China: cooperation challenges between insurances and FinTech companies 2020

According to a survey conducted in the fourth quarter of 2020 in China, 19 percent of respondents thought the availability and compliance of data to be one of the greatest challenges for the cooperation between insurance and FinTech companies. Likewise, differences in business models were seen as another challenge, with 15 percent of respondents agreeing.

Main challenges in cooperation between insurance and FinTech companies in China in 4th quarter of 2020

Characteristic	Share of respondents
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Release date

March 2021

More information

Region

China

Survey time period

Q4 2020

Number of respondents

200 respondents

Special properties

among traditional financial institutions and FinTech companies

Method of interview

Questionnaire

Supplementary notes

Original question: What are the main challenges in cooperation between Insurance companies and FinTech companies?

According to the source, the distribution of respondents is as follows: Commercial banks 33%, insurance companies 33%, greater asset management 18%, FHC 8%, FinTech companies 6%.

Among the 'greater asset management companies' are respondents from: sub-verticals of wealth management subsidiary of banks, insurance asset management companies, securities firms, fund management companies and trusts.
Consumer finance companies, financial leasing companies, clearing institutions, financial business departments of large-scale enterprises etc. belonging to 'other institutions'.

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