The algorithm-driven insurance service dream has cracked under delayed payouts. Recently, a consumer complained on a public platform that they purchased 20 home care rights from Baibaojun for 8,600 yuan on June 18, 2025, with the platform promising to issue 100 JD.com e-cards (each worth 100 yuan) by September 18. However, as of September 24, the rebates remained unpaid, with customer service providing repeated excuses.

Currently, all complaints related to Baibaojun on the platform remain unresolved, with no response from the company. This is not an isolated case. Multiple consumers have reported on social media and complaint platforms that Baibaojun failed to deliver promised rebates and refunds.

Public records show that as of November 17, 2025, dozens of complaints have been filed against Baibaojun, involving amounts ranging from thousands to tens of thousands of yuan. Authorities have launched an investigation into Baibaojun, which is currently in the preliminary stage. The company’s legal representative, Li Xuefeng, has also been taken in for questioning.

**Unfulfilled Rebate Promises** The core issue stems from Baibaojun’s failure to honor its rebate model. Since September 2025, multiple users have reported on social and complaint platforms that the platform did not deliver JD.com e-cards as promised for purchased "rights products."

According to Baibaojun’s marketing, consumers could pay hundreds of yuan to purchase rights and receive e-cards of equal or higher value, creating a "risk-free profit" cycle. One complaint revealed that a user bought 20 "home care rights" for 8,600 yuan in June 2025, expecting 100 JD.com e-cards (totaling 10,000 yuan) by September 18. However, the platform defaulted, with customer service offering only delays.

Baibaojun’s service account promoted a "home care rights 270 version" product, which offered three benefits: 1. Accident insurance coverage, including compensation for air, rail, and sudden illness-related deaths. 2. Home care subsidies—users could claim up to 300 yuan per week per right. 3. A 300-yuan JD.com e-card, distributed in three installments (100 yuan each at 60-65 days, 90-95 days, and 120-125 days post-purchase).

If operational, consumers would effectively gain 30 yuan in profit after covering costs, alongside insurance and care benefits. Similar models applied to other Baibaojun products.

Reports indicate that Baibaojun’s parent company, Baibao (Shanghai) Technology Co., Ltd., vacated its office in Shanghai’s Minhang District after its lease expired in September. Li Xuefeng’s involvement suggests potential fraud exceeding 100 million yuan.

**Trapped in Subsidy-Driven Growth** Baibaojun’s collapse is tied to its heavy reliance on subsidies for customer acquisition. Positioned as a "vertical health service search engine," it aimed to connect consumers, health products, and service teams. Its three-step process included user acquisition, demand mining, and service matching.

For user acquisition, Baibaojun partnered with platforms like Baidu to target potential customers via search ads and social media promotions. Demand mining involved interactive tools to identify and stimulate health-related needs. The final step, "demand transaction," used algorithms to match users with insurance advisors based on purchasing power and risk profiles.

However, complaints reveal that Baibaojun’s business model shifted from insurance sales commissions to a rebate-driven scheme, collapsing at the customer acquisition stage.

**Tech Ambitions Undermined by Rebate Marketing** Initially, Baibaojun embodied an "elite startup" vision, blending insurance and tech expertise. Launched in October 2020 by ZhongAn Technology, it aimed to create algorithm-driven insurance solutions. ZhongAn confirmed it exited its stake in May 2025.

Baibaojun’s founder, Su Weixin, emphasized using data intelligence to match users with tailored insurance services. The company raised tens of millions in angel and pre-A rounds between 2021 and 2022 and was listed among Shanghai’s specialized SMEs in 2024.

Su described Baibaojun’s O2O model, combining online demand matching with offline services to streamline insurance sales. Yet, despite its "data-smart" branding, the platform’s reliance on rebate marketing led to its downfall.