The Alipay insurance platform has announced the opening of pet nose-print recognition technology and has joined forces with insurers to apply this technology to pet insurance for the first time.
The pet insurance product is currently available for both cats and dogs.
When a user applies for an insurance policy, the Alipay insurance platform builds an exclusive electronic file for the pet based on the nasal print information. When a user makes a claim, the user can start the claim process by identifying the nose-print and verifying the pet's identity.
According to Alipay, the success rate of pet nose-print recognition technology exceeds 99% and is expected to be applied to urban pet management and lost pet scenarios in the future.
Alipay's insurance platform currently serves 500 million users, and this is the first time the platform has launched a medical insurance product that does not target humans.
Alipay's "Pet Insurance" offers three versions with different coverage for dogs and cats aged 3 months to 10 years old.
The annual premium of 399 RMB, for example, can reimburse up to 10,000 RMB of medical expenses in one year.