Chinese online insurer ZhongAn has entered into an agreement with Japanese insurer Sompo Japan Nipponkoa. The deal will see the two companies jointly offer insurance products to customers in Japan. It involves aiding Sompo in building its IT insurance platform, rolling out online insurance offerings within nine months. Despite facing increasing regulation domestically, along with a dwindling share price, ZhongAn recently secured funding from SoftBank's Vision Fund. Part of this backing involved setting up a joint venture pursuing international expansion.
Chinese online insurer ZhongAn has entered into an agreement with Japanese insurer Sompo Japan Nipponkoa. The development is reportedly ZhongAn's first deal of this kind outside of China. It involves aiding Sompo in building its IT insurance platform, rolling out online insurance offerings within nine months. Despite facing increasing regulation domestically, along with a dwindling share price, ZhongAn recently secured funding from SoftBank's Vision Fund. Part of this backing involved setting up a joint venture pursuing international expansion.