Duobaoyu Insurance

Duobaoyu Insurance, operating under its parent company Hangzhou Fansheng Technology Co., Ltd., is an online insurance brokerage platform established in 2017. The company was founded by CEO Zhang Yaopeng, a graduate of Zhejiang University and a former core member at Pancheng Technology and co-founder of Zhibi Technology. The founding team also includes other Zhejiang University alumni, a former Alibaba engineer, and a continuous entrepreneur.

The firm was created to address the difficulties consumers face when selecting long-term health insurance plans by providing professional insurance education and advisory services. Duobaoyu's business model centers on acting as a decision-making platform for insurance purchases. It leverages content creation and social media to attract and educate a target audience of individuals aged 25 to 40. The company utilizes platforms like WeChat, Douyin, Weibo, and Little Red Book to disseminate insurance knowledge, analyze products, and offer purchasing guides. This content-driven approach generates leads for its primary service: one-on-one consulting to help users select and purchase insurance policies. Revenue is generated through commissions from the insurance products sold.

The company's service portfolio includes detailed insurance education, comparison tools for thousands of products, personalized 1V1 consultations to resolve queries, and tailored insurance plan designs. After starting its insurance purchasing decision business in 2018, Duobaoyu obtained a national insurance brokerage license in 2019, allowing it to operate as a licensed intermediary, offering services from creating insurance plans and handling applications to assisting with claims and providing risk management consulting. The firm has established partnerships with dozens of insurance companies to offer hundreds of products.

Duobaoyu has undergone several successful funding rounds. In December 2018, it secured a Series A round of several tens of millions of RMB, led by Bertelsmann Asia Investments (BAI) with participation from ZhenFund. This was followed by a Series A+ round in April 2019 and a significant Series B round in September 2019 of over RMB 200 million (approximately USD 28.3 million). The Series B was led by Yunfeng Capital, a fund co-founded by Jack Ma, with participation from PPDai and continued support from existing investors BAI, Lightspeed China Partners, and ZhenFund. By January 2019, users had paid over RMB 500 million in premiums through the platform.

Keywords: InsurTech, online insurance brokerage, insurance education, long-term health insurance, insurance comparison platform, Hangzhou Fansheng Technology, Zhang Yaopeng, insurance advisory, digital insurance, China insurance market, WeChat insurance, Douyin insurance marketing, personalized insurance, insurance policy selection, risk management consulting, Bertelsmann Asia Investments, Lightspeed China Partners, ZhenFund, Yunfeng Capital