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China

JD.com to Purchase 30% Stake in Allianz China, Application of Blockchain Technology in Insurance on the Horizon?

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On Tuesday, JD.com had been approved by the China Banking and Insurance Regulatory Commission to invest 483 million yuan ($71.11 million) into Allianz’s China unit. This represents a 30% stake in the company. Following the investment, JD.com will become the second largest shareholder in the insurance firm.

Allianz will still own 50% of the venture, with 3 other Chinese firms, China Sinda Intellectual Property Ltd, Shenzhen Huijing Tongda Business Consulting Co., and Shanghai Snow Light Capital, holding 12.4%, 4.27%, and 3.33% respectively. This is massive as Allianz is one of the biggest insurance companies in Europe and one of the biggest insurance and asset management groups in the world.

Blockchain and Insurance

In the past two years, blockchain technology has been developing rapidly and attracting more and more people’s attention. At the same time, problems such as fraud and asset security have also become prominent. Insurance covers the risks of this industry to a certain extent, reducing concerns of investors. Whether it is investing or using cryptocurrency to raise funds, it is regarded as a behavior with a large risk factor. Insurance can bring certain safegaurds to all parties in the market.

JD.com and Allianz have paid great attention to the application of blockchain technology. JD.com attaches great importance to the application of blockchain to its business. A spokesman for Allianz claimed that “they confirmed the importance of digital currency and were actively exploring the business of digital currency storage insurance service, which they thought to be very promising”.

It is not sure whether Allianz China General Insurance Company Ltd will launch the insurance of digital currency or use blockchain technology in its business, but we are looking forward to the cooperation between JD.com and Allianz and what it will bring to the industry.

Jason Lee is a writer for various crypto publications and manages a small team on Medium. His love of technology and inquisitive nature set him up with crypto back in early 2016 and he hasn’t looked back since. In his spare time, Jason enjoys rock climbing and wakeboarding.

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