Orig3n and ZhongAn, China's Largest E-Insurer Announce Partnership on Health Tech
BOSTON and SHANGHAI, July 31, 2018 /PRNewswire/ -- Orig3n, Inc., a Boston-based biotech company pioneering the future of health through genetics and regenerative medicine, and ZhongAn Online P&C Insurance Co., Ltd. (6060.HK), the first and largest online-only insurance company in China, today announced a new partnership to bring health tech solutions to Chinese consumers.
ZhongAn, which raised US$1.5 billion during its oversubscribed IPO on the Hong Kong stock exchange in late 2017, Asia's largest-ever fintech offering at that time, primarily offers insurance products and solutions in the context of five major ecosystems, namely lifestyle consumption, consumer finance, health, auto, and travel. The company will now supplement its insurance offerings with the introduction of healthcare solutions including a suite of DNA tests to their extensive customer base of nearly 500 million people, and to the China market as a whole. The product suite will be backed by Orig3n's extensive knowledge of genetic testing applications, being one of the leading US direct-to-consumer DNA test platforms.
"We are very excited to have ZhongAn as a strategic partner in China," said Robin Y. Smith, CEO of Orig3n. "With our strong knowledge base and IP and ZhongAn's brand awareness and extensive reach with consumers, we are confident that together we will make a significant impact in the PRC."
Liu Haijiao, President of Life Sciences at ZhongAn commented, "We had been looking to complement ZhongAn's product suite with health tech solutions to meet evolving consumer demands and identified Orig3n as the ideal partner due to its technology and industry-leading mobile platform. We look forward to partnering with Orig3n to provide innovative new products for our customers and the broader China market," said Liu.
The two companies also agree to establish a new laboratory in Shanghai, which focuses on the application and innovation of healthcare technologies. Locating the lab in Shanghai will also enable the companies to provide Chinese consumers with personalized, efficient and convenient healthcare solutions.
About Orig3n, Inc.
Orig3n exists at the intersection of biological science and emerging technology on a mission to revolutionize the future of medicine. As part of its mission to democratize access to genetic information, Orig3n provides consumers direct, affordable access to information about their lifestyle-related genes, thereby empowering people to make educated, proactive and personalized lifestyle choices that may impact their well-being. Orig3n also invests in breakthrough cell therapy programs by utilizing cutting-edge cellular science to develop personalized therapies for repairing tissue damage and treating disease. Since its inception in 2014, Orig3n has built the largest suite of direct-to-consumer genetic tests on the market, and the world's most comprehensive cell bank for commercial regenerative medicine applications. The company recently announced a Series B financing and has raised $50MM in funding since its founding. For more information, visit www.orig3n.com/our-mission/.
About ZhongAn Online P&C Insurance Co., Ltd.
ZhongAn Online P & C Insurance Co., Ltd. is an online-only InsureTech company in China. It started operations in October 2013 and has developed ecosystem-oriented insurance products and solutions through scenario-based settings to serve its customers. The company primarily offers products and solutions in the context of five major ecosystems, namely lifestyle consumption, consumer finance, health, auto, and travel. ZA Online was the largest insurer in China as measured by the number of insurance policies sold and policyholders and the insured served since its inception in October 2013 to 31 December 2016. In November 2016, ZA Online set up ZhongAn Technology, a wholly-owned subsidiary which focuses on the research and development of cutting-edge financial technologies to export technological capabilities to the industry. On 28 September 2017, ZA Online became the first Fintech company to be listed on the HKEX.
Contact: Rebecca Taylor