Cninsure Inc's Comment on Competitors and Industry Peers
A number of industry players are involved in the distribution of insurance
products in the PRC. We compete for customers on the basis of product offerings,
customer services and reputation. Because we primarily distribute individual
insurance products, our principal competitors include:
· Professional insurance intermediaries. The professional insurance intermediary
sector in China is highly fragmented, accounting for only 7.3% of the total
insurance premiums generated in China in 2014, according to the latest Chinese
Insurance Intermediary Market Report. Several insurance intermediary companies
have received private equity or venture capital funding in recent years and
are actively pursuing expansion. We believe that we can compete effectively
with these insurance intermediary companies because we have a longer operating
history, we have a strong and stable team of managers and sales professionals
equipped with CNpad (our proprietary sales support workstation), we offer diversified
products to our sales agents and clients, we have built a unified operating
platform and we were the first to adopt mobile technology to distribute insurance
products among professional insurance intermediaries in China. With increasing
consolidation expected in the insurance intermediary sector in the coming years,
we expect competition within this sector to intensify.
· Insurance companies. The distribution of individual life insurance
products in China historically has been dominated by insurance companies, which
usually use both in-house sales forces and exclusive sales agents to distribute
their own products. In addition, in recent years several major insurance companies
have increasingly used telemarketing and the internet to distribute auto insurance.
We believe that we can compete effectively with insurance companies because
we focus only on distribution and offer our customers a broad range of insurance
products underwritten by multiple insurance companies.
· Entities that offer insurance products online. In recent years, domestic
insurance companies, portal websites and professional insurance intermediaries
have begun providing online information to consumers interested in purchasing
insurance products. However, each of their insurance e-commerce operations has
its own limitations. The insurance products offered on an insurance company’s
website are usually confined to those under its own brand. Most portal websites
provide separate product information with little ability to compare among insurance
plans. None of the professional insurance intermediaries that organize online
product distribution has a nation-wide sales and service network to support
after-sale service. We believe that we can compete effectively with these business
entities because our independent online insurance platform offers a broad range
of insurance products underwritten by multiple insurance companies, product
comparisons between prices, services and policy benefits and good after-sale
services that are backed by our call center and nation-wide service network.
· Other business entities. In recent years, business entities that distribute
insurance products as an ancillary business, primarily commercial banks and
postal offices, have been playing an increasingly important role in the distribution
of insurance products, especially life insurance products. However, the insurance
products distributed by these entities are mostly confined to those related
to their main lines of business, such as investment-related life insurance products.
We believe that we can compete effectively with these business entities because
we offer our customers a broader variety of products.
In addition to individual insurance products, we also distribute commercial
property and casualty insurance products. As a result, we also compete, to a
lesser degree, with insurance intermediaries that focus on the distribution
of commercial property and casualty insurance products. We believe that we can
compete effectively with these business entities because we can leverage our
leading position in the distribution of individual insurance products and provision
of property-related claims services, including our strong relationship with
insurance companies, existing abundant customer resources and large distribution
network, to rapidly develop our brokerage business.
We compete primarily with the other major claims adjusting firms in China, particularly
Min Tai’an Insurance Surveyors & Loss Adjusters Co., Ltd., or Min
Tai’an. We believe that we can compete effectively with Min Tai’an
and other major insurance claims adjusting firms because we offer our customers
a diversified range of claims adjusting services covering property insurance,
automobile insurance and marine and cargo insurance and are able to leverage
the business relationships we have developed with insurance companies through
the distribution of property and casualty insurance products.
<< See the full list of CISG competitors
By Company's Divisions
Total Segment Market Share Q4 2015
|Due to strong revenue growth of 26 % in Total Cninsure Inc. improved its market share, to approximate 8.86 %.
<< More on CISG Market Share.
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