Zhibao Technology Announces Strategic Expansion in the Pet Insurance Market Through Its "Chong Bao Bao" Platform
Rhea-AI Summary
Zhibao Technology (NASDAQ: ZBAO) announced its strategic expansion into China's pet insurance market through its new platform 'Chong Bao Bao'. The company signed a strategic cooperation and investment agreement with UAN Pets, acquiring a share in the company that has served over 1 million customers and works with major insurers like PICC and Ping An.
Launched in October through Zhibao's subsidiary Sunshine Insurance Brokers, Chong Bao Bao adds to Zhibao's portfolio of 40+ digital insurance solutions. The expansion comes as the global pet insurance market is projected to grow from $10.1 billion in 2023 to $38.3 billion by 2033, with Asia-Pacific being the fastest-growing region. Current market penetration for pet insurance in China stands at less than 1% as of 2023.
Positive
- Strategic investment and partnership with established player UAN Pets (1M+ customers)
- Entry into fast-growing pet insurance market projected to reach $38.3B by 2033
- Low market penetration (<1%) in China indicates significant growth potential
- Expansion of product portfolio with pet insurance adds to existing 40+ solutions
Negative
- None.
News Market Reaction – ZBAO
In the trading session that priced this news, ZBAO declined 3.63%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Shanghai, China--(Newsfile Corp. - December 19, 2024) - Zhibao Technology Inc. (NASDAQ: ZBAO) ("Zhibao," "we," or the "Company"), a leading and high growth InsurTech company primarily engaging in providing digital insurance brokerage services through its operating entities in China, today announced a strategic expansion into the pet insurance market in China.
Earlier this year, Zhibao Technology signed a strategic cooperation and investment agreement with UAN Pets, an established player in the pet insurance market. UAN works with leading Chinese insurers, including PICC, Ping An, and with leading platforms such as Alipay, and has served more than 1 million customers to date. This agreement resulted in Zhibao taking a share of UAN and established a framework for both parties to work together more closely moving forward.
In October, Zhibao's subsidiary Sunshine Insurance Brokers launched "Chong Bao Bao," its online platform & brand for offering pet insurance solutions in China. Through close cooperation between Sunshine and UAN, Zhibao is well poised to demonstrate strong growth in this rapidly expanding market. Pet medical and liability insurance joins Zhibao's growing list of 40+ digital insurance solutions covering a wide array of industries and products.
"I am excited to expand our presence in the pet insurance space," said Zhibao's Chief Executive Officer Mr. Botao Ma. "With rapidly growing awareness and consumer demand for pet insurance products, Zhibao will be well positioned to deliver industry-leading products through our 2B2C embedded digital insurance platform."
"Zhibao has spent considerable time and effort laying the foundation for this expansion over the course of 2024," continued Mr. Ma. "Our strategic cooperation and investment in UAN Pets joins their market positioning with our strong technological underpinnings. With these advantages, I am confident our Chong Bao Bao platform will drive strong revenue to the company."
"This underscores our commitment to bring market-leading products to our B-Channels and end users across a wide range of markets. We look forward to deepening our relationship with UAN and with other similar synergistic teams in the future," concluded Mr. Ma.
Reporting from Allied Market Research predicts the global pet insurance market will grow from
About Zhibao Technology Inc.
Zhibao Technology Inc. (NASDAQ: ZBAO) 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 over 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 acquires and analyzes customer data, utilize big data and AI technology to continually iterate and enhance its digital insurance solutions. This iterative process, in addition to continually improving its digital insurance solutions, will keep it abreast of the new trends and customer preferences in the market. For more information, please visit: ir.zhibao-tech.com.
About UAN Pets
Founded in early 2017 and based in Beijing, UAN Ying Technology (Beijing) Co., Ltd. ("UAN") is a leading provider of comprehensive pet insurance solutions in China. The company is dedicated to improving the efficiency of pet medical services through digital technologies, alleviating the high costs of veterinary care for pet owners. UAN's core team consists of experts from major insurance companies and top internet firms, and the company has established partnerships with multiple insurers and online platforms, including Dadi, PICC, Ping An, Alipay, JD.com, and ByteDance. By leveraging internet technology, big data, and cloud computing, UAN bridges the gap between insurance companies, online platforms, and offline pet services, enhancing information flow and consistently delivering value across the entire pet insurance and services ecosystem.
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.
Investor Relations Contact
Zhibao Technology Inc.
Investor Relations Office
Email: ir@zhibao-tech.com
Skyline Corporate Communications Group, LLC
Scott Powell, President
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New York, NY 10036
Office: (646) 893-5835
Email: info@skylineccg.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234448