Core Viewpoint - The rise of low-threshold insurance promotion models through social networks raises concerns about consumer protection and regulatory compliance in the insurance industry [1][4][5]. Promotion Mechanism - The promotion model allows individuals to earn commissions by sharing insurance products via social media without needing professional qualifications or training [2][3]. - Users can quickly generate personal promotion codes and earn commissions upon successful referrals, significantly lowering the barriers to entry for insurance sales [3][4]. Regulatory Concerns - The model faces scrutiny under existing regulations that require licensed personnel for insurance sales, indicating potential violations of compliance standards [4][5][6]. - Previous attempts at similar models, such as the "Insurance Master" app, faced regulatory penalties, highlighting the risks associated with unregulated promotion practices [4][5]. Industry Implications - The proliferation of low-threshold promotion models may exacerbate issues of sales misrepresentation and consumer trust in the insurance sector [9][10]. - The lack of professional knowledge among promoters could lead to consumers purchasing unsuitable products, increasing the likelihood of complaints and policy cancellations [9][10]. Company Background - The parent company of the promotion platform, Bai Ge Bao, is seeking to go public in Hong Kong, indicating a push for growth despite ongoing regulatory challenges [11]. - Bai Ge Bao's business model focuses on providing technology-enabled insurance intermediary services, but its high commission payouts raise questions about its classification as an "insurance technology" company [12][14]. Financial Performance - Bai Ge Bao has shown significant revenue growth, from 405 million yuan to 914 million yuan between 2022 and 2024, but continues to report net losses, indicating financial strain during its transition to commercialization [14].