Home Protector for Travelers: A Short-term Homeowners Insurance

Union P&C Insurance

The “Home Protector for Travelers” is a short-term homeowners Insurance. It covers the risks of home properties when homeowners travel.

China has entered leisure era along with the growth of GDP. Travel is becoming a lifestyle for Chinese people. Gradually, people start to aware risks of their home properties while they are traveling. Therefore, they need an insurance product to cover the risks. But in homeowners insurance market, most of products are yearly renewable. People, especially travelers, need a flexible and money-saving product to cover this temporary risks. We consider this would be an opportunity to develop a short-term homeowners insurance.

Insurance market in China is a Red Sea Market. Similar products and price war are common in this market. Yearly renewable and short-term homeowners insurance also face heavy competitions even the homeowners insurance is not popular in China compared to other types of insurance.

People concern their travel risks more than home risks while they are traveling. We recognize it is necessary to develop a product to cover short-term risks. Nowadays, travelers book their tours by using online booking system. It inspires us to make a try of product tying online. In another word, we sell the product where our target customers book their tours.

There were 5 departments involved for processing the product: Non-auto insurance department, IT department, Claims department, Actuarial department and Legal department.

We have successfully launched the product onto 2 online platforms so far. Both platforms are OTA.