Allianz, Baidu, Hillhouse in JV

Allianz, Chinese Internet giant Baidu and Asian investor Hillhouse Capital Group will join forces to establish a nationwide digital insurance company in China. The joint venture will use a new business model putting the needs of individuals and companies at its centre and offering affordable protection whenever and wherever customers desire.

The joint venture will apply for a nationwide digital license to distribute insurance solutions online. The three partners will design innovative approaches in travel, ecommerce, Internet finance, short-term health, lifestyle and potentially also motor insurance in the future. George Sartorel, CEO of Allianz Asia Pacific, said: “The digital revolution in financial services is happening rapidly in Asia and particularly in China, where the financial services sector is being reinvented. 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.”