(Yicai Global) Sept. 7 -- None of Ant Financial's insurance projects will be exclusively operated by any one indemnity provider, said an executive for the insurance business at Ant Financial, as Thepaper.cn reported.
Ant Financial is an internet finance affiliate under China's e-commerce leviathan Alibaba Group Holding Ltd. [NYSE:BABA].
"In principle, we will not bind to any one insurance company on any product, leaving diverse choices to customers as they have different preferences and we have to offer them such rights. Therefore, whether they are innovative products or mature products, we will not tie them to one insurer on any product," said Xu Yan, general manager at Ant Financial's insurance platform.
"Currently, no insurance company accounts for over 20% share in our system and we have at least two partners on any insurance type and segment," Xu said.
On the issue of user data and privacy and security protection after the platform's inauguration, Xu noted that Ant Financial would only open user profile capability, rather than data. Ant Financial also requires insurance companies to isolate data which are banned from use for other commercial purposes and secondary insurance marketing.
Eighteen insurance companies have embarked on cooperation with Ant Financial's insurance platform, public data show. Insurance companies access the site 1 million times on average each day. Another 20 insurance companies are linked to the platform.