Allianz is to launch a joint venture with the Chinese search engine group Baidu and the investment group Hillhouse Capital in an attempt to set up an online insurer in China.
The joint venture will apply for a licence to sell insurance online throughout the country, and will target both individual customers and small and medium-sized businesses.
The trio behind the joint venture intend to offer a range of products including travel, health and internet finance insurance, according to people familiar with the situation.
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