BEIJING, June 19, 2019 – Pintec Technology Holdings Ltd. (“PINTEC”; NASDAQ:PT), a leading independent fintech solutions provider, today announced an expanded partnership with 1an.com, a leading online insurance company based in Shenzhen. PINTEC provides 1an.com with insurance brokerage solutions and has developed customized overseas accident insurance for Chinese tourists.
The insurance product is the first in China to go beyond traditional accident and medical protection to cover some extreme emergencies, such as kidnapping and hijacking, and to provide comprehensive safety protection for Chinese travelers overseas.
The customized insurance package currently targets Chinese travelers headed overseas for short trips, with options for coverage periods of seven days, 15 days or 30 days, and may soon expand to include migrant workers and overseas students. It covers popular travel locations such as Southeast Asia, Europe and North America, and other less frequent destinations including South America, Africa and Oceania. With advanced risk evaluation and differential pricing, the product also covers some high-risk countries and regions that are not included in traditional accident insurances.
Besides regular safety protection services covering accident, disease, emergency rescue, travel incidents, and personal liability, this product will also provide crisis rescue services for specific extreme accidents, which features a rescue hotline service, continuous telephone tracking, expedited care, and mental and legal counseling.
China has become the world’s largest market for outbound travel since 2014. According to data from the National Bureau of Statistics and Ministry of Culture and Tourism, China’s overseas tourists reached 150 million in 2018, up 10.8% year-over-year, and the number is expected to grow to 180 million in 2020. Meanwhile, unexpected emergencies encountered by Chinese travelers, such as accidental injuries, trip disruptions, robberies and even kidnappings, are also on the rise.
“Regular safety insurance for accident and medical coverage has been popular among overseas travelers in recent years, and there is increasing demand for protection in the case of some extreme incidents,” said Zheng Yudong, CEO of PINTEC's wealth management business. “The insurance product PINTEC has developed for 1an.com covers both regular and extreme accidents, and provides comprehensive protection for Chinese citizens’ lives and property.”
It’s easy and convenient to purchase this insurance online. Customers only need to scan a QR code to enter the webpage, and fill basic personal and travel information. They will get a real-time text notification when completing the purchase. The process of claim settlement is also simple and efficient.
With its subsidiary MYFIN Insurance licensed as an insurance brokerage, PINTEC can customize insurance products for different scenarios and provide standardized interfaces accessing various sales scenarios to help insurance companies seize long-tail demand and enhance sales capability.
Based on its in-depth cooperation with insurance companies and strong technology capabilities, PINTEC provides end-to-end insurance brokerage solutions, covering insurance term reporting, product development, internet deployment, and online sales, and can quickly complete insurance product customization.
Previously, PINTEC developed account security insurance for 1an.com to ensure the account security of borrowers, as well as to help institutional partners meet the demands of different market segments. With access to products from multiple insurance institutions, PINTEC partnered with Z-Bank to launch an intelligent insurance service, which leverages AI and big data to analyze customers’ insurance needs and recommend customized insurance plans.