Chaojiyuanzhou is a Chinese P2P insurer that provides a community insurance platform for flight delay insurance, home insurance and deductible cover for property insurance.
It’s important to note that the Chinese insurance regulator is less tolerant of P2P insurance platforms and niche insurance product providers who are deemed “gimmicks”.
- Each member is invited to join a Chaojiyuanzhou member pool through WeChat. Members can also invite other friends to join, but subject to the approval of other group members.
- Each member discloses how much they want to contribute to the premium pool which then reflects how much coverage he/she will receive for their own risks (flight delay insurance etc…).
- Members receive their premiums back annually in the absence of claims by the group.
A key part of the Chaojiyuanzhou growth plan is to educate potential users about the power of community insurance. Therefore, Chaojiyuan has a sizeable content team dedicated to explaining the P2P value proposition on WeChat and across Chinese social media platforms.
Ultimately, Chaojiyuanzhou is trying to balance a bold new P2P risk sharing platform under the increasing scrutiny of the Chinese insurance regulator. Although the use of WeChat enables Chaojiyuanzhou to acquire and engage users, the ability to obtain an underwriting license or partner will prove decisive in Chaojiyuanzhou’s quest to expand into auto and health insurance insurance verticals.
Participate in our next webinar on the theme of “Peer-to-Peer Insurance & Community” on Wednesday, 8th February 2017, 9am-10.15am (UK time). To hear more about P2P product/model register below