Online insurance platform launches upgraded cancer coverage

Insurers are finding ways to satisfy rising demand from digital-savvy customers as The Umbrella, an online insurance startup backed by leading venture capital firm MatrixPartners and Sequoia, announced recently a major product upgrade for insuring cancer online.

The Umbrella launched an upgraded insurance that will cover over 110 types of serious diseases, including cancers, on Friday, in cooperation with traditional insurer Sun Life Everbright Life, online subsidiary of China Everbright Ltd.

Xu Han, chairman of The Umbrella, said that the third-party online insurance platform strives to handpick and tailor high-quality insurance for consumers through an "easy-to-operate" format and hopes to cover more types in the future.

According to Xu, customers can more easily buy insurance online on the platform, yet with lower prices and more guarantees compared to similar products in the field.

Zhu Minglai, a professor of medical care and insurance from Nankai University, said: "Online insurance platforms offer a brand-new solution for patients. With the huge amount of big data accumulated on such platforms, patients can better prevent risks and enjoy better medical services."