Core Viewpoint - Zhibao Technology Inc. has entered a strategic investment cooperation with Sport Covers to develop a new business model that integrates digital sports and insurance brokerage, leveraging technological innovation and digital empowerment to drive industry growth [2][11]. Company Overview - Zhibao Technology Inc. is a leading InsurTech company in China, specializing in digital insurance brokerage services. It pioneered the 2B2C digital embedded insurance model and launched the first digital insurance brokerage platform in China in 2020 [7][12]. - The company has developed over 40 proprietary digital insurance solutions across various industries, utilizing big data and AI to enhance its offerings [15]. Strategic Partnership - The collaboration with Sport Covers aims to merge Zhibao's insurance expertise and technology with Sport Covers' sports market position, enhancing service offerings to customers [3][11]. - This partnership is expected to provide Zhibao with established connections in the sports sector, including sports facilities and events, facilitating better service delivery [3]. Revenue Projections - Zhibao anticipates significant revenue contributions from the partnership, forecasting revenues of approximately CNY 20 million in 2024, CNY 50 million in 2025, and CNY 80 million in 2026 [4]. - The company aims to capture a market share of about 10% in 2024, increasing to over 15% in 2025 and exceeding 20% by 2026 [6]. Market Potential - The global sports insurance market was valued at $3.4 million in 2022 and is projected to grow at a CAGR of 6.0%, reaching $4.8 million by 2028 [13]. - The partnership is positioned to capitalize on the expected growth in the sports insurance market, allowing both companies to diversify their customer bases and enhance profitability [13].
Zhibao Technology Inc. Reaches a Strategic Investment Cooperation with Sport Covers to Create a New Business Model of Digital Sports and Insurance Brokerage