The world witnessed a steady expansion of the insurance sector with the rapid evolution and improvement of the people’s material needs and purchasing powers in China. While China citizens enjoy a higher level of disposable income, they tend to safeguard themselves from potential losses as they amass more wealth and possessions. 

Most Chinese businesses have begun to broaden the scope and extent of insurance coverage, ticking all the boxes for more comprehensive insurance services. Interestingly, we see the development of the use of new technology. Likewise, insurtech has gained more significance in the Chinese insurance sector of late.

As the next major advancement in China’s insurance industry, insurtech predominantly capitalises on the booming fintech sector, which has been making headlines and facilitating businesses for better profit since its entry. Big names with the likes of Tencent and Ant Group of Alibaba are the best evidence of how digital financial services are the money generator to the company, including insurance products. Not only has the premium value of online insurance increased but also the growth rate does not show any signs of slacking.

Looking at China’s high smartphone penetration, Betadia reckons that the country is the ideal environment for the future growth of the insurtech sector. Hence, Betadia China latches onto the insurtech trend in East Asia aimed at providing the best capital protection to all our insured members while boosting a greater return.

The establishment of Betadia China marks an astounding milestone that amazes many overseas investors who have been eyeing the profitable market that is mainly dominated by domestic insurers. One of the two main hurdles that foreign insurers face before their entry into the China market is obtaining an insurance license and the government’s permission for their business opening (CBIRC). Secondly, the challenge of creating national sales channels is nail-biting. It is not uncommon that investors are expected to share a pie with other local partners or authorities to earn a spot in the China market.

Being a UK-registered company, Betadia is known for its integrity and credibility in providing one of the world-class digital insurance protections that has been applauded by thousands of millions of members across the globe. Betadia strives to be the most cost-effective yet full-spectrum online insurance platform for all. Regardless of one’s distinct needs, consumers can just go online and choose their preferred plans without the need of sacrificing a meal for paying the insurance fee. 

Fret not for consumers who do not know which Betadia plans to choose from. The power of insurtech enables plan personalisation where big data and AI technology are utilised to offer personalisation and consumers can obtain insurance that meets their demands without involving any human intervention and extra charges.