The Much-Awaited ZhongAn IPO is Finally Over

The much-awaited ZhongAn IPO is now over . The online-only P&C insurer raised $1.5B last week, in what is Hong Kong’s biggest ever financial technology stock offering. The company was founded by Alibaba’s executive chairman Jack Ma, Tencent’s chairman Pony Ma and Ping An’s chairman Ma Mingzhe. It will debut on the Hong Kong stock exchange on Sept. 28. Quick refresher below.

On its mission.

Protect and promote the development of the internet.

First insurance product sold.

Zhong Le Bao, a merchant performance bond introduced on Alibaba’s Taobao marketplace in November, 2013. Merchants that purchased this coverage – for 30 RMB (~$4.50) annually – were eligible for consumer-related services without paying a deposit to Alibaba.

Products offered today.

As of December 31, 2016, the insurer has developed insurance products and solutions covering multiple platforms in five ecosystems, including lifestyle consumption, consumer finance, healthcare, auto and travel. Also, it plans on expanding into life insurance and adding more healthcare products.

On scale.

Since inception in October 2013, it has sold over 8.2 billion insurance policies. It is the largest online insurance company in China with GWP of RMB 3,408 million in 2016.

On Data & AI.

(1) It has accumulated big data from data released by its customer base, and from third-party data providers, which is used in its real-time risk management system to create a holistic understanding of the customer. (2) It integrates AI to profile users and provide recommendations regarding insurance products. (3) It uses image recognition technology to combat fraud.