Chinese insurtech Zhibao Technology Inc. has announced a strategic investment collaboration with Chinese digital sports health risk management expert Sport Covers. The collaboration will entail the creation of a new business model of digital sports and insurance brokerage.
Zhibao Technology founder, chairman, and CEO Botao Ma said the firm’s collaboration with Sport Covers will be beneficial for both organizations.
“I am pleased with the strategic partnership that we have reached with Sport Covers which will provide mutual benefits and allow both of our organizations to grow and diversify our respective customer bases,” said Ma.
Ma said the sports insurance market was poised to begin seeing substantial growth in and coming years.
“We are well positioned to realize the revenue, margin, and profitability benefits of being an active player in this dynamic industry,” he said.
Through the partnership, Zhibao Technology will merge its expertise in insurance, technology platform, and connections with other insurance firms with Sport Covers’ current position within the sports market. This will provide an enhanced service as well as solutions to mutual end customers.
The partnership will also allow Sports Cover to help Zhibao Technology in providing secure and convenient services concerned with sports insurance as well as promoting the development of national fitness and national sports, the companies said.
The insurtech estimated that the partnership will lead to considerable revenue contributions in the next few years. Zhibao Technology expects that it will successfully penetrate the sports insurance sector and expand its market presence as it looks to have 10% of the market by this year, 15% in 2025, and over 20% in 2026.
