Enterprises represented by listed companies have invested in exploring the blockchain. Some companies have clear application scenarios and certain R&D capabilities, and to some extent show the attitude of policies to the blockchain. Therefore, the application of the blockchain by listed companies is also an important perspective to observe the industry trends. Although there are no speculators who speculate on stock prices, there are many practical players.
To this end, the chain catcher launched a series of special reports on the listed companies, explored the lively practical experience of these companies, and observed the development path and situation of the blockchain in the real society from the perspective of listed companies. The sixth company on this topic is Zhongan Online.
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Zhongan Online is the first blockchain insurance company in China, and all business processes are processed online. Last year, the company proposed the concept of insurance certificate, and plans to gradually realize the certification of its own and even industry insurance products under the premise of effective supervision. At the same time, Zhongan Online also launched the blockchain basic platform An Chain Cloud, providing blockchain solutions for more than ten fields.
Founded in 2013, Zhongan Online was jointly launched by well-known enterprises such as Ant Financial, Tencent, and Ping An, and is the first Internet insurance company in China. Compared with traditional insurance companies, Zhongan Online does not have any branches, all business processes are online, and underwriting and claims services are conducted through the Internet. The most famous and earliest products are return shipping insurance based on Taobao scene.
Specifically, Zhongan Online's insurance business is mainly concentrated in the five major ecosystems of health, consumer finance, automobile, consumer consumption, and travel, and presents a trend of personalization, customization, and intelligence. Zhongan Online also has a large number of online partners to provide scenario insurance for Internet platforms such as Alipay and Didi, as well as consumer finance solutions for Internet finance platforms such as Xiaoying, Fun Store and Lexin. By 2018, Zhongan Online has served about 400 million users and has 262 insurance products.
At the same time, Zhongan Online emphasizes the role of technology in the insurance industry and actively applies new technologies to reshape the insurance value chain. In November of the 16th, Zhongan Online established a subsidiary, Zhongan Technology, to export the verified business products and industry solutions to domestic and foreign countries, namely “insurance and informationization upgrade”, which involves artificial intelligence and blockchain. , cloud computing and big data technologies.
According to the financial report data, in 2018, Zhongan Online recorded a premium income of 11.26 billion yuan, an increase of 89% year-on-year, and the premium scale ranked 12th in the national property insurance market. At the same time, Zhongan Online also has the problem of low per capita premium and high insurance claims. The per capita premium is 28 yuan, and the comprehensive loss ratio is 59.9%. In addition, the rapid expansion of R&D investment, Zhongan Online has been in a loss for two consecutive years, 18 years. The overall net loss was 1.769 billion yuan, an increase of 804 million yuan over 17 years.
Therefore, Zhongan Online’s stock market performance in the past two years has been unsatisfactory. According to the closing price on May 28, the total market value of Zhongan Online was HK$32.2 billion, and the stock price was HK$21.95, which was 63.2% lower than the initial issue price of HK$59.7 and 77.5% lower than the highest price of HK$97.8 (October 17). The stock price is almost the lowest in history.
Therefore, Zhongan Online urgently needs to find new and strong performance growth points and further enhance the driving force of technology for business growth. The blockchain is one of the most important technical directions that Zhongan Online is currently paying attention to. As of April 19, Zhongan Technology has applied for 230 patents, including 131 patents related to blockchain.
The combination of blockchain technology and Zhongan online business
Zhongan Online's main business is insurance, and insurance as one of the main financial scenarios is one of the industry's most optimistic blockchain technology landing direction. Generally speaking, insurance involves many parties such as consumers, intermediaries, insurers, reinsurers, etc. Each link may have problems such as loss of information, misreading of policy contents, prolonged processing of policy, and cumbersome procedures, affecting consumers. Insurance purchase and use experience.
At the same time, the frequent and time-consuming written handover of the traditional insurance industry will increase the risk of fraud, and fraudsters can take the opportunity to claim multiple insurers for the same loss, and insurance brokers can also obtain premiums through private sales policies. . It is understood that the annual cost of the US insurance industry to prevent fraud is about 40 billion US dollars.
By applying blockchain technology in the insurance scenario, insurance claims can be placed under an unchangeable general ledger, helping to eliminate common sources of fraud in the insurance industry; policies and smart books in the form of smart contracts can improve property insurance And the efficiency of accident insurance; making medical records cryptographically protected and shared among health service providers, thereby improving the interoperability of the health insurance ecosystem; ensuring reinsurance contracts on the blockchain platform in the form of smart contracts Safe, simplifying the payment process between the insurer and the reinsurer.
However, at present, the actual implementation of blockchain technology in the insurance industry is still relatively small. The main problem is that insurance information is still limited by supervision, chain performance and authenticity.
Compared with the general insurance company, Zhongan Online has completely integrated all business processes online, and the process is more clear and transparent. This will make Zhongan Online more convenient and credible when it comes to the insurance information, but its application block The value of chain technology may also be discounted.
Zhongan Online's blockchain progress
"The real value of blockchain is not to deposit and issue coins, but to empower the real economy under the premise of coordinating and real-time regulatory guarantees, fully deriving financial innovation of digital assets and accelerating value circulation, while ensuring personal users. Control of data privacy." Li Xuefeng, CTO of Zhongan Technology, once said.
The layout of Zhongan Online in the blockchain field can be roughly divided into two directions. The first aspect is to use blockchain technology to improve the efficiency and quality of the main insurance business. The second direction is to implement the entire blockchain solution. Export to the industry, such as anti-counterfeiting traceability, deposit certificate, supply chain finance, etc.
In the first direction, Zhongan Online's action is mainly to develop a blockchain asset agreement based on insurance products, namely Insurance Pass (PBT). In October 18, Zhongan Science and Technology jointly issued a White Paper on Insurance Pass Based on Blockchain Assets Agreement, and plans to explore the realization of insurance assets.
Zhongan said that when the products are completed, the insurance clauses will be more transparent. At the same time, since the insurance products have the same requirements and standard APIs, users can unify their insurance assets in all insurance companies. In the re-insurance, co-insurance, channel reconciliation and other scenarios, the cost of docking and the cost of data review will be greatly reduced. In terms of privacy, the insurance certificate is more comprehensive than the traditional data privacy protection, so the insurance company does not need the user's real Insured information can get the actual total amount of insurance and complete the correct decision.
At the same time, PBT will provide a unified business interface and data standard for supervision. With the characteristics of blockchain real-time broadcasting, transaction, auditing, and non-tampering, the data reporting and collection costs of insurance companies and regulatory units will be greatly reduced to ensure the authenticity of data. And integrity, making process-oriented, penetrating regulation possible. In addition, PricewaterhouseCoopers, as a third-party auditor, will be responsible for the audit of the insurance certificate.
It is understood that Zhong'an Insurance's comprehensive travel guarantee for "Traveling to E-Life" is the first to enter PBT and become the first insurance asset certificate product. However, this product and PBT have not been publicly reported since it was announced in October last year, and the progress has not yet been known.
However, there are reports that Zhongan has signed data sharing agreements with more than 100 hospitals in China to streamline record verification and automated claims processes, and to manage risks and improve pricing.
In the second direction, Zhongan Online launched Anshang Cloud, a professional ecological cloud service platform based on artificial intelligence, blockchain and cryptography. The platform is based on the Zhongan chain independently developed by Zhongan as the underlying infrastructure. Nearly 10 vertical applications such as electronic sign-off, digital identity, distributed encryption storage, deposit verification, and traceability.
In the list of the first batch of blockchain information services of the office stationery at the end of March this year, there were four product services on the Anlink cloud platform, which may be the best direction.
The first filing service is the BaaS platform, which is a product launched to reduce the barriers to the use of blockchains. It can be designed and visualized in modules. The second filing service is a product line. The product is a point distribution system. For the point marketing and point system construction; the third filing service is the brand traceability platform, providing the trace chain-based traceability function to realize the commodity information chaining and anti-counterfeiting query; the fourth filing service is the titanium platform, including Titanium contracts, titanium deposit certificates and other services provide users with a series of cloud services such as electronic signing, depositing, verification and certification.
In the field of traceability, Zhongan Online has been in action for 17 years. According to reports, Zhongan Online uses tracking devices and facial recognition technology to track the activities of free-range chickens in hundreds of chicken farms across China, and consumers can download applications on smartphones to track the life history of chickens and to supermarkets. Path, where the information data is recorded on the blockchain ledger.
In August 18th, Zhongan Online also launched a blockchain diamond traceability and trading platform with its partners. Diamonds entering the platform can receive a unique global blockchain “electronic ID card” diamond traceability certificate for consumers. You can verify the authenticity and circulation of the diamond with the "e-ID card" of the diamond traceability certificate. Since then, Zhong An's online subsidiary Diamis Lager has put the data of 760,000 diamonds on the chain.
Summary and outlook
In general, Zhongan Online, as one of the important players in the insurance industry, has a broad application scenario in the blockchain and is in line with the current development strategy of the company's insurance + technology.
In the insurance field, Zhongan Online has proposed the concept of insurance certificate, and plans to gradually realize the certification of its own and even industry insurance products under the premise of effective supervision, in order to improve the information circulation efficiency of the insurance market and reduce the cost of auditing and docking. In this direction, Zhongan Online should be one of the most advanced players, and the development prospects are considerable.
In terms of the blockchain infrastructure, Zhongan Online developed the alliance chain and derived a series of vertical product plans to provide external services. Its product richness is also leading in the Internet technology enterprises that launched the alliance chain, but the chain The specific technical details of the cloud are revealed less, and the actual landing case is less than that of giants such as BAT, and the operation mode is relatively simple.
Therefore, Zhongan Insurance may need to explore more in the direction of the alliance chain, strengthen the promotion of existing blockchain solutions, and introduce more representative landing cases. At the same time, the insurance and insurance industry will also be a revolutionary new thing. The layout of Zhong An Insurance is still at an early stage, but it is worth looking forward to.