Baobei is a B2B inurtech provider that equips traditional brokers and insurance startups with quote generation, fulfillment and transaction capabilities. With more and more online portals applying for broker licenses, traditional players are struggling to develop robust online transation capabilities they which they can on-board their existing policy holders in addition to cross selling on Baobei’s existing network.
Additionally, Baobei also offers a white-label claims solution that offline brokers and agents can easily integrate into their frontend web or WeChat presence. Finally, Baobei also offers Chinese insurers including CPIC, Ping An, Taikang Life, Sunshine Insurance Group, China Continent Insurance, China Taiping, PICC, All Trust, Chang An Insurance, Huatai Insurance, Yong An Insurance, Axa and Yong An.
How it Works:
- Insurance brokers and startups can integrate Baobei’s ready made insurance product database and fulfillment capabilities.
- Baobei charges an installation fee and % of premium sold through the Baobei platform.
- InsurTech brokers and startups who integrate with the Baobei platform can both generate leads for, and transact insurance products on their platform.
Ultimately, with established Chinese internet players such as Alibaba, Tencent and Baidu aggressively entering the insurance industry with both aggregators and licensed underwriters, legacy players including hundreds of offline brokers are scrambling to ready themselves for increasing competition. This is Baobei’s market entry cue. Rather than join the goldrush of InsurTechs currently operating in China, Baobei is instead supplying the pick axes required by all those jostling to compete online.