Digital Insurance In Action

CRO is a Shanghai based InsurTech focusing on niche property insurance risks and specifically, electric bike insurance. There are over 400 million active electric motor bikes in China and the vast majority are uninsured. Against this backdrop, the CRO team has developed a device that monitors the location, speed and driving data of electric bikes. If the scooter is stolen or damaged, the dongle detects location and substantiates the extent of the loss incurred. This reduces both fraudulent claims and loss adjusting costs for insurers.

Founder and CEO Wei Wang previously worked with a smart-home company where he was responsible for operations tracking and connected devices which has now been applied to CRO.

CRO has currently partnered with over 1200 offline electric bike outlets in Shanghai and will soon expand to Beijing, Nanjing, Hangzhou, Shenzhen and Wuhan. These offline outlets are a vital distribution channel for CRO through which it both distributes e-bike policies (underwritten by Ping An) and promotes the download of its APP.

Ultimately, CRO’s focus on this sizable but often overlooked market has positioned it well to cross sell additional coverage to its user base going forward.