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Zhibao Technology Inc. (NASDAQ:ZBAO) ("Zhibao" or the "Company"), a leading and high growth InsurTech company primarily engaged in providing digital insurance brokerage services through its operating entities in China, today announced that it has won a tender to provide high-end medical third party administration ("TPA") services to the People's Insurance Company of China Limited, one of the largest insurance groups in China ("PICC Group").
This tender designated Zhibao as one of the four exclusive vendors authorized to provide TPA services to all PICC Group subsidiaries, including PICC Property & Casualty (P&C), PICC Health, PICC Life, etc. valued at CNY 28 million over the 3-year period.
The Company was one of four providers selected from a pool of 8 candidates to provide services for a period of 3 years from 2024 to 2027. Bidders were assessed on a variety of factors, including but not limited to, operational ability, experience and track record providing similar services, price, and the merits of the proposed service plan, by both PICC Group and an independent assessor.
This tender provides Zhibao access to PICC's substantial footprint and distribution ability, including over 3,000 branch offices, including 36 provincial-level branches nationwide. This greatly benefits the Company's Managing General Underwriting (MGU) business division, and deepens its relationship with PICC, providing synergy to the main to-Business-to Consumer (2B2C) embedded digital insurance brokerage business.
Posted In: ZBAO
