Chinese search engine Baidu, along with Allianz Hillhouse Capital, will jointly establish a digital insurance company to provide insurance services to web users.
Named Bai An, the new company will provide security for online transactions and insurance in the areas of online travel purchases, online-to-offline services such as dining or movie theater tickets and e-commerce.
The creation of the digital insurance company follows a cooperation struck between Baidu and China CITIC Bank to jointly establish Baixin Bank, the first joint venture bank formed by an internet company and a traditional bank in China.
Robin Li, Baidu’s chairman and CEO, said “internet + insurance” is about offering insurance products that cover scenarios generated by everyday Internet use, and delivering insurance services that truly leverage the power of the Internet and big data technologies.
“I believe that partnering with the world’s leading insurance company Allianz will mean our users can use products and services offered online with total confidence,” he said.
George Sartorel, CEO of Allianz Asia Pacific, added: “The digital revolution in financial services is happening rapidly in Asia and particularly in China.”
“With the speed of innovation that is taking place, we will see the quick disruption of traditional models.”