China INSOnline Corp. is focused on providing one-stop-shopping insurance services, online insurance advertising and insurance software solutions in China. By utilizing their expertise on the Chinese insurance industry and providing superior services to customers, agents and insurance industry partners, the company strives to become the #1 online insurance products and services provider in the rapidly growing Chinese insurance agency industry
Currently, the Chinese population totals more than 1.3 billion, 180 million of whom are considered middle class. Those who are considered middle class are often e-commerce savvy, giving China INSOnline a solid, quickly growing niche market to capitalize. The Chinese auto industry is growing rapidly, with the total number of vehicles increasing from 53 million in 2001 to 153 million by the end of 2007. This creates an enormous demand for vehicle insurance.
China INSOnline is advantageously positioned, as it is the first professional insurance web portal in China and one of the very few national insurance agencies licensed by The China Insurance Regulatory Commission (CIRC). They have also built an excellent reputation and have working relationships with a number of major insurance companies in China, which further establishes their position as a top Chinese insurance agency and web portal.
Revenues and net income have increased greatly year-over-year from 2007. For the fiscal year ended June 30, 2008, the company had over $14 million in revenues compared with approximately $2.2 million generated the prior year. Net income also grew substantially, increasing 369% to nearly $8.34 million. Going forward, the company plans to further build their relationships with leading insurance companies to attract advertising revenue and provide the best available insurance products for their planned national market network.
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