Phoenix Finance is a financial investment platform established by Phoenix Satellite Television Group. Phoenix Finance provides a wide range of financial products and private consultations to customers, formulate wealth management projects. These not only provide P2P lending services, insurance, global investment, and other products for customers but also develop brand advantage and service for global high net worth customers.
Phoenix recently announced the launch of an insurance comparison site called Intellinsur – the first-of-its-kind in China. It’s not a standard insurance product selling platform rather it is a pure third-party advisory platform. This is in contrast to offerings from the likes of Zhong An which cross-sell simple/low priced policies. Intellinsur is a new wave of “smart-consulting” providers. Half of the system is based on zero fees aims to monetize as it gathers users and their data.
Intellinsur combines neutrality, AI-based product recommendations and the assistance of the “K factor”, an algorithm for choosing products that offers the best value to a given customer. Phoenix also compares personal answers with industry data to give a personal risk assessment.
The “K-factor” further helps to choose the ultimate product per customer, based on a net premium-to-price ratio. It’s based on the calculation of products’ net costs by Phoenix actuaries.
Vince Zhang, President of Phoenix Finance has said of this effort: “Phoenix Intellinsur is committed to using technology to help users solve the insurance pain points, which is that users don’t know how to make decisions of buying insurance products. Most of the insurance companies, no matter they are online or off line there are just to sell their own products with little asymmetric information rather than giving a thorough comparison and suggestion which based on the analysis of user’s financial needs and preference.”