(ceremony onsite)
On August 9th, JadaValue, the first incubator focusing on fintech in China, launched its insurtech branch office in Beijing. The audiences include senior officers of Business Incubation Center at Zhongguancun Science Park Administration Committee, ISC，NIFA and CIA, scholars at Tsinghua PBCSF and RUC Institute of Enterpreneruship & Innovation, biggies in the insurance industry and media people. They witnessed the inception of the first insurtech incubator in China.
Recently, CIRC released The Operation Report of Insurance Industry in the first half of 2017, which showed that the total insurance premium reached 2.3 trillion, an increase of 23%, including 46.66 internet insurance innovaton businesses, an increase rate of 123.55%. Rapid development has been achieved in this industry. Meanwhile, according to the report, innovation businesses remaines active and insurtech has an extending application in shared economy, AI and blockchain.
Globaly, investment in fintech industry totaled $17.4 billion in 2016. China invested $7.7 billion, exceeding US as thebiggest investor. 173 insurance projects were invested by China, the same as US. The average annual growth rate of investment from China reached 44.3%. Although it’s winter in the capital, the interests in insurtech keep increasing.
In this industry with a potential of trillions of dollars, startups sprout out of many fields. They are trying to redefine the ecosystem of insurance industry and seeking new opportunities to change the world and the future. Faced with great opportunities and challenges, JadeValue was launched at Zhongguancun Internet Financial Center by a group of highly experienced VC investors.
(opening ceremony)
JadeValue was named after the Jade of the He family—a Chinese legend. The jade which had no difference with anormal stone, became a priceless jade after polish. The implication is that the purpose of JadeValue is to understand startups from where they start and help them grow to something great.
Deputy secretary-general of ISC Shi Xiansheng,deputy dean of RUC Law and Institution of Enterpreneurship & Innoation YangDong, executive director of Zhongguancun Internet Finance Research Institute and president of Guopeiorg Liu Yong, general manager of Fosun Insurance Gao Lizhi, partner of Chinagrowthcapital Wu Haiyan, partner of Qiming Venture Partners Wu Jing, partner of Shunwei Cheng Tian, vice president of Xiaofanzhuo Liu Qiongling, general manager of JadeValue Johan Uddman,and managing director of JadeValue Insurtech Beijing Incubator Liu Yang attended the opening ceremony. They parted a “stone” into a “jade” with chisels, implying that jades couldn’t show its value without polish. JadeValue hopes that the government, scholars and people from all works of life will work together to propel the development of the insurtech industry and build a new ecosystem in China.
Differet from other incubator, JadeValue has three distinctive features. Firstly, insurtech focused. JadeValue is devoted to discovering promising startups and projects related to insurtech, understanding and supporting the startup teams. Secondly, free of charge. All startups can enjoy free working space, talent services, capital support, and integration service of industrial resources. Finally, highly internationalized. JadeValue selects projects globally. At present, the first group of startups have moved into JadeValue Insurtech Beijing Incubator, including Epoch Techonoly, Kuang Ji and Xike Map.
(Deputy Secretary-General of ISC Shi Xiansheng)
Deputy secretary-general of ISC Shi Xiansheng said at the ceremony that insurtech was facing huge opportunities and the establishment of an insurtech incubator was not only good for developing the whole industry, but also for encouraging techonological innovation. It provides a platform where Investors can find good projects and in which startups can thrive.
(General Manager of JadeValue Johan Uddman)
As for future development of JadeValue, general manager Johan Uddman said that insurtech was a promising industry in China and investing insurtech startups was their long-term business goal. They see startups as long-term partners and want to build the insurtech ecosystem with them together in China.
(Deputy Dean of RUC Law and Institution of Enterpreneurship & Innoation Yang Dong)
Deputy dean of RUC Law and Institution of Enterpreneurship & Innoation Yang Dong stated that technology had a huge market in insurance industry, which can bring revolutionary innovation. Due to large number of unsolved issues in insurance market and its rapid mergence with other financial industries, Jadevalue will have great opportunities in this strategic step.
JadeValue has been long following insurtech trend in China and abroad, conducted enormours researches and summaries. It cooperates with Financial Technology Partners, one of the largest reinsurance companies in the world. In the future, JadeValue will drive more innovation in the insurtech industry and reconstruct the value chain of this industry by technology. Under the call for supporting sustantial economy, JadeValue will facilitate the need of entities from different chain of insurance industry.
If you are preparing/running an insurtech project in Beijing and want to join in JadeValue, please contact us at: liuyang@jadevalueinsurtech.com.
