SOS Ltd. Announces Partnering with Zhonglu P&C Insurance
SOS Limited (NYSE: SOS) announced a strategic partnership with Zhonglu Property and Casualty Insurance to enhance big data marketing and insurance product promotion. The collaboration aims to leverage both companies' resources, projecting to add 10-20 million members over the next five years, with an estimated sales increase of RMB 5.1 billion for each party. SOS, with a membership base of 20 million, utilizes advanced technologies including blockchain, AI, and big data analytics to transform emergency services marketing.
- Strategic partnership with Zhonglu to enhance marketing and insurance services.
- Projected addition of 10-20 million members over the next five years.
- Expected sales increase of RMB 5.1 billion for both parties.
- None.
QINGDAO, China, Dec. 29, 2020 /PRNewswire/ -- SOS Limited (NYSE: SOS) (the "Company" or "SOS") announced today that it entered into a strategic cooperation agreement with Zhonglu Property And Casualty Insurance Co, Ltd ("Zhonglu ") to cooperate in the area of big data precision marketing, insurance product promotion and big data intelligent analysis.
Currently, SOS has a nationwide membership base of approximately 20 million. It currently works with more than 100 offline rescue service providers, banks, voice service robots, 100 24-hour customer service hotlines, and the national rescue service hotline 952122, etc. The core infrastructure of SOS insurance marketing and service supply chain is built on big date, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc.
Zhonglu is a leading full-licensed nationwide property and casualty insurance provider in China, providing the following insurance products and services: motor vehicle insurance, residential property insurance, business property insurance, engineering insurance, liability insurance, cargo transportation insurance, ship insurance, accident insurance, short-term health insurance, etc. In the last five years, Zhonglu has written insurance policies over 3 trillion RMB. It currently has a marketing and service network of 3 subsidiaries,14 central branches and 24 branches, with a full coverage of major cities in Shandong Province, China.
On December 28,2020, SOS and Zhonglu entered into a strategic partnership agreement to create the synergy and sharing in sales channels, branding and technology for insurance marketing and services. Based on the parties' projection, during next five years, through the strategic cooperation and mutual promotion of online channels from both sides, such as APP, service robots, etc, this strategic partnership will create a total of 10-20 million new members for both parties, with 3 million in 2021, 7 million in 2022, and 10 million in 2023, and add sales of RMB 5.1 billions respectively for each side.
SOS Chairman Yandai Wang commented, "as we still face market uncertainty and ongoing disruptions from the pandemic, I am confident that this strategic partnership between SOS and Zhonglu will make both parties more resilient and risk-tolerant, and achieve 1+1>2."
About SOS Limited
SOS Limited, through its operating subsidiary, SOS Information Technology Co., Ltd. ("SOS") is a high-technology company providing a wide range of services to its corporate and individual members, including marketing data, technology and solutions for emergency rescue services. SOS transforms digital technology into data-driven operations through the research and development of big data, cloud computing, Internet of Things, blockchain and artificial intelligence.
We have created a SOS cloud emergency rescue service software as a service (SaaS) platform with three major product categories: basic cloud, cooperative cloud, and information. This system provides innovative marketing solutions to clients such as insurance companies, financial institutions, medical institutions, healthcare providers, auto manufacturers, security providers, senior living assistance providers, and other service providers in the emergency rescue services industry.
SOS has obtained a national high-tech enterprise certification and the title of "big data star enterprise," awarded by Gui'an New District Government. Staying on the forefront of digital technology innovation, the Company has registered 32 software copyrights and 2 patents. For more information, please visit: http://www.sosyun.com/
About Zhonglu Property and Casualty Insurance Co.,Ltd
Zhonglu Property and Casualty Insurance Co., Ltd is a leading full-licensed P&C Insurance company in China. Through its operating subsidiaries and branches, Zhonglu provides the following insurance products and services: motor vehicle insurance, family property insurance, enterprise property insurance, engineering insurance, liability insurance, cargo transportation insurance, ship insurance, accident insurance, short-term health insurance, etc. In the last five years, Zhonglu has provided more than 3 trillion yuan of insurance protections, and paid more than 100 million yuan of taxes, its claim settlement rate, customer service satisfaction rate, and the second-generation solvency risk management assessment score are all above the industry average. At present, Zhonglu has achieved full coverage of major cities in Shandong Province, China, with 3 subsidiaries,14 central branches and 24 branches, since 2018, Zhonglu has been expanding nationwide. For more information, please visit: https://www.zhlic.com.cn/
Forward-Looking Statements
Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed transaction; the business plans, objectives, expectations and intentions of the parties;, SOS's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities market acceptance of our products; the ultimate impact of the current Coronavirus pandemic, or any other health epidemic, on our business, our research programs, healthcare systems or the global economy as a whole; our intellectual property; our reliance on third party organizations; our anticipated financial and operating results, including anticipated sources of revenues; our assumptions regarding the size of the available market, benefits of our product offering, product pricing, timing of product launches; management's expectation with respect to future acquisitions; statements regarding our goals, intentions, plans and expectations, including the introduction of new products and markets; and our cash needs and financing plans and etc. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. SOS may not realize its expectations, and its beliefs may not prove correct. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Additional information concerning these and other factors that may impact our expectations and projections can be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2019. SOS's SEC filings are available publicly on the SEC's website at www.sec.gov. SOS disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE SOS Limited
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