ZhongAn Online targets family insurance coverage

ZhongAn Online P&C Insurance has just upgraded its core health protection plan to better meet growing demand for family-based insurance coverage.

The Personal Clinic Policy, a mid-end health insurance product from the digital insurer, includes a deductible clause in the policy which enables consumers to enjoy extensive medical insurance coverage at a relatively low premium.

The cover now aims to provide customized guarantees for insured users’ family members, from infants just 30 days old to people 80 years of age.

As many as seven people under the same roof can be covered by the plan. They can enjoy exclusive family benefits such as lower purchasing cost, deductible sharing and unlimited online consultations.

Demand for family-based protection has become prominent with the improvement of people's awareness of health protection.

Data from ZhongAn Online show the company saw 81 percent year-on-year growth of family policies in 2019. And the growth shows that policy holders are seeking more coverage for their families, the underwriter noted.

In 2019, gross written premium generated from the Personal Clinic Policy Series accounted for 89.7 percent of total gross written premium from the health ecosystem business.

The company now boasts of over 11 million insured customers for Personal Clinic Policy Series products, and users of these products are at an average age of about 35, according to its 2019 annual reports.

To offer customized products based on user profiles, ZhongAn established 534 user labels and implemented algorithm-based guidance, with the repeat purchase rate of the Personal Clinic Policy offerings through its proprietary platforms reaching 15 percent.