Baidu, Allianz launch online insurance joint venture

Search giant Baidu, German insurer Allianz and Asian Hillhouse Capital Group have formed a joint venture to offer targeted online insurance, South China Morning Post reported, citing a statement from the companies. This new venture, Bai An, aims to expand the domestic market for digital insurance products, in which many traditional property and life insurance companies have yet to participate. “It’s about offering insurance products that cover scenarios generated by everyday internet use,” Li said. Last November rivals Alibaba and Tencent partnered with Ping An Insurance to establish the joint venture Zhong An Online Property Insurance.