People’s Insurance Company of China Invests 400M Yuan in Insurtech Subsidiary

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One of China’s biggest listed insurance firms has announced the launch of a new subsidiary to focus on the development of insurtech solutions.

The People’s Insurance Company of China (PICC) announced on 7 February that it had obtained approval from regulators to establish Renbao Xinxi Keji Co., Ltd. (PICC Information Technology Co., Ltd.) ((以下简称人保信息科技)已于2022年1月21日正式成立,注册资本).

The company was officially launched on 21 January with registered capital of 400 million yuan, while its official business scope includes artificial intelligence software development, Internet of Things technical services and software outsourcing.

Sources close to PICC said that the new insurtech subsidiary will focus primarily on software development as well as improving the operations of the parent company.