Shanghai, China--(Newsfile Corp. - December 5, 2024) - Zhibao Technology Inc. (NASDAQ: ZBAO) ("Zhibao" or the "Company"), a leading and high growth InsurTech company primarily engaged in providing digital insurance brokerage services through its operating entities in China, today announced a strategic partnership with PICC Property and Casualty Company Limited ("PICC") and Munich Re Beijing to launch a new generation of medical insurance products in China. The first product to launch under this strategic partnership and is expected to be available to consumers in the coming months.
The three parties closely worked together to develop an innovative private medical insurance product for Chinese individuals, providing them access to top-quality medical resources unavailable under public insurance.
This joint collaboration will leverage the strengths of each partner to deliver a comprehensive and innovative medical insurance solution tailored to meet the needs of China's growing middle class.
Zhibao Technology, with its deep understanding of the Chinese insurance markets and experience in the high-end medical space, played a crucial role in the development of this product, and will be responsible for customer service, policy management and claims processing for the new product. Members will also gain access to the Company's extensive medical network for seamless direct billing across greater China. Finally, the product will be distributed through the Company's 2B2C Digital Insurance Brokerage platform, reaching millions of end users through our various B Channels.
PICC, one of the world's largest property and casualty insurance companies and the largest in Mainland China, will issue and distribute policies through their extensive network of 3,000 branch offices, including 36 provincial-level branches nationwide. Munich Re, a global reinsurance leader, will provide reinsurance capacity through their Beijing Branch, alongside their robust risk management and technical expertise.
"We are excited to partner with PICC and Munich Re to launch this innovative medical insurance product," said Mr. Botao Ma, Chief Executive Officer of Zhibao Technology. "This collaboration will allow us to leverage our strengths and industry knowledge to provide a superior customer experience and drive significant growth for our business."
"Private medical insurance is an underserved market in China. By partnering with industry leaders like PICC and Munich Re, this product benefits from phenomenal brand recognition, credibility, and market reach," Mr. Ma continued. "Through the strength of all parties involved, I expect this product to generate millions of RMB in premiums in its first year, contributing towards Zhibao's annual revenue, with double digit year-on-year revenue growth rate for the product over the next three years."
"I strongly believe this new product will be warmly received by the Chinese public and is simply the starting point of a fruitful collaboration for all three parties. This strategic partnership underscores Zhibao's long-standing commitment to providing innovative insurance solutions and driving growth within the Chinese insurance markets."
About Zhibao Technology Inc.
Zhibao Technology Inc. is a leading and high growth InsurTech company primarily engaging in providing digital insurance brokerage services through its operating entities ("Zhibao China Group") in China. 2B2C ("to-business-to-customer") digital embedded insurance is the Company's innovative business model, which Zhibao China Group pioneered in China. Zhibao China Group launched the first digital insurance brokerage platform in China in 2020, which is powered by their proprietary PaaS ("Platform as a Service").
Zhibao has developed more than 40 proprietary and innovative digital insurance solutions addressing different scenarios in a wide range of industries, including but not limited to travel, sports, logistics, utilities, and e-commerce. Zhibao China Group acquire and analyze customer data, utilize big data and artificial intelligence technology to continually iterate and enhance its digital insurance solutions. This iterative process, in addition to continually improving its digital insurance solutions, will keep the Company abreast of the new trends and customer preferences in the market.
For more information, please visit the Company's website at ir.zhibao-tech.com.
Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "is/are likely to," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.
Contact Information:
For Media and Investor Relations Zhibao Technology Inc. Investor Relations Office ir@zhibao-tech.com
Skyline Corporate Communications Group, LLC Scott Powell, President Avenues Tower 1177 Avenue of the Americas, 5th floor New York, NY 10036 Office: (646) 893-5835 Email: info@skylineccg.com
