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China's first online insurance firm, ZhongAn Online P&C Insurance Co Ltd, is selling products targeting e-commerce vendors, the company announced on Monday.
The first insurance policy, ZhongLeBao, will exempt small-cap virtual merchants from registration premiums, Li Jian, who oversees ZhonAn's product designs, said at a press conference in Shanghai.
The policy is applicable to the 9 million individual vendors on Taobao Marketplace, e-commerce giant Alibaba's online platform, where they can purchase policies starting from 18 yuan ($2.95) as a waiver of the 1,000-yuan registration premium, said Li.
Li said the move will add liquidity to cash-strapped start-ups, helping their business grow while protecting the rights of Internet shoppers. The total premium, should a default or dispute occur, can amount to 200,000 yuan for consumers.
The endeavor marks the latest attempt for Alibaba Group Holding Ltd, its largest shareholder, to facilitate the growth of micro and small-sized businesses and further consolidate its position in Internet finance.
The second-largest shareholders include the country's largest Internet firm, Tencent Holdings Ltd, and the world's second-largest insurer, Ping An Insurance (Group) Co of China Ltd.
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