Riskeys is a Shanghai based aggregator that is targeting the health and life segment with a new approach to customer acquisition. Specifically, the intensity of competition in China is forcing many smaller insurers and intermediaries to think outside the box in terms of traffic generation and user acquisition. Although large multi-national insurers and state owned insurers can afford to engage in both offline and online marketing campaigns, startups and legacy brokers trying to enter the digital arena have to resort to alternative market entry strategies. In this case, Riskeys is using a combination of WeChat incentives and an aggressive focus on new product development to differentiate itself.
Riskeys is developing tailored products for market segments within auto insurance, investment linked life insurance, high-end medical insurance, and personal accident insurance.
Riskeys is one of many Chinese entrants in the aggregation space that is relying on its local market knowledge combined with the opportunities embodied by the new frontier of WeChat to compete in this increasingly crowded space.