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Huize Holding Limited (NASDAQ: HUIZ) is a premier digital insurance product and service platform catering to new-generation consumers in China. The company operates an independent online platform that distributes insurance products underwritten by its partnered insurance companies. These insurer partners rely on Huize to connect with a large clientele through various internet and mobile channels.
Huize offers a digitalized insurance purchasing experience, backed by AI-powered tools and data-driven insights. The platform supports the entire insurance life cycle, from consultation, user engagement, marketing, and risk management to claims services. The company targets mass affluent consumers, providing a comprehensive range of insurance products and one-stop services that streamline the transaction process.
Recent achievements include the launch of products like “Darwin Critical Care No.9” and “i Wu You – Low-Threshold Edition,” which are designed to provide extensive coverage and flexible options for customers with various health conditions. The company also recently announced its participation in the 14th Annual LD Micro Invitational, reflecting its active engagement in the financial community.
Financially, Huize generates revenue from the brokerage fees paid by its insurer partners. The company's strong focus on leveraging technology and data analytics has positioned it as a leader in the insurance technology sector in China. Partnerships with prominent insurance carriers further bolster its market position, enabling it to offer innovative and customer-centric products.
For the latest updates and more information, please visit Huize’s Investor Relations page.
Huize Holding (NASDAQ: HUIZ) has announced the integration of DeepSeek into its Huize App, becoming the first in the insurance sector to embed this AI model into consumer-facing services. The integration enables real-time insurance consultations and personalized recommendations, achieving 300% greater efficiency with a 91% accuracy rate in product matching.
The platform now offers 24/7 instant responses and allows users to create customized virtual advisors that adapt to their evolving needs. This implementation is part of Huize's 'AI+' strategy, which includes their AI Marketing Assistant launched in 2023 and a large language model introduced the following year. The company is also planning to expand this technology through its international arm, Poni Insurtech, to Vietnam-based Global Care, acquired in 2024.
Huize (NASDAQ: HUIZ) released its 2024 Customer Service Report and 'Xiao Ma Claim' Service Annual Review, showcasing significant growth in its insurance technology platform operations. The company served over 1.3 million families and facilitated more than 12 million insurance policies in 2024.
Key achievements include processing 160,800 insurance claims (up 74.7% YoY) with total settlements of RMB808 million (up 41.7% YoY). The 'Xiao Ma Express Claim' service handled 85,000 claims totaling RMB39.37 million. Customer satisfaction reached 98.82% for online support and 99.51% for teleservices.
Medical insurance represented 60.45% of settlement claims, while critical illness insurance accounted for 59.77% of total claim amounts. The company's customized critical illness products helped 1,096 families claim RMB276 million. Huize also assisted over 180,000 senior citizens and resolved 532 dispute cases, securing RMB9.8 million in claims.
Huize Holding (NASDAQ: HUIZ) has announced the launch of 'PrimeMed', a customized mid-tier medical insurance product, in partnership with CCIC and MSH CHINA. The product aims to provide access to high-cost medical resources and specialized services in public hospitals and private medical institutions.
Key features of PrimeMed include flexible deductibles with three plan options, coverage for children under 18, a relative deductible scheme allowing compensation from other sources to offset deductibles, and affordable annual premiums starting from RMB958 for the primary age group. The product covers multiple hospital types, departments, out-of-hospital medications, and imported medical devices expenses.
The partnership with MSH CHINA provides access to their extensive hospital network across top-tier Chinese hospitals, ensuring seamless access to premium medical care. The product aligns with government initiatives for differentiated development of basic medical and commercial insurance, extending coverage to areas not typically covered by basic insurance.
Huize Holding (NASDAQ: HUIZ), an insurance technology platform in Asia, has successfully regained compliance with Nasdaq's minimum bid price requirement. The company received a compliance notice from Nasdaq dated December 30, 2024, confirming that its American depositary shares (ADSs) maintained a closing bid price of US$1.00 or higher for 10 consecutive business days from December 9 to December 27, 2024. This resolves the previous non-compliance notification received on September 10, 2024, when the company's ADS price had fallen below US$1.00 for 30 consecutive business days.
Huize Holding reported strong Q3 2024 financial results, achieving record-high gross written premiums (GWP) of RMB2,060.7 million, up 65.5% year-over-year. First year premiums (FYP) more than doubled to RMB1,354.4 million, driven by strong demand for long-term savings products. The company's international business contribution increased to 19% of revenue, up 8 percentage points sequentially.
The company served 10.1 million insurance clients and partnered with 123 insurers. Net profit reached RMB18.7 million, with operating revenue increasing 26.4% to RMB369.7 million. The expense-to-revenue ratio improved by 5 percentage points to 24%. Cash and cash equivalents stood at RMB242.6 million as of September 30, 2024.
Huize Holding (NASDAQ: HUIZ), an insurance technology platform in Asia, announced it will release its third quarter 2024 unaudited financial results on December 10, 2024, before the U.S. market opens. The company will host an earnings conference call at 7:00 A.M. Eastern Time (8:00 P.M. Beijing/Hong Kong Time) on the same day. Participants must register online in advance to receive dial-in numbers and access PIN. A live and archived webcast will be available on the company's investor relations website.
Huize Holding (NASDAQ: HUIZ) announced plans to change its American Depositary Shares (ADS) ratio from 1:20 to 1:100 Class A ordinary shares, effective around December 9, 2024. This change will function as a one-for-five reverse ADS split, requiring holders to exchange every five existing ADSs for one new ADS. The company will maintain its NASDAQ listing under 'HUIZ'. Fractional ADSs will be sold, with proceeds distributed to holders. The ratio change won't affect underlying Class A ordinary shares, and no shares will be issued or cancelled.
Huize Holding (NASDAQ: HUIZ) announced that its long-term medical insurance product 'Chang Xiang An No.2' has won the 'Annual Popular Commercial Health Insurance Product' award from Today Insurance during their 2024 annual awards ceremony. Developed with Ping An Health Insurance, the product offers comprehensive healthcare coverage including: RMB8 million maximum claim coverage, specialized rehabilitation coverage up to RMB20,000, extended eligibility age up to 70 years, family discounts up to 15%, and diminishing deductibles. The product also features value-added services such as hospitalization assistance, medical escort services, and complimentary health screenings.
Huize Holding (NASDAQ: HUIZ) announced it will hold its annual general meeting of shareholders on November 29, 2024 at 10:00 AM (Hong Kong time) at Suite 3904-3905, Tower 6, The Gateway, Harbour City, Tsim Sha Tsui, Hong Kong. The meeting will serve as an open forum for shareholders and ADS holders to discuss company affairs with management, with no proposals submitted for approval. The record date is set for November 4, 2024. The company has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, which is accessible on the company's investor relations website and the SEC website.
Poni Insurtech, the international arm of Huize Holdings (NASDAQ: HUIZ), has announced the launch of a new health insurance comparison platform, GlobalCare.vn, in Vietnam through its subsidiary Global Care. The platform aims to offer Vietnamese consumers a transparent and user-friendly insurance shopping experience, positioning itself as a one-stop 'insurance supermarket'.
The launch marks a significant milestone in Poni Insurtech's ASEAN expansion strategy. GlobalCare.vn provides customers with an intuitive way to search and customize insurance packages, offering quick claims analysis and approval. It also benefits insurers by allowing easy product digitization and fast claim processing, while providing agents with tools to match customers with the right policies.
This initiative combines Poni Insurtech's advanced technology with Global Care's local market expertise, aiming to drive innovation and enhance the digital insurance experience in Vietnam.
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