Mintbao

About Mintbao

Mintbao, legally known as Bohe Insurance Brokerage (Beijing) Co., Ltd. , is a Beijing-based company operating in the insurtech space, targeting China's younger, internet-savvy generation. Founded in 2017 , the company was established by CEO Jennifer Hu, whose background includes roles at investment banks like UBS and Goldman Sachs, as well as serving as assistant general manager at ZhongAn, where she was involved in its IPO. She is joined by Chief Scientist Lin Changle, who previously developed a robo-advisor system for Merrill Lynch.

The firm functions as an intelligent insurance advisory service, aiming to simplify the process of purchasing insurance. It does not sell insurance directly but acts as a recommendation and advisory platform, partnering with insurance companies and brokers. Revenue is generated primarily through sales commissions and consulting fees. Initially, Mintbao provided tools for insurance brokers, including a knowledge database and an AI-powered consultation system. The business has since evolved to directly engage consumers through its WeChat Official Account and other online platforms.

Mintbao's core offering is a robo-advisory system with two main services: "Intelligent Solutions" and "Intelligent Consulting". "Intelligent Solutions" generates personalized insurance and risk management plans based on user data such as family structure, income, and existing coverage. "Intelligent Consulting" utilizes a database of nearly 10,000 insurance products to answer customer questions, automating a significant portion of the advisory process. The platform focuses on recommending products like life, critical illness, health, and accident insurance, often with low premiums that can be purchased online. The company secured its first funding round of several million dollars from BAI in March 2018 and later raised $10 million in a Series A round led by Sequoia China Capital in September 2019.