Develops Major New Channel to Market with Chinese Insurance Companies
Hong Kong, Oct 30, 2014 AEST (ABN Newswire) - Leading Chinese mobile commerce company 99 Wuxian Limited (
ASX:NNW) ("99 Wuxian" or the "Company") is pleased to announce a major new channel to market which provides a significant opportunity to expand its business-to-business (B2B) partners, registered user base and product offering to consumers.
Highlights
- 99 Wuxian has developed a major new channel to the Chinese consumer market with leading insurance companies.
- Three large Chinese insurance companies have signed agreements to utilise 99 Wuxian's platform for customer loyalty programs, expansion of their marketing channels and to gain access to big data.
99 Wuxian operates a mobile online market place, 99wuxian.com, in China, providing a value-added services platform to banks and their customers. The mobile online market place offers a variety of physical and virtual goods to consumers via a mobile banking application available on a smart phone or tablet.
99 Wuxian is a market leader in the Chinese business to business to consumer (B2B2C) m-commerce segment, with more than 36 million registered users.
Major New Business Channel to Market:
With extensive experience in the Chinese mobile commerce business, 99 Wuxian believes the combination of mobile Internet technology and the insurance industry will provide significant opportunities for financial services innovation by:
1. Using mobile internet to expand the marketing channels for insurance products whilst saving product and technical development costs;
2. Secondly, m-commerce brings new trading forms and enables more entry points for insurance companies; and
3. 99 Wuxian's existing channels to major China banks and access to big data provides a breakthrough approach for the future development in mobile insurance sales for many large insurance companies.
99 Wuxian has signed agreements with New China Life Insurance, China Taiping Insurance and Sunshine Inurance.
New China Life Insurance (1336:HK and 601336:CH)
99 Wuxian recently signed an agreement with New China Life Insurance and has since commenced a brand new customer loyalty program, The joint marketing campaigns have been launched with the aim to build up New China Life's promotion channel on the WeChat platform (the world's largest instant messaging app with 438 million active users as of August 2014) for the purpose of implementing customer care program and increasing customer engagement rate.
The 99 Wuxian joint marketing campaign achieved significant results, with New China Life Insurance's follower numbers almost doubling during the month long (trial) marketing period. This reinforces 99 Wuxian's strong value proposition to the insurance sector and the decision to enter a new industry B2B vertical within the Chinese insurance industry.
New China Life Insurance, listed on both the Shanghai and Hong Kong Stock Exchange's, had total assets of RMB 612 billion (AUD112.9 billion) and gross premiums of RMB 67 billion (AUD 12.4 billion) for the 1H of 2014 (Source: NCI's 2014 Interim Report). In 2013, it was ranked third amongst the insurance industry by premium, according to the statistical results of the CIRC (China Insurance Regulatory Commission).
* RMB converted to AUD at 29 October 2014 using RMB 5.4196 = AUD 1.00
China Taiping Insurance (966:HK)
The new business initiative from 99 Wuxian also includes the integrated customer-rewarding platform provided by ICS (Incentive Cloud Service), to China Taiping Insurance. China Taiping Insurance ranked 7th among China insurance companies by premium last year (Source: CIRC).
The customer-orientated incentive service accessed through mobile internet and cloud technology has significantly accelerated the transformation for traditional insurance companies to move to the Internet era, so as to accumulate experience in developing mobile insurance.
China Taiping Insurance, is a Chinese insurance conglomerate incorporated and headquartered in Hong Kong and is the longest standing national insurance brand in China. China Taiping Insurance has operations in many countries and regions outside China, including Europe, Oceania, East Asia and Southeast Asia. China Taiping Insurance listed on the Hong Kong Stock Exchange in 2000 and was the first Chinese-funded insurer to list overseas.
China Taiping Insurance has a market capitalisation of RMB 250 billion (AUD 46.12 billion) and generated RMB 69.1 billion (AUD12.8 billion) of revenue in 2013.
* RMB converted to AUD at 29 October 2014 using RMB 5.4196 = AUD 1.00
Sunshine Insurance
An additional innovative customer loyalty case from ICS is demonstrated in the form of the cooperation with Sunshine Insurance. In this case, customers are able to redeem and spend their rewards points on 99 Wuxian's platform. As the popularization of Internet/mobile insurance grows, this is a major step for Sunshine Insurance to expand its future development working in collaboration with 99 Wuxian.
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About 99 Wuxian Ltd
99 Wuxian Ltd (ASX:NNW) aggregates over 300 million high quality consumers and 155 leading merchants through a marketplace embedded within the mobile apps of China's leading banks, telecommunications and insurance companies. 99 Wuxian enables increased customer satisfaction, loyalty and retention for its business partners by offering consumers the lifestyle convenience of purchasing virtual and physical goods on a mobile device.
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