Insurancebox is a Hangzhou-based InsurTech that has a range of niche and on-demand insurance products. Through partnering with several third party internet portals, Insurancebox is providing tailored insurance products and services to consumers through data analytics.
Although Insurancebox’s big data mining and underwriting architecture has been developed as open source software, it also boasts several security mechanisms to monitor and authorise legitimate transactions in addition to a new blockchain based back end infrastructure. Additionally, Insurancebox’s “cloudbox” is one of the first Chinese insuretechs to implement the CAICT (China academy of information and communications technology) standards and regulations about data handling through the claims process.
Currently, Insurancebox is in the process of establishing nationwide subsidiaries including: i) Cloud Box, ii) Agricultural-Insurance box, iii) Tubao Box, iv) Risk-Control Box and v) Jibao Box. Each of these is dedicated to providing tailored insurance products for a given risk, from cyber-security to crop insurance to data security liability insurance and insurance to cover recent government measures relating to house maintenance. Insurancebox has established strategic cooperation with more than 60 insurance companies and 40 internet companies such as Yibaojihua and 51ganjie.
Insurance Box core competencies include:
- Internet insurance solutions for internet companies and traditional enterprises (customised products embedded into partner platforms).
- Insurance-related development technology services.
- Insurance-related content services (products, operations consulting and operations services).
- Big data mining software (supporting the customization insurance products).