CNinsure, an insurance intermediary company operating in China, has established a new insurance brokerage business unit to expand its product offerings from retail to commercial lines.
According to Cninsure, the insurance brokerage team will focus on providing property and casualty, liability, credit and guarantee, cargo, employee benefits and specialty risk insurance and reinsurance services to corporate clients.
The company said that its operating platform and entrepreneurial agent program will be the dual engines to drive development of the new insurance brokerage business. By establishing the insurance brokerage business unit as a separate profit center, it aims to provide efficient service platform for risk management and business services.
In addition, the company intended to expand its insurance brokerage team through selective acquisitions and by setting up joint ventures with entrepreneurial sales professionals.
Yinan Hu, chairman and CEO of CNinsure, said: “We are excited to launch our insurance brokerage services platform to capitalize on the growing demand for commercial insurance by businesses from various industries as China’s economy continues to grow.
“We believe our experience gained over the past decade in the retail distribution of a variety of insurance products and our extensive reach to customers through our nationwide distribution network will enable us to take advantage of the opportunities in the insurance brokerage market in China.”