CNinsure is China’s largest and only publicly listed broker. In 2013, CNinsure launched the CNpad mobile app designed specifically for CNinsure’s agents to distribute health and life insurance policies throughout China.
CNpad, the mobile insurance transaction platform has contributed significantly in decreasing costs and improving operational efficiency for CNinsure, evidenced by a decline in its non-GAAP expense ratio to 18.2% in the first quarter of 2015 from 22.2% in the same period last year.
During the first quarter of 2015, 8,338 copies of the CNpad application (“CNpad App”) were downloaded and activated and the CNpad App had 20,512 active users. During the same period, 173,000 insurance policies were generated through the CNpad App, with total insurance premiums increasing by 163.7% year-over-year to approximately RMB527.2 million (US$85.0 million), accounting for 30.4% of CNinsure’s total retail insurance premiums.
Enthused by the performance of CNpad, the Cninsure team commented ,”With solid performance in the first quarter of 2015, we believe that we are implementing the right strategy to drive our sales and improve operating efficiency. Going forward, we will continue to step up investments in technology and marketing to gain market share and strengthen our leading market position.”