Insurer Allianz and internet company Baidu are combining with Hillhouse Capital to form an insurance company that will target the digital sector.
Germany-based insurance group Allianz, China-based internet conglomerate Baidu and investment firm Hillhouse Capital combined yesterday to form a digital insurance company that will serve the Chinese market.
The joint venture, which is yet to be named, is applying for a digital licence to distribute insurance policies online. It will look to serve a digital premium market expected to grow from €25bn ($26.4bn) this year to €107bn in 2020.
Allianz, Baidu and Hillhouse plan to collaborate on devising and implementing innovative…
