(Yicai Global) Nov. 13 -- Insurance firms who partnered with Ant Financial Services Group sold over 30 percent more insurance plans this year than the last on the first day of the Chinese version of Black Friday. These guarantees were mostly related to consumer rights or business assurance for merchants.
Some 13 insurance firms sold 1.1 billion insurance policies during Double 11 on Alibaba Group Holding's affiliate platform Ant Financial, online news outlet Beijing Business Today reported yesterday. This equaled 180,000 such plans per minute.
The products included 70 types of insurance packages in six categories, such as guarantees for prices, logistics, refunds, after-sales rights, and performance. PICC Property and Casualty, China Pacific Insurance Group and China Life Property & Casualty Insurance were some of the suppliers.
"Consumer protection will extend from home to abroad this year and guarantees safe shopping for consumers all over the world," said Wang Yunjiao, the general manager of Ant Financial's insurance department.
"Merchant guarantees will expand from online businesses to small offline businesses to protect retailers' deals," Wang added.
Hangzhou-based Ant Financial Services Group operates a popular third-party payment platform Alipay and offers a slew of services such as investment products, movie tickets and trackers for utility bills.
Editor: Emmi Laine