Alipay, Zhong An unveil pet insurance plan
Alipay’s insurance platform unveiled a pet insurance plan on Monday in conjunction with Zhong An Online P&C Insurance.
The product will use a first-of-its-kind nose print recognition technology to help pet owners secure better protection for their beloved animal partners.
Animal nose prints are similar to human fingerprints in that they are unique.
It was reported earlier that the success rate of pet nose print recognition is more than 99 percent.
With the technology, Alipay’s Ant insurance platform can check nose prints to verify a pet's identity before completing a claim.
Underwritten by Zhong An Online, the plan will cover almost all pet diseases and accidental injuries. Cats and dogs between 3 months and 10 years old can be insured.
At present, the product cooperates with more than 6,000 pet hospitals across the country, including many well-known pet medical chains.
There were nearly 100 million pet dogs and cats in China in 2019, and ever-rising vet costs are attracting the attention of insurance companies.
Statistics show that the pet insurance coverage rate in Sweden is 40 percent, the highest in the world; that was followed by the UK (25 percent). In contrast, less than 1 percent of pets are covered in China.