Billionaire Jack Ma’s Ant Financial is trying to reimagine health insurance, with its health company Xiang Hu Bao, attracting 50 million people since its October inception, said the South China Morning Post.
Xiang Hu Bao, which means mutual protection, operates somewhat like a collective, in which members contribute evenly to payouts of as much as RMB 300,000 ($45,000) when a participant falls critically ill.
It’s free to sign up, there are no premiums or upfront payments, and disputes about claims are adjudicated by volunteer members, according to a statement from the company. In return for managing the process, Ant takes an 8 % administrative fee out of every payout.
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