Industrial and Commercial Bank of China Limited (ICBC) collected more than 4.4 billion yuan ($629.25 million yuan) in premium revenues via on-line bancassurance businesses in the first quarter this year, up over 60 times year on year, while online insurance transactions exceeded 30,000.
ICBC began selling two investment-linked insurance products online last September, and another three fund insurance products earlier this year.
So far ICBC's online bancassure channel covers eight categories of insurance products, including universal life insurance, investment-linked insurance, life accident insurance, compulsory vehicle insurance, car insurance, family property insurance, medical insurance and renewal payment. They offer more than 40 products in total.
Meanwhile eight insurers' products are available on ICBC's online bancassure channel, such as Ping An Insurance, China Pacific Insurance, Taiping Life, Taikang Life and Allianz China Life.
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The full text is available in the May Issue of China Insurance.
