Jack Ma’s Ant Financial conglomerate launched an insurance healthcare-coverage product Xiang Hu Bao in October.
Call it crowdfunding for health care – an emerging industry in China that itself is becoming crowded. Ant Financial is one of at least 50 companies, including ride hailing giant Didi Chuxing and a startup backed by Tencent Holdings Ltd., upending the conventional health-insurance business by creating what essentially are online collectives.
China’s conventional insurance industry is a fledgling one. The country only started rebuilding the sector in the 1970s, initially through state insurer People’s Insurance Co. of China Ltd., according to a report by Swiss Re. Thanks to rising incomes and a growing awareness of health care, China is set to become the world’s largest insurance market by the mid 2030s, Swiss Re estimates.
By comparison, Ant Financial only has about 50 people working on Xiang Hu Bao, which means “mutual protection.’’ In addition to its ubiquitous payments app, Ant Financial’s artificial-intelligence software is getting better at recognising claims and medical records after going through tens of millions of receipts. It can also automatically verify chops from more than 10,000 hospitals in China.
Members must be at least 28 days old and no older than 65 years. Beneficiaries can’t have a history of critical illness and can’t make claims during their first 180 days of membership, and they receive payouts adjusted according to age and ailment.
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