Zhibao Technology Inc. (NASDAQ:ZBAO) stock is moving higher after the Chinese InsurTech company unveiled a major expansion of its embedded insurance platform.

Zhibao Expands Embedded Insurance Platform

Zhibao said its wholly owned subsidiary, Sunshine Insurance Brokers, launched a beta deployment of its embedded digital insurance platform on Chengdu’s Tianfu Citizen’s Cloud, giving the company access to nearly 20 million registered users.

The June 30 launch follows a previously signed three-year cooperation agreement between the two parties. Built on Zhibao’s Platform-as-a-Service (PaaS) infrastructure, the platform will initially offer the company’s Huiminbao inclusive medical insurance, with plans to expand into homeowner, property and casualty insurance products.

“Our deployment on the Tianfu Citizen’s Cloud platform marks a massive milestone in the validation and scale of our 2B2C business model,” Chief Executive Officer Botao Ma said.

Chief Operating Officer Xiaowei Le said the company plans to work with financial institutions to introduce more localized insurance products while using data insights to tailor offerings to consumers.

Separately, Zhibao recently appointed Chief Actuary Guangtong Ren as chief financial officer and director, effective July 1, following the resignation of former CFO and director Yuanwen Xia.

The company also named Jun Ma, YiYun Dai and Han Tang as independent directors after Armando Luis Baez, Stephen Bernardez and Jeffery Rong Cai stepped down.

What Zhibao Technology Does

Zhibao Technology is a China-based InsurTech company that provides digital insurance brokerage services through its operating entities, collectively known as Zhibao China Group.

The company focuses on a 2B2C (business-to-business-to-customer) embedded insurance model and launched its digital insurance brokerage platform in China in 2020 using its Platform-as-a-Service (PaaS) infrastructure.

The company offers more than 40 digital insurance products across sectors including travel, sports, logistics, utilities and e-commerce. It also uses customer data, big data analytics and artificial intelligence to develop and update its insurance offerings.

ZBAO Technology Price Action

ZBAO Stock Price Activity: Zhibao Technology shares were up 105.41% at $0.6080 during premarket trading on Friday, according to Benzinga Pro data.

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