Nasdaq-listed Zhibao Technology, an InsurTech company primarily engaged in providing digital insurance brokerage services through its operating entities in China, has announced that it would offer "Hui Jia Bao" (an inclusive homeowner insurance product offered by the company) in Nanjing.
Hui Jia Bao is seen as the next big inclusive low-cost mass-market product after the government-backed health insurance plan Hui Min Bao, sales of which have grown exponentially in recent years.
Sunshine Insurance Brokers, a Zhibao subsidiary, has won a contract to provide Hui Jia Bao in Nanjing. Marketed as “Ning Jia Bao” in the city, the product is insured by a panel of six leading insurers, led by the People’s Insurance Company of China’s (PICC) Nanjing branch. Nanjing is the capital of the prosperous Jiangsu Province and is home to over 9m residents.
Hui Jia Bao is one of the company’s 40+ digital insurance solutions. Zhibao introduced the first project in Quanzhou in Fujian province in December 2023. Since then, the company has deployed the “Hui Jia Bao” solution in nine other cities or regions in China.
Starting at only CNY99 ($14) per year, Hui Jia Bao is a “starter-level” insurance product, designed to provide homeowners with insurance coverage in cities around China. Through the Hui Jia Bao solution, Zhibao expects to fill a critical coverage gap in the insurance market in China by working with local government entities and insurers to bring down the barrier for millions of Chinese residents to obtain homeowner insurance.
In conjunction with Hui Min Bao, the inclusive medical insurance product first launched in Shenzhen in 2015, the company is providing low-income individuals and families access to insurance coverage that might protect them from severe financial hardship should an unexpected situation arise by offering more affordable and inclusive insurance products.
Zhibao’s management projects that the Hui Jia Bao solution will generate up to CNY230m in premium, and up to CNY46m in revenue for the company over the next three years.
The company is in discussions to launch the Hui Jia Bao and Hui Min Bao products in other cities in the provinces or regions of Jiangsu, Fujian, Yunnan, Qinghai, Shandong, Hebei, Guangdong, and Guangxi over the next three years.