Alipay Xiang Hu Bao: over 10 million users in 9 days

25/10/2018

 Alipay’s newly launched health insurance service – “Xiang Hu Bao” is popular among users. The data released by Ant Financial Service shows that the number of users has exceeded 10 million in just 9 days after it was launched

 

On the 16th of this month, Ant Insurance and Xinmei jointly launched the “Xiang Hu Bao”. According to the official introduction, “Xiang Hu Bao” is a brand-new health protection service: if you have sesame credits above 650 and meet the health conditions, you can enjoy the protection first, then participate in the assessment.

When someone is ill, you can “lend a helping hand” by sharing his/her expenses. When you are sick, you can also receive a high amount of assurance cash. Specifically, the amount of assurance cash under the age of 40 is 300,000 yuan, and the amount of assurance cash for 40 to 50 years of age is 100,000 thousand yuan.

 

Yin Ming, vice president of Ant Financial Services, believes that the reason why “Xiang Hu Bao” is popular is that the widespread demand for major illness protection is awakened.

 

According to the latest research on Ant Insurance, 62.5% of survey users indicated that they did not purchase commercial health protection before joining “Xiang Hu Bao”, and 38.34% of users said that they are willing to pay 300 yuan for commercial security outside social security. About 38.89% of users paying 300-1000 yuan a year, and 25.77% more than 1000 yuan.

In order to ensure openness and transparency, “Xiang Hu Bao” introduced two major measures: First, the establishment of a public notice system, accepting supervision from all members, ensuring that only those who should be compensated are compensated. Second, the introduction of blockchain technology, all evidence related to the claims. The flow of funds used to witness the entire node through the notary office on the blockchain, the judicial appraisal center, the e-certification center, the court, etc., in addition to not being falsified, it also has legal effect.

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