Tong Ju Bao (同聚保), an online P2P insurance startup that challenges ubiquitous mainstream insurance companies

Country: China – Shanghai
Year founded: January 2015

  • P2P insurance is a new wave insurance business that has a business model that relies on a social platform (Tong Ju Bao for instance) that links the local community to share risk
  • Tong Ju Bao in China mimics the onset of the other pioneers in other countries (e,g, Lemonade in US and Friendsurance in Germany) while localising insurance products based on the country’s social problems

Value Proposition 

  • Uncommon social risks insurance coverage: the first product that Tong Ju Bao has launched on its digital platform is the “Marriage cover” which is not a typical insurance as divorce is seen as a social cause influenced by decisions and not an unforeseen event or mishap. Likewise, the subsequent products such as child abduction and family unity coverage follow the same suit.
  • No underlying insurance carrier and underwriter: the business model separates the underwriting process from the claims process, thereby removing any conflict of interest.

How it works