Zuihuibao is a Chinese insurance platform focusing on personal accident insurance, travel insurance and car insurance. Based in Shanghai, Zuihuibao is operating through WeChat and a mobile app only and has differentiated itself by imbuing social features into its UX.
Although there are hundreds of insurance apps and mobile platforms in China, Zuihuibao has the following notable features:
- A personal finance service called My Wallet that monitors income and expenditure for users
- Ability to scan license plates in order to pre-populate auto insurance question sets
- Ability to send a ‘Red Gift’ to other users. Red Gifts are an ancient Chinese custom of giving small cash as presents to friends and family. This feature has been particularly useful in increasing the engagement rate for Zuihuibao.
The Zuihuibao team is lead by ex AXA-Taiping executives that have positioned themselves as a mobile based insurance platform focusing on social and financial management features to attract users, and then monetizing through health and property insurance.
Ultimately, Zuihuibao is one of a swathe of new insurance startups that have managed to attract a user base through new features and fast development cycles. Zuihuibao has rasied a total of $30 million in funding and is now planning to expand to tier two cities across China.