ETAO International Group Announces Its Digital Insurance Business Aaliance

NEW YORK, Sept. 26, 2022 /PRNewswire/ — ETAO International Group (“ETAO”) announces its digital insurance business Aaliance Insurance joins hands with Alibaba and Tencent to expand into the city-wide healthcare insurance market. In September 2022, Aaliance Insurance Brokers Co., Ltd. (“Aaliance Insurance”), a subsidiary of ETAO International Group, announced that it has reached a comprehensive partnership agreement with Ant Insurance, a division of Alibaba’s Ant Financial, and Tencent Weibao, a division of Tencent. Partners will carry out extensive cooperation in technology platform, promotion and operation, intelligent customer service, health management, and specialty drug supply and claims service etc. The collaboration will be first implemented in Zaozhuang and Tai’an of Shandong province, Anyang of Henan province, Xiamen of Fujian province, Mianyang of Sichuan province and other prefecture-level cities. These pilot projects will expand extended services related to the city-wide health insurance business. This is a great news for ETAO International Group on the eve of its public listing on the NYSE. Wilson Liu, Chairman and CEO of ETAO International Group said, “We are thrilled about ETAO’s partnership with Ant Insurance and Tencent Weibao. With the support of the two Internet, E-Commerce and technology giants Alibaba and Tencent, ETAO would scale up the city-wide healthcare insurance service to China’s national market quickly. That in turn will speed up the development and market penetration of ETAO’s integrated healthcare services for Chinese customers.”

City-wide insurance integrates basic public healthcare insurance program with commercially-offered insurance. It is a new supplemental health insurance model jointly promoted by the Chinese government, insurance companies and third-party platforms. It is unique in that once a municipal government signs on the program, all residents of that city or town will automatically be enrolled in the program. In 2015, City of Shenzhen first launched the “Supplementary Medical Insurance for Major and Serious Diseases.” Since 2020, city-wide healthcare insurance products have ushered in a period of rapid growth across the country. Due to the policy support and the increased awareness of people’s health protection, the development of city-wide healthcare insurance became more important. The product has the attractive attributes of “two lows and one high,” that is, low insurance thresholds, low premiums, and high insured amounts. It has great potential to stimulate, fill and leverage the huge market of inclusive supplementary health insurance. As an inclusive and customized insurance that connects basic medical care and commercial health insurance, city-wide healthcare insurance is important for building China’s multi-level medical insurance system, solving medical and people’s livelihood problems at different levels, by reducing and alleviating the pressure of medical expenses for the general public, and closing the significant gap for the lack of basic social security protection.

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Aaliance Insurance has further invested heavily in the development of a digital medical insurance…