CNinsure to Build Insurance Product E-commerce Platform

CNinsure Inc. (Nasdaq: CISG), an independent insurance intermediary company in China, announced on March 26 that it would set up the country's first insurance product e-commerce platform with an investment of CNY 500 million from 2011 to 2013.

The platform will focus on the marketing of insurance products such as auto insurance, travel insurance, property insurance, and accident insurance, according to the Guangzhou-based company, noting that the platform is expected to become the first one to come with such services in the country.

CNinsure will invest CNY 100 million in the to-be-launched platform this year, CNY 200 million next year, and CNY 200 million in 2013, said the company, adding that nearly 80% of the capital will go to advertising and marketing and 20% go to construction of IT infrastructure facilities and customer service center.

In addition, CNinsure plans to roll out an online price comparison platform in the fourth quarter of this year to make price of products launched by different insurance firms available for consumers in the country.