This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CNinsure To Establish First Of Its Kind Independent E-Commerce Insurance Platform In China

GUANGZHOU, China, March 26, 2011 (GLOBE NEWSWIRE) -- CNinsure Inc. (Nasdaq:CISG) ("CNinsure" or the "Company"), a leading independent insurance intermediary company operating in China, today announced that it expects to invest a total of RMB500 million from 2011 to 2013 to build up its e-commerce insurance platform for the sales of commodity-type insurance products, such as auto insurance, accident insurance, travel insurance and homeowner property insurance.

CNinsure anticipates to launch a price comparison website in the fourth quarter of 2011, which will provide price quotes across multiple insurance carriers, product comparison and recommendation, online transaction processing, and nationwide customer services. It will be the first independent e-commerce insurance platform that offers those functions in China.

The estimated investment will be RMB100 million, RMB200 million and RMB200 million, respectively, in 2011, 2012 and 2013. Approximately 80% of the investment will be spent on marketing and advertising, and approximately 20% on the construction of the IT infrastructure and call center. CNinsure expects that its e-commerce insurance business will become profitable in 2014.

Commenting on the strategic investment in the e-commerce insurance platform, CNinsure's chairman and chief executive officer, Mr. Yinan Hu, stated, "The recent upsurge of B2B and B2T sales model has transformed people's consumption behavior pattern in China. According to a report released by the China Internet Network Information Center, among the 457 million netizens in China in 2010, 161 million are online shoppers, representing a growth of 48.6% from the previous year. Online shopper ratio has increased to 35.1% from 28.1% a year ago. Statistics from iResearch also show that online sales volume has increased 89.4% to RMB498 billion in 2010. The era of e-commerce insurance will soon arrive. In order to grasp the opportunity and maintain our competitive edge in insurance distribution, it has become a pressing task for us to launch our own e-commerce insurance platform and establish strong brand awareness at the earliest possible time through making investment in an expedited manner."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,649.01 -34.57 -0.20%
S&P 500 2,067.40 -1.36 -0.07%
NASDAQ 4,963.8630 -28.0770 -0.56%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs