On March 25, Yichang Free Trade Zone (YCFTZ) firstly launched “small and micro businesses online insurance”, thus shortening the procedure to insure from a week to a few minutes. In the past 6 months, the insurance rate has reached 86.44%, ranking the first among all cities in Hubei province. The insurance rate is expected to reach 100% by the end of October.

　　On September 10, it was learned from the Management Committee of YCFTZ that “online insurance service platform for small and micro enterprises” has been online for nearly half a year while 102 small and micro enterprises have been insured online, with a total of $77,442,700 and an insured rate of 86.44%, ranking first among all cities in Hubei province.

　　Relying on the single window system of China (Hubei) international trade, the Municipal Bureau of Commerce, together with Sino Sure Hubei Branch, initiated the platform in Hubei province and launched in Yichang Free Trade Zone on March 25. Export enterprises with an annual export value less than $5 million and no bad credit record can log into the single window system of China (Hubei) International Trade and click the platform section under the menu of “Financial Services” to realize “one-click insurance”.

　　Hubei Yimaotong Enterprise Management Service Co., LTD., whose annual export is about $4 million, is insured online for the first time this year. “In the past, after the material was prepared and signed by the legal person, the company had to send the material to the province and only after it had been examined and stamped could it be considered successful, which would take at least a week for a process to go through.” The person in charge of the company said that the enterprise can achieve immediate insurance, save time and effort, so the burden of enterprises is greatly reduced compared with the past.

　　“From a week to a few minutes, the dramatic raise of the efficiency results from the platform, which can automatically match the information of enterprises’ business registration, number of employees, export products, last year’s export volume, etc., making the enterprise exempted from preparing materials back and forth.”,the person who is in responsible in Foreign Trade Section of Municipal Bureau of Commerce said that. He also mentioned that the operator of the enterprise only needs to affirm net information, click after filling in the information such as name, telephone, mailbox to submit and then the system will automatically generate an electronic insurance that takes effect immediately.

　　In addition, enterprises not only have export credit risk exclusive protection, but also enjoy free policy information, risk warning, foreign trade knowledge and other online information services. Later, theYCFTZ will fully implement the paperless export credit insurance for small and micro enterprises. It is estimated that there will be 150 eligible small and micro enterprises by the end of October and the total amount of insurance will exceed $100 million with the insurance rate of 100%. (Reporter: Tian Xiaochun; Correspondent: Zhou Tingting.)