The Paper, 2/08/18
Chinese internet conglomerate Baidu (Nasdaq: BIDU) quietly launched a new insurance sales platform earlier this week. Links to the insurance channel have been added to Baidu's Baidu Wallet and Baidu Wealth Management app home pages, according to online media outlet The Paper. The new insurance channel currently has three main categories for medical insurance, critical illness insurance, and travel insurance products, and it features a total of eight different insurance products. Partners include Tk.cn, the online and mobile insurance platform operated by Tk.cn Insurance, and Meiya Property Insurance, a subsidiary of American International Group.
The insurance services are currently accessed primarily through Baidu Wallet, and Baidu plans to connect its other app platforms to the new channel in the future. Baidu also said that it plans to add pet medical insurance products.
In September 2017, Baidu gained access to an insurance brokerage license by acquiring Heilongjiang-based Lianbao Longjiang Insurance Brokerage through its wholly-owned subsidiary Baidu Penghuan Asset Management. Lianbao Longjiang Insurance Brokerage has RMB 50 mln in registered capital.