insurance interesting

Chinese companies are trying new ways to make insurance interesting and easier in their efforts to attract younger customers. 

With the younger generation preferring to do their own research before taking out insurance plans, Tencent’s WeSure agency launched a project last year to cater to that trend.

Thanks to cooperation with e-celebrities from the insurance, financial investment, maternal and infant care, medical and health-care sectors, the program turned out to be a hit.

Over the past year, the online program attracted over 300 million views with a content-sharing rate exceeding 11 percent, according to the Shenzhen-based firm.

By turning obscure insurance knowledge into popular content that users would be interested in, this has initiated a new way of raising people's awareness and knowledge of insurance.

During the COVID-19 outbreak, WeSure livestreamed to stay connected with users.

On March 8, the International Women's Day, the company's insurance-related livestreams attracted more than 4 million views on various online video platforms, with direct transactions exceeding 18 million yuan (US$2.52 million).

China's insurance penetration rate is low compared with many developed countries. Data shows the country has around 222 million online policyholders and most users do not understand or have misunderstandings about insurance.

Last month, ZhongAn Online P&C Insurance invited actor Zhang Guoli to be its national experience officer because of his wide influence on the general public. To attract more potential users online, the company partnered with video-sharing service Douyin (known overseas as TikTok).