Huize Achieved a 98.6% Customer Satisfaction Rate for Online Customer Services and Helped over 1 Million Families Resolve Claims in 2023

Rhea-AI Summary

Huize Holding Limited (HUIZ) released its 2023 Customer Service Report and the 2023 “Xiao Ma Claim” Service Annual Review, showcasing a 98.6% customer satisfaction rate for online customer services and a 99.5% satisfaction rate for teleservices. The reports revealed that Huize served more than one million families with coverage from 11 million insurance policies and provided assistance with 92,000 insurance claims, with a total claim settlement amount of RMB570 million. The reports also highlighted key insights related to critical illness insurance claims, medical insurance products, life insurance claims, and the utilization of online services. Chairman and CEO, Mr. Cunjun Ma, expressed pride in the company's outstanding performance and commitment to providing convenient and efficient services to new generation consumers in China.

Insights

Market Research Analyst

The high customer satisfaction rates reported by Huize Holding Limited reflect positively on the company's service quality and operational efficiency. With a 98.6% satisfaction rate for online customer services and a 99.5% rate for teleservices, Huize is demonstrating its ability to meet customer expectations in the digital insurance space. This is particularly important as the insurance industry becomes increasingly competitive, with customer experience often being a key differentiator.

Moreover, the significant volume of policies managed and claims settled indicates robust business activity, which can be a positive indicator for investors regarding the company's market presence and financial health. Huize's focus on critical illness insurance and its high claim rate among younger demographics suggest a strategic targeting of a potentially underserved market segment, which could translate into a strong customer base and recurring revenue streams.

Medical Research Analyst

The concentration of critical illness claims among the 19-40 age group is an intriguing data point that warrants attention. This trend may reflect broader public health issues or lifestyle factors affecting younger populations in China. It underscores the importance of insurance products tailored to this demographic, which appears to be at a higher risk for critical illnesses than previously assumed. The leading causes of disease-related death reported by Huize—sudden death, malignant tumors and brain hemorrhage—align with global health trends and highlight the need for ongoing development of insurance products that address these prevalent health risks.

Technology Analyst

Huize's advancements in digital services, as evidenced by the 99.4% utilization rate of e-contracts and the 74.8% self-service policy management rate, indicate a successful digital transformation strategy. The insurance industry is undergoing a digital revolution and Huize's ability to provide a seamless online service experience is crucial for customer retention and acquisition. The upgrade of its self-service policy management platform to cover 23 online services is likely to enhance operational efficiencies and reduce costs, potentially improving profit margins. Additionally, the shift towards online policy follow-up services, with 62.5% conducted online, aligns with consumer preferences for digital interactions and can lead to increased scalability for the company.

SHENZHEN, China, Jan. 18, 2024 (GLOBE NEWSWIRE) -- Huize Holding Limited, (“Huize”, the “Company” or “we”) (NASDAQ: HUIZ), a leading digital insurance product and service platform for new generation consumers in China, today released its 2023 Customer Service Report and the 2023 “Xiao Ma Claim” Service Annual Review.

According to the Customer Service Report, Huize achieved a 98.6% customer satisfaction rate for online customer services and a 99.5% satisfaction rate for teleservices during the year. The reports revealed that in 2023, Huize served more than one million families with coverage from 11 million insurance policies. In terms of claim settlement services, it showed that Huize provided assistance with 92,000 insurance claims, with a total claim settlement amount of RMB570 million.

The two reports highlighted several key insights: (i) critical illness insurance claims were concentrated in the 19-40 age group, which accounted for 58% of total critical illness insurance claims filed; (ii) Huize assisted 57,000 customers with claims settlement for medical insurance products, with settlements totalling RMB 49 million; (iii) Huize handled 254 life insurance claims with a total settlement amount of RMB80 million; the top three leading causes of disease-related death were sudden death, malignant tumors, and brain hemorrhage while the leading causes of accidental deaths were falling from height, traffic accidents, and poisoning; (iv) 99.4% of customers utilized the e-contract and 62.5% of policy follow-up service were conducted online, demonstrating Huize’s ability to provide customers with a seamless online service experience; and (v) Huize upgraded its self-service policy management platform to cover 23 online policy management services, resulting in a 74.8% self-service policy management rate.

Mr. Cunjun Ma, Chairman and Chief Executive Officer of Huize, commented, “We are excited to share these two reports, which demonstrate our outstanding performance in customer service and claims settlement during the past year. We are incredibly proud of the high rate of satisfaction reported by customers who used our online services and teleservices in 2023. Our ‘Xiao Ma Claim’ services also took a major step forward this past year, as we expanded this offering to customers outside of the Huize platform for the first time. We would like to extend our gratitude to all our customers for their trust and support, and we will continue to optimize and streamline the customer experience to provide convenient and efficient services to new generation consumers in China.”

About Huize Holding Limited
Huize Holding Limited is a leading digital insurance product and service platform for new generation consumers in China. Targeting the younger generation, Huize is dedicated to serving its insurance clients for their life-long insurance needs. Leveraging its online platform, Huize offers a wide variety of insurance products with a focus on long-term life and health insurance products and empowers its insurer partners to reach a large fragmented client base in the insurance retail market efficiently and enhance their insurance sales. Huize provides insurance clients with digitalized insurance experience and services, including suitable product recommendations, consulting service, intelligent underwriting, and assistance in claim application and settlement, which significantly improve transaction experience.

For more information, please visit http://ir.huize.com.

For investor and media inquiries, please contact:

Investor Relations
Harriet Hu
Investor Relations Director
+852 3180 9207
investor@huize.com

Media Relations
mediacenter@huize.com

Christensen Advisory
In China
Ms. Crystal Lai
Phone: +852 2117 0861
Email: crystal.lai@christensencomms.com

In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

FAQ

What is the customer satisfaction rate for online customer services according to the 2023 Customer Service Report released by Huize Holding Limited (HUIZ)?

According to the 2023 Customer Service Report, Huize Holding Limited achieved a 98.6% customer satisfaction rate for online customer services.

How many families were served with coverage from insurance policies by Huize Holding Limited (HUIZ) in 2023?

In 2023, Huize served more than one million families with coverage from 11 million insurance policies.

What was the total claim settlement amount provided by Huize Holding Limited (HUIZ) in 2023?

In 2023, Huize provided assistance with 92,000 insurance claims, with a total claim settlement amount of RMB570 million.

Who commented on the outstanding performance in customer service and claims settlement of Huize Holding Limited (HUIZ) in 2023?

Mr. Cunjun Ma, Chairman and Chief Executive Officer of Huize, expressed pride in the company's outstanding performance and commitment to providing convenient and efficient services to new generation consumers in China.