China Pacific Property Insurance Company (short for CPPIC hereafter), a subsidiary of China Pacific Insurance Company, today signed strategic cooperation agreement with Baidu, a Chinese web services company, for establishment of an Internet insurance company in this country. The new company may provide automobile insurance and others based on analysis of big data.

 

Advantage of actuarial pricing and off-line sources of web service of CPPIC, combined with competitiveness of big data modeling and automatic deep diving of Baidu, may lead to diversified development of the whole industry of automobile insurance in China.

 

Taking advantage of analysis of big data, the new company may provide younger-generation customers with diversified and digital services of automobile insurance, improving customer satisfaction.

 

Cooperation between CPPIC and Baidu may create an operation mode for the whole automobile insurance industry in China. Diversified and novelty automobile insurance services, digital customer experience and sustainable cost competitiveness may encourage development of automotive insurance industry.