ZhongAn Online to embark on a new journey with new senior leadership

ZhongAn Online P&C Insurance Co Ltd will reshape the value chain of insurance by incorporating more technology into the businesses in the next five years, with the appointment of new senior leadership.

The Shanghai-based digital insurer announced in a filing to the Hong Kong Stock Exchange on Thursday that Chen Jin has resigned from the positions as general manager and joint CEO of the company “due to personal work arrangement.”

Meanwhile, Jiang Xing, vice general manager and joint CEO of the Hong Kong-listed company, was appointed as general manager and CEO.

Chen will continue to act as the firm’s executive director, chairman of the Investment Strategy Committee under the Board of Directors and president of ZhongAn’s Fintech Research Institute.

Commenting on the carrier’s future strategy, Jiang said he would continue to lead ZhongAn Online under the dual-engine strategy of “insurance + technology” to enhance the company’s technology capability and operational efficiency with the vision in financial innovation and compliance management.

Going forward, the underwriter will continue to incorporate new technologies, including artificial intelligence, Big Data, cloud computing, blockchain and 5G.

ZhongAn Online also plans to go on exploring the feasibility of integrating digital assets into product design, consumer segmentation and risk management, aiming to enhance customer experience with its insurance robo-advisor and automated claim systems.

Among these, AI will act as one of the innovative engines, as the insurance company can reduce manpower cost whilst providing a unique and customized service to users by incorporating the technology in its smart customer service system.

On the research and development front, ZhongAn will establish a stable and user-friendly collaboration platform and an operational monitoring platform for large-scale production support to enhance the company’s technological competitiveness.

Building on its core insurance businesses, the firm will endeavor to explore new technologies and innovative ideas for the whole financial industry and encourage staff innovation through internal competition and incubation projects.

During the past five years, ZhongAn said its technology-driven insurance business has achieved stable growth in the five core ecosystems which include health insurance, consumer finance, auto, travel and lifestyle consumption.

The company’s gross written premiums broke the 10 billion yuan (US$1.45 billion) mark in 2018. In the first half of 2019, its aggregate premiums reached approximately 5.9 billion yuan, according to a recent release from the firm.

Commenced in November 2013 and listed on the main board of the Stock Exchange of Hong Kong in September 2017, ZhongAn Online is China’s first internet-only insurer.