Ma Mingzhe, chairman of Ping An Insurance (Group) Company of China, Ltd, confirmed to Chinese local media that the company has cooperated with Alibaba Group and Tencent Group in the establishment of a new insurance joint venture for Chinese consumers.
The new JV will reportedly focus on the Internet insurance businesses, including insurance for Internet virtual items.
According to Ma, he had made several rounds of communications with chief executive officer of Alibaba Jack Ma and chief executive of Tencent Ma Huateng. He said the Internet trading amounts are usually small and cannot meet the cost of an insurance policy. However, the virtual value of online games does exist and they can shift from physical business to the Internet.
Ma Mingzhe believes this move is a creative attempt by Ping An, Alibaba, Tencent, and other shareholders. They hope to create a new insurance channel with Alibaba and Tencent's Internet advantages.
At present, the new JV is undergoing its regulatory application process and no firm date has been mentioned for the opening of the service.
