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Compared to developed markets, insurance penetration in China is lagging. In this report, Oliver Wyman aims to illustrate the size, growth, and underlying drivers of the Insuretech market in China.
In China, an underdeveloped insurance market enjoying double-digit growth, the disruptions triggered by Insuretech are causing an insurance industry revolution. One reason for the impact is the fast adoption and heavy use of online ecosystems by the Chinese. In addition, Insuretech is underpinned by a regulatory environment supportive of innovation. The result has been a surge in new Insuretech players creating disruptive products, services, and business models. Some of these are integrating insurance products into online ecosystems and fostering groundbreaking innovations. Oliver Wyman and ZhongAn, China’s first online-only insurer, are jointly publishing this report to analyze the Chinese Insuretech market and answer the following questions: How big are the opportunities? How are business models evolving to seize the opportunities? What are the key factors required for success?
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