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Insurancebox – Niche and on-demand

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In View Summary

Insurancebox is a Shanghai-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.

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 Jibao insurance. 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:

  1. Internet insurance solutions for internet companies and traditional enterprises (customised products embedded into partner platforms).
  2. Insurance-related development technology services.
  3. Insurance-related content services (products, operations consulting and operations services).
  4. Big data mining software (supporting the customization insurance products).

Reported Benefits

Benefit to Customers

  • Access to tailored insurance products as opposed to generic personal accident and travel insurance.
  • No banner ads pushing undifferentiated insurance products.

Benefit to Insurer

  • Higher conversion rate for insurers and partner platforms due to targeted and relevant products.
  • High renewal rate due to relevancy of products.

The Digital Insurer's View

Insurancebox is one of several policy management services that have emerged over the past two years. Given the fact that most complaints received by China’s insurance regulator relate to claims, these policy management platforms such as Insurancebox will address a very real pain point. However, as with most consumer facing InsurTechs, the cost of acquiring users will be the key denominator in its ability to scale.

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