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Online Insurance Promoted in China
A special insurance on-line website company, www.eBao.com, was launched recently on the Internet in China's leading industrial and commercial city, Shanghai.
The company, involving an investment of 5 million US dollars, is open to both insurance companies and individuals in China.
Wang Guoliang, president of China Pacific Insurance Company, said that a growing number of insurance firms in China are turning to the Web to prepare themselves for increasing competition from the outside world resulting from China's anticipated entry into the World Trade Organization.
China's first insurance website was launched in 1997. Major insurance companies like Taikang Life Insurance Co., Ltd have all since gone online to promote their business. Consumers can now get a clear picture of those companies' assets, business scale, credit information and business scope by browsing www.jilee.com.
China Pacific is also preparing to launch a website of its own this year. It plans to make online transactions account for 15 percent of its total business volume by 2005.
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