P2P Protect (TongJubao.com in China) has launched a unique P2P Insurance model in 2015. P2P Protect builds microinsurance and covers for unique social risk such as: marriage safety, child safety and ID loss.
Application to the Digital Insurer Asia Insurtech Awards!
Why us ?
We believe that when People protect People, life is bliss!
PROJECT BUILD-UP FOR 21 MONTHS
Bootstrapping since Oct. 2014 (date of incorporation of Hong-Kong Holding P2P Protect Co., Ltd.)
Concept platform on line since Feb. 2015.
Incorporated first operational company in Shanghai on May/June 2015
Selected by Chinaccelerator in Sept. 2015
LAUNCHED COMMERCIALLY FOR 1 YEAR
P2P Protect (TongJubao.com in China) has launched a unique P2P Insurance model in 2015 intended to address core pain-points of the insurance experience but also to go further than any other P2P Insurance model in structuring new innovative covers.
RESOLVING MAJOR INSURANCE USERS PAINPOINTS:
We build communities of users to share risks with:
- Fairer pricing through by construction: through return of excess coverage
- Fairer claim treatment by construction: we simply remove conflict of interest from insurance
- Transparency and User empowerment: User share risk, user know claims rate and rejection, users voice their change requests… and they decide
UNIQUE PRODUCT RANGE
We build micro-insurance and covers for unique social risk nobody else address:
- Major Social risks:
- Our Marriage Safety protection address a most rapidly growing social risk in China: Divorce which has multiplied by 15 over the past 30 years and continue to grow rapidly;
- Our Child Safety protection address a major social evil and most feared event in a family, the phenomenon of Child Abduction that according to certain traditional or social media may be reaching up to 200.000 cases per year;
- Familly Unity is looking at how separate demographic phenomenon (lengthening life span, single child policy, rural migration) combine into critical situations and how to resolve them.
- ID Loss or theft (8 rmb per month);
- Divorce First Aid (legal assistance)
(and of course we are readying a range of more traditional coverages related to car & health.)
UNIQUE AND BETTER MODEL
Our model is Collaborative Risk Sharing, which differentiates fundamentally and is much more ambitious than so called P2P Insurance earlier European models (who are in reality more ‘P2P brokerage’ / or ‘group buying’ of insurance) and does not fall in the pit of registering a full insurance license (which we believe will remove agility and innovative capacity to those actors trying to incorporate as insurance carriers).
10.000 users and a rapidly accelerating recruitment, facilitated by accelerating product launch capability (one new product every 2 months in the last semester, one new product every 2 week targeted in 2017).
MIX CHINESE & INTERNATIONAL TEAM and INVESTORS
Team enlarged to 25 and is led by Chinese and International (French Russian, Malaysian) leading innovators.
Investment also shows a mix of Chinese (Huaxia Finance Group) and of International (SOSV LLC, USA) backing.
We are recognized internationally with:
- A JV launch already announced in the US (incorporation in process as P2P Protect Inc.),
- A European feasibility study undergoing (team of 2 in Paris), and
- Requests from many other countries to provide assistance or cooperation to launch in their respective territories (India, Russia, Australia….)
- Media coverage in specialist or general medium in China, Singapore, US, Germany, Spain, France, UK, Russia…