Digital insurance platform launches for China’s elderly

Digital insurance platform launches for China’s elderly | Insurance Business

Digital insurance platform launches for China’s elderly

HiNounou Intelligent Robot (Shanghai) Company Ltd has launched an insurance-as-a-service platform aimed at China’s senior citizens, regardless of medical history.

The platform was jointly developed with AXA Partners China and PingAn Insurance, and harnesses artificial intelligence (AI), blockchain, and the Internet of Things (IoT).

According to HiNounou, there are around 200 million elderly people in China, and most of them do not have private insurance, which leads to a significant financial strain on their families as they pay around half of medical expenses out-of-pocket. Chinese people have an average life expectancy of 75 years, but healthy life expectancy is only at 68 years. This means that an average of seven years of life is spent battling with various ailments, which can be very costly.

HiNounou’s wellness platform provides seniors up to the age of 100 with access to no-underwriting accident and death insurance from PingAn. A 24/7 teleconsultation hotline to medical professionals has also been made available by AXA through the AXA Partners China teams. In the future, the companies plan to extend the platform to the Singapore and Hong Kong markets.

“This is my dream to take care of my old mother who lives far away from me,” said Charles Bark, co-founder of HiNounou. “Starting in China, Singapore, and Hong Kong, HiNounou delivers a comprehensive healthcare solution that empowers seniors and gives families peace of mind. In partnership with AXA Partners China and PingAn, two of the world’s leaders in insurance, we can ensure that seniors have access to affordable healthcare and adequate insurances.”

“AXA Partners China is very proud to partner with HiNounou in China, Hong Kong and in Singapore,” said AXA Partners Asia CEO Jerome Itty. “Together we innovate to make health insurance accessible and affordable to senior citizens. Technology and data have the power to improve prevention and optimise the efficiencies of our healthcare ecosystems.”

 

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