CNinsure, a China-based independent insurance intermediary, has signed a partnership agreement with property and casualty insurance firm, PICC Property and Casualty (PICC P&C), for cooperation in product distribution, development of customized products, data sharing as well as outsourcing of claims adjusting services.

The partnership between CNinsure and PICC P&C, aims at enhancing competitiveness and profitability of both parties through product innovation and improved sales quality as well as better after-sales services while continuing to expand sales volume.

Yinan Hu, chairman and CEO of Cninsure, said: PICC P&C has been an important partner for CNinsure since our inception. The strategic arrangement represents the acknowledgement by PICC P&C of the sincere cooperation between the two parties in the past decade. We believe the strategic cooperation will create synergy for both parties.”

With the agreement signed today, CNinsure has entered into strategic partnership with the top three property and casualty insurance companies in China, including PICC P&C, Ping An Property and Casualty Insurance Company of China, and China Pacific Property Insurance.

As the insurance market further opens to competition and becomes more market-oriented, we expect the further division of labor and the closer cooperation between underwriters and distribution channels will become an irrevocable trend.