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Finance

Inside Alibaba’s Booming Insurance Side Business

Heath insurance is another area where Alibaba is going neck-and-neck with Tencent (TCEHY). Tencent, which backs Alibaba’s e-commerce rival JD.com (JD), is into the membership healthcare coverage business through a unit known as Waterdrop. The Waterdrop has signed up 70 million members on its healthcare coverage product.

Health insurance is becoming an attractive field for e-commerce companies. Amazon (AMZN) teamed up with Berkshire Hathaway (BRK) and J.P. Morgan (JPM) to launch a healthcare coverage program for their employees.

The global healthcare insurance market generated $1.7 trillion in revenue in 2018 and is forecast to grow to a $2.2 trillion revenue industry by the end of 2024, according to Prescient & Strategic Intelligence projections.

View more information: https://marketrealist.com/2019/05/inside-alibabas-booming-insurance-side-business/

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