Huize Launches “Darwin Critical Care 2021” with Sunshine Insurance Group – An Innovative Critical Insurance Product for Consumers with Pre-existing Conditions

Rhea-AI Summary

Huize Holding Limited (NASDAQ: HUIZ) has partnered with Sunshine Insurance Group to launch the "Darwin Critical Care 2021" product, aimed at providing critical illness insurance for individuals with pre-existing conditions. This launch addresses a significant market gap, particularly for the 507 million individuals in China affected by obesity, 420 million with hypertension, and 130 million with diabetes. The product covers more than 20 high-risk diseases, allowing previously uninsured consumers access to coverage.

Positive

• Launch of 'Darwin Critical Care 2021' targets an underserved market segment with pre-existing medical conditions.
• Addresses coverage for over 20 high-risk diseases, including diabetes and hypertension, expanding insurance access.
• Potentially significant revenue growth opportunities through this product for Huize and its insurance partners.

Negative

• None.

SHENZHEN, China, June 18, 2021 (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 announced that it has partnered with Sunshine Insurance Group to launch “Darwin Critical Care 2021,” a critical illness insurance product designed for sub-optimal health group.

Mr. Cunjun Ma, Founder, Chairman and Chief Executive Officer of Huize, commented, “This year marks the second year in a row for Huize to launch a product dedicated to customers with pre-existing medical conditions. Leveraging our years of experience in product development, advanced technology, and a massive amount of multi-dimensional user data, we are able to group sub-optimal health users at a reasonably large scale, deploy data-analytics to customize insurance underwriting requirements, and thereby empower our insurance carrier partner to implement risk-based pricing effectively.”

“Between 2015 and 2019, there were about 507 million people with obesity, 420 million people with hypertension, 130 million people with diabetes, and about 86 million people diagnosed with hepatitis B in China, according to the Report on the Nutrition and Chronic Disease Status of Chinese Residents published by The State Council Information Office of China. ‘Darwin Critical Care 2021’ provides insurance coverage for consumers with more than 20 high-risk diseases including diabetes, hepatitis B, hypertension, hyperlipidemia and breast nodules. Thus, we are now opening the door to those who were previously denied coverage because of a pre-existing condition, and we believe the product launch will help fill the significant market void and satisfy the insurance coverage needs of these individuals and ultimately generate tremendous new opportunities for our business and insurance carrier partners.”

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.

About Sunshine Insurance Group

Founded in 2005, Sunshine Insurance Group is one of Top 500 Enterprises and Top 100 Enterprises of Service Industries in China. The Group specialized in providing comprehensive life insurance products and has established a nationwide service network through its 36 provincial branches and over 1500 sub-branches in China.

For investor and media inquiries, please contact:

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

Media Relations
mediacenter@huize.com

Christensen

In China
Ms. Constance Zhang
Phone: +86 138-1645-1798
E-mail: czhang@christensenir.com

In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

FAQ

What is the significance of the 'Darwin Critical Care 2021' insurance product from Huize?

The 'Darwin Critical Care 2021' product addresses the insurance needs of individuals with pre-existing conditions, covering high-risk diseases and filling a major market gap.

How many high-risk diseases does the Darwin Critical Care 2021 cover?

The Darwin Critical Care 2021 insurance product covers more than 20 high-risk diseases.

What partnership did Huize announce on June 18, 2021?

Huize announced a partnership with Sunshine Insurance Group to launch the Darwin Critical Care 2021 insurance product.

What market need does the Darwin Critical Care 2021 address?

The product addresses the significant need for insurance coverage among individuals with pre-existing conditions who have been previously uninsured.