Flexport signs cargo insurance co-op agreement with China Ping An

Flexport International Freight Forward (Shanghai) Co announced on Sunday that it had signed a strategic cooperation agreement with China Ping An Insurance Co to launch export cargo insurance services and supply chain finance solutions during the ongoing China International Import Expo.

According to Henry Ko, managing director of Flexport Asia, this partnership with Ping An will leverage Flexport”s visualized logistics system and data analysis to provide clients with more precisely designed cargo insurance policies. Value-added services along the financial supply chain can also be expected from this cooperation, the company said.

“We will provide our customers with a more intelligent, transparent and diversified global trade experience in the post-COVID-19 era,” said Ko.

Zhang Xiang, vice-general manager of Ping An Property Insurance Shanghai, said the cooperation would give full play to both companies’ expertise in finance and logistics to facilitate the import and export of Chinese businesses.

Founded in 2013, Flexport is a licensed customs brokerage and freight forwarder built around a web application. It provides a platform which helps companies to arrange for goods to be transported and tracks the inventory in real-time.

Flexport entered the Chinese market five years ago. In April 2018, the company raised $100 million from Chinese courier company SF Express to expand its operations in China. In early 2019, Flexport was reportedly in talks with Softbank to raise $500 million, which would buoy its market cap to $4 billion.

This is the first time the San Francisco-headquartered company is attending the CIIE. Digital solutions related to the supply chain, sustainable development of the global freight forwarding industry and the global freight market outlook are three of the major themes at the company’s exhibition booth.