Taoping Inc., a provider of innovative cloud-based technologies, Smart City IoT platforms, and related products and services, announced that its wholly owned subsidiary, Skyladder (Tianjin) Technology Development Co., Ltd. (“Skyladder Technology”), has launched an elevator maintenance insurance pilot program with the Tianjin Branch of the People’s Insurance Company of China Property and Casualty Company Limited (“PICC P&C”).
The new Insurance + Technology model integrates real-time monitoring, maintenance and risk protection, while targeting a 20% reduction in long-term elevator operating and maintenance costs. The program is designed to bring together the community, insurer, property manager and maintenance provider in a unified service model designed to improve elevator safety, strengthen oversight and lower lifecycle operating costs.
This compares to traditional elevator service models, which typically separate maintenance, parts replacement and insurance coverage among multiple providers. Taoping’s new model integrates these services into a single coordinated offering, providing customers with one point of access for routine maintenance, equipment repairs, parts replacement and protection against passenger-related personal injury and property risks.
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The collaboration combines Taoping’s smart elevator technology and standardized service platform with PICC P&C’s established customer relationships and local operating infrastructure. At the center of the new program is Skyladder Technology’s proprietary Elevator Insurance platform. The system monitors elevator operating conditions around the clock, uses sensor data to flag potential issues for timely review and records each stage of the maintenance process. This creates greater transparency and accountability while helping prevent inadequate, unnecessary or improperly documented maintenance.
Mr. Bin Ma, Co-Chief Executive Officer of Taoping, commented, “By integrating real-time monitoring, standardized maintenance and insurance protection into a single offering, we can improve elevator safety, reduce lifecycle costs and simplify service for customers. This pilot validates the commercial potential of our proprietary technology and establishes a scalable platform for recurring growth. Together with PICC P&C, we are well positioned to expand across Tianjin’s large installed elevator base and, over time, pursue broader market opportunities that can create lasting shareholder value.”
According to the Tianjin Municipal Committee for Market Regulation’s 2024 report on special-equipment safety, Tianjin has more than 160,000 registered elevators. As this installed base ages, demand for equipment modernization, technology-enabled maintenance and safety management is expected to increase, creating a significant local growth opportunity for Taoping.
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