Reflecting the increasing alignment between the insurance and technology sectors, China's Zhong An Insurance has established an IT subsidiary.
The subsidiary will work on technology like artificial intelligence, blockchain, cloud computing, and data, to support Zhong An and its partners.
"With the creation of ZhongAn Technology, we are developing a new fintech ecosystem, integrating technological research with financial innovation. We aim to be an accelerator for both finance and healthcare sectors," says Xing Jian, Zhong An Insurance CTO and chairman of the tech subsidiary.
Among the technology group's accomplishments to data are a blockchain-based open platform for insurance transactions to facilitate the growth of an insurance industry ecosystem. The company is working with a total of 20 business partners on the Shanghai Blockchain Enterprise Development Alliance, an associate to promote the development and business applications of blockchain technology in China. Among those partners are Ethereum, whose technology powers the blockchain platform, and Fudan University School of Computer Sciences and Technology, which which Zhong An has set up a "blockchain and information security laboratory".
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