Munich Re Beijing will provide reinsurance capacity for a new medical cover in China under an agreement with local insurtech Zhibao Technology.

The reinsurer will offer “robust risk management and technical expertise”, and the first product is expected to be available within months.

Zhibao says its private medical insurance provides access to quality resources unavailable under public cover.

It is “tailored to meet the needs of China’s growing middle class”, according to the insurtech, which launched China’s first digital insurance brokerage platform in 2020.

CEO Botao Ma says private medical insurance is an underserved market in China and the product will be “warmly received by the Chinese public, and is simply the starting point of a fruitful collaboration. By partnering with industry leaders like [People’s Insurance Company of China] and Munich Re, this product benefits from phenomenal brand recognition, credibility and market reach.  

“I expect this product to generate millions of [yuan] in premiums in its first year, with double-digit year-on-year revenue growth ... over the next three years.”

Zhibao will be responsible for customer service, policy management and claims processing for the product, which will be distributed through its platform.

PICC Property and Casualty Company will also issue policies via its 3000 branch offices.