German financial service giant Allianz teams up with Baidu to serve Chinese market

Germany’s financial and insurance services giant Allianz plans to set up a joint venture online insurance firm with Chinese search giant Baidu and Hillhouse Capital Group, the Financial Times reports.

The new online insurance firm will push insurance schemes nationwide in China, as well as focus on individual clients and SMEs (small and medium-sized enterprises). The three investors will provide a series of products, which include travel, health and internet finance insurance.

Traditional insurance firms are increasingly adjusting their business models to accommodate for the establishment of online insurance products. As more and more consumers are taking out insurance online, insurance companies are looking for ways to adapt to their clients.

Oliver Bäte, CEO of Allianz, said the advent of online insurance has had a huge impact on insurance companies.

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