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Deposit insurance for vendors
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China’s first online insurer Zhong An Online Property and Casualty Insurance yesterday launched its first product that helps online vendors on Taobao.com cover the 1,000 yuan (US$164) deposit required by the website.
Vendors on Taobao.com can buy a guarantee product, known as Zhong Le Bao, offered by the insurer so that they will be exempted from the minimum 1,000 yuan deposit required to cover potential consumer complaints.
The product is priced at 1.8 percent of the deposit requirement for half a year and 3 percent for one year.
By paying 30 yuan annually to the insurer, vendors can claim the 1,000 yuan deposit from Taobao to be used in daily operations.
“Small businesses usually find it a burden to pay the deposit,” said Li Xiaorui, product manager of Zhong An. “Our mission is to create a better e-commerce business environment.”
The insurer expects all 5 million Taobao vendors, most of whom pay the minimum deposit as required by the marketplace, to buy the product. Vendors, however, will still be responsible for compensating consumers in product disputes.
Zhong An is a joint venture co-invested by Alibaba, Tencent, and Ping An Insurance Group. Alibaba Group is the largest shareholder with 19.9 percent stake in Zhong An.
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