BILLIONAIRE Jack Ma's Ant Financial has done more than perhaps any company to disrupt China's gargantuan banking and asset-management industries. Now it's trying to re-imagine health insurance.
The product operates somewhat like a collective, in which members contribute evenly to payouts of as much as 300,000 yuan when a participant falls critically ill. It's free to sign up, there are no premiums or upfront payments, and disputes about claims are adjudicated by volunteer members, according to a statement from the company on Thursday. In return for managing the process, Ant will take an 8 per cent administrative fee out of every payout.
Mr Ma's company joins a raft of startups angling to disrupt old-school health insurance in China, including Tencent Holdings Ltd and Sinovation Ventures-backed Waterdrop. Beijing-based Waterdrop crowdfunds from 78 million users and paid out more than 95 million yuan to members in the four or so months ended October, according to its website.
Ant says Xiang Hu Bao isn't an insurance product and thus isn't subject to the same regulatory oversight governing traditional industry players like Ping An Insurance Group Co.
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