BREAKING NEWS: Search engine giant teams up with international insurer

BREAKING NEWS: Search engine giant teams up with international insurer

BREAKING NEWS: Search engine giant teams up with international insurer Global insurer Allianz has teamed up with Chinese internet search giant Baidu and Asian investor Hillhouse Capital Group to establish a nationwide digital insurance company in the booming Chinese market.
The joint venture will apply for a nationwide digital license to distribute insurance solutions online, catering to the travel, ecommerce, internet finance, short-term health, lifestyle and potentially also the motor insurance market.
Baidu, sometimes referred to as 'the Google of China,' is a technology-based media company and the leading Chinese language internet search provider with a mobile search user base covering over 640 million monthly active users.
Allianz said that market research expects digital insurance premiums in China to grow from €25bn in 2015 to €107bn in 2020, offering up significant opportunity.

George Sartorel, CEO of Allianz Asia Pacific, said that the deal will help the company capitalise on a rapidly expanding digital market.

“The digital revolution in financial services is happening rapidly in Asia and particularly in China, where the financial services sector is being reinvented," Sartorel said.

"With the speed of innovation that is taking place, we will see the quick disruption of traditional models. Allianz and its partners are at the forefront of this mega trend.”

The news comes as a leading expert on the Chinese insurance market, told Insurance Business that links between the Chinese and Australiain markets should continue well into the future. 
  • Observer 27/11/2015 11:05:55 AM
    Wow.....the wheels of change are spinning ever quicker. The medium to long-term outlook for those industry participants not willing or unable to embrace "digital change" is not bright.
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  • Tom 27/11/2015 2:38:04 PM
    Is this a sign of things to come ?
    Will Allianz do the same thing with Google ?
    Watch this space.....
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  • Igor 2/12/2015 12:45:27 AM
    I really want to learn more about baidu. Seems like a huge market with low competition. serpstat and semrush have no informatino on it, unfortunately. I wonder how many requests it processes monthly.
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