New insurer comes to town
Chinese search giant Baidu is checking another box in its mission to create an end-to-end vertical of auto products and services, as it continues its ambitious plan to develop autonomous cars AND mass produce them within five years. Think: the Chinese giant announced a joint venture with a subsidiary of China Pacific Insurance to form an online auto insurance company that will extensively use ‘big data’ resources in its operations. Déjà vu? You bet. Last year Baidu partnered with Allianz to establish a digital insurance company in China called Bai An.