This is mainly due to the growing number of young people entering into contracts through social media and apps, according to a recent industry report.
A survey by WeSure, an online insurance portal supported by technology group Tencent Holdings Ltd, shows that young people have become the main consumers of online insurance.
Among the interviewees, 80 percent of the applicants were from the generation of the 1980s and 1990s, more than a third (36.4 percent) was under 24 years old. Liu Jiaming, executive director and chief executive officer of WeSure, said that young consumers have grown up with the Internet and find online shopping more convenient. „Young people will be the driving force in the future, as they have a greater awareness of taking out online insurance,“ he said.
WeSure was founded in 2017 to complement Tencent’s efforts in the insurance sector. At the end of November, WeSure was WeChat’s most popular mini-program, with 20 million active users per month.
His company’s goal is to make insurance available to everyone, Liu said. Therefore, the platform has lowered the price as much as possible. For insurance with a liability of more than 500,000 yuan, customers pay five yuan a month.
„Technology is an important part of the business. 70 percent of customer service is AI-controlled. This leads to a considerable increase in efficiency. Four out of five users receive an insurance benefit within one day, „he said.