New online car insurer JV set up
Print Edition
A unit of China Pacific Insurance Co and Internet giant Baidu yesterday agreed to set up a new online car insurance company after the insurance regulator expanded its relaxation of car insurance rates.
The new joint venture between China Pacific Property & Casualty Insurance Co and Baidu will combine the latter’s strength in data with CPIC’s competitive pricing and service network to offer differentiated products, the two companies said in a statement yesterday.
The venture will also tap market reforms in car insurance rates and use Internet technology to appeal to young car users, according to the statement.
The China Insurance Regulatory Commission eased car insurance rates in 12 provinces and municipalities last year and included another six regions in the trial this year. The reform will be rolled out to cover another 18 regions, including Shanghai, this year.
Insurance companies in these areas have greater freedom in cutting or raising rates for clients based on their records.
The venture will expand CPIC’s presence in the Internet after insurance companies such as Ping An Insurance Co, Taikang Life Insurance Co, China Taiping Insurance Group, and PICC have, or plan to, set up online insurance companies.
China Pacific and Baidu are waiting for the China Insurance Regulatory Commission to approve their venture. It will be Baidu’s second online insurance company after setting up an online property and casualty insurance company with Germany-based Allianz Insurance Co.
A report from CBN Data showed that 330 million people in China have paid their insurance through the Internet by the end of March, up 42.3 percent from a year ago.
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