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[China] A mutual aid app, Xiang Hu Bao for seniors, is now available. Seniors can easily use it on their smartphones.

110,000 enrolled in the first three hours after opening, Alibaba-owned mutual aid app for seniors

While the elderly population is growing rapidly, there are still few services for the elderly in China. Against this backdrop, some companies have found a business opportunity: in May 2019, Xiang Hu Bao, an Alibaba-affiliated mutual aid app with more than 80 million users, released a "geriatric version of Xiang Hu Bao" for the elderly. It became the talk of the town when 110,000 people signed up for it in just three hours after it was launched. Xiang Hu Bao for seniors is a free application for people aged between 60 and 70. Each registrant is required to pay no more than 1 yuan, and they can receive 50,000 to 100,000 yuan (about 760,000 to 1.5 million yen) in case of hospitalization or surgery for cancer or other conditions. Only malignant tumors will be applicable, while accidents and injuries will not be covered. Children can also register for their parents. The reason for the popularity of the program is that it is easy to register on a smartphone, there is transparency in the flow of mutual funds and other information, and everyone can view it.

As mentioned above, China's population is increasing rapidly. In Shanghai, in particular, life expectancy has increased dramatically in recent years (81.3 years), making it the second highest in the world after Japan. However, there are very few companies selling insurance for the elderly, and the problem is that it is difficult to pass the examination and the insurance premiums are high. Against this backdrop, the popularity of Xiang Hu Bao, which allows users aged 1 month old to 59 years old (with 80 million users) to register, has led to calls for the release of something that can be used by those aged 60 and older.

This article was co-written by TNC Lifestyle Researcher (http://lifestyle.tenace.co.jp/ )and INTAGE Global Researcher.

  • TNCアジアトレンドラボ

    Author profile
    TNC ASIA Trend Lab

    TNC ASIA Trend Lab is an information organization run by TNC Inc. that researches and shares trends in Asia. It supports corporate marketing activities by finding insights from trends rooted in the lifestyles and habits of local consumers.
    http://tnc-trend.jp/

  • Intage Inc

    Editor profile
    Mr. Yang Yan

    A Chinese researcher living in Japan, sharing the life styles of consumers overseas, mainly in China.

  • Mar 02, 2020
  • 1549 Views

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