2019 in review - Online Reciprocal Communities
Editorial by Hugh Terry
This month’s China in Focus sponsored by Swiss Re looks at the development of online reciprocal communities (ORCs) in China’s digital insurance market.
The in-depth looks at how the ORC market has rapidly consolidated in 2019 and takes a closer look at the three main providers who are pushing on in 2020 to establish their current roles and develop into new sectors.
We also take a brief look at the ORC phenomenon and why it has become such a popular distribution model.
We have an interview with Gavin Li, CEO of Bihubao and finally, InsurTech spotlight is shone on Bihubao and the work it has done in establishing itself as one of the leading ORCs.
Enjoy the edition!
China In-Depth: Online Reciprocal Communities
If there was a theme for the Chinese insurance sector in 2019, it would have to be consolidation.
Spotlight Articles
Commercial ORC – a B2B distribution model
Online reciprocal communities (ORCs) first emerged in 2015 and were designed as a way to generate leads that did not rely on search engine traffic.
Insurtech on the move ‘19: Bihubao
Beijing-based Bihubao is notable for its efforts to establish a truly online to offline (O2O) business model.
Latest News
Zurich Insurance
Zurich Insurance and Applied Systems have entered into a technology-based motor insurance distribution partnership which will allow Zurich to connect its Insurer Hosted Pricing platform to the Applied Rating Fulfilment Services for distribution via Applied Epic and Applied TAM.
Northwestern Mutual
In the US, Northwestern Mutual has deployed advanced analytics and predictive modelling to boost its underwriting processes for disability insurance product applications.
NTUC Income
In Singapore, NTUC Income has partnered with NZ-based JRNY to develop an AI insurance agent. The project is at a nascent stage and will be complete in four months.