Sunshine Yurong Credit Insurance Co, Ltd was recently launched in Chongqing Municipality, marking the first insurance company of this kind in China, liangjiang.gov.cn reported.

As a data-driven company, Sunshine Insurance will mainly provide credit risk management services to individuals and micro and small companies based on big data from its own records and those of its business partners and third party organizations.

The company will create an integrated system of risk management, product development, marketing, custom services and operations and management.

With the increasingly important role credit plays in the capital market, Sunshine Insurance will combine a traditional insurance business and an Internet financial credit insurance business to offer services to Internet clients, micro and medium enterprises and rural and urban residents.

With a registered capital of one billion yuan, Yangguang Yurong Credit Insurance Company was co-initiated by Sunshine Insurance Group, Chongqing Liangjiang Financial Development Co, Ltd, and Ancheng Property and Casualty Insurance Co, Ltd.

The company aims to become a professional commercial credit insurance company taking advantage of big data and the Internet. With the headquarters settling down in Liangjiang New Area, the ambition to be a financial center of the upstream Yangtze River is progressing substantially.

So far, Chongqing has three insurance companies, and 43 provincial insurance company subsidiaries. Ping’an Insurance, PICC, Sino Safe Insurance, Sunshine Insurance Group and CPIC have all established credit insurance departments.