Jack Ma sells cancer insurance to millions of Chinese for pennies

Ant Financial envisions having 300 million members within two years -- the equivalent of one in every five people in China

Ping An Insurance (Group) Co. employed about 1.4 million people to peddle policies last year. Yet it’s Jack Ma’s newest online disruptor that is stealing the show –- with 50 workers and visions of serving 300 million customers.

Ma’s Ant Financial conglomerate launched healthcare-coverage product Xiang Hu Bao in October and already has about 65 million clients. They pay small monthly fees that are pooled to help cover treatment costs for members stricken by diseases such as cancer, Alzheimer’s and even Ebola.

“No insurance company would service a customer base of this size,’’ Yin Ming, a vice president for Ant