Huize Partners with CPIC P&C to Launch “Little Scholar” – A Customized Student Accident Insurance Product

Rhea-AI Summary

Huize Holding (NASDAQ: HUIZ) has partnered with China Pacific Property Insurance Co., (CPIC P&C) to launch 'Little Scholar', a customized student accident insurance product. Designed for children aged 3 to 25, it offers up to RMB500,000 in protection for accidents and illnesses. Key features include:

• Comprehensive coverage beyond school grounds
• Protection against 100 types of critical illnesses
• Favorable deductibles and reimbursement rates
• Additional benefits like ambulance fee coverage and guardian liability protection

The product aims to address the 3% accident rate for students in this age group, as per the China Insurance Industry Accident Experience Rate Table (2021).

Positive

• Partnership with CPIC P&C to launch a new insurance product
• Comprehensive coverage of up to RMB500,000 for accidents and illnesses
• Product targets a large demographic (ages 3-25)
• Flexible customization options to meet diverse customer needs
• Additional benefits like ambulance fee coverage and guardian liability protection

Negative

• None.

SHENZHEN, China, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Huize Holding Limited, (“Huize”, the “Company” or “we”) (NASDAQ: HUIZ), a leading insurance technology platform connecting consumers, insurance carriers and distribution partners digitally through data-driven and AI-powered solutions in Asia, today announced that it has partnered with China Pacific Property Insurance Co., Ltd. (“CPIC P&C”) to launch “Little Scholar”, a customized student accident insurance product. This product is designed to provide parents with comprehensive coverage for their children, aged 3 to 25, spanning from kindergarten to graduate school. “Little Scholar” offers up to RMB500,000 in protection for both accidents and illnesses, ensuring peace of mind for families as their children embark on the new school year.

“Little Scholar” features three differentiated offerings: i) comprehensive coverage beyond school grounds, protecting against both accidents and illnesses through four customizable plans, ensuring the flexibility needed to meet the diverse needs and financial situations of families. This coverage also extends to major illnesses, covering up to 100 types of critical illnesses for a maximum coverage of RMB60,000; ii) favorable deductibles and reimbursement rates, offering higher reimbursement due to accidents or illnesses. Daily hospitalization allowances are also included, making the policy more flexible and accessible than similar products; and iii) additional benefits including ambulance fee coverage with up to RMB3,000 reimbursed for emergency services, special subsidies of RMB5,000 for accidental fractures, and liability coverage for guardians, providing up to RMB30,000 in protection for cases where a child unintentionally causes injury or property damage to a third party.

Mr. Cunjun Ma, Chairman and Chief Executive Officer of Huize, commented, “As the new school year begins, safeguarding our children’s well-being becomes paramount and remains at the core of every parent’s concerns. According to the China Insurance Industry Accident Experience Rate Table (2021), the overall accident rate for students aged 3 to 25 is around 3%. In response to the needs of today’s parents and driven by our unwavering commitment to the health and safety of students, we are proud to introduce ‘Little Scholar’. This customized product combines our innovative digital approach with CPIC P&C’s extensive industry experience to deliver unparalleled value and protection to our customers. Thoughtfully designed, ‘Little Scholar’ expands coverage to include critical illnesses and extends liability protection for guardians. Additionally, it tailors premiums to align with the varying risk levels of different age groups to ensure the most affordable and effective protection for the younger generation. ‘Little Scholar’ is a testament to our commitment to creating a safer, brighter future for the next generation.”

About China Pacific Property Insurance Co., Ltd.
China Pacific Property Insurance Co., Ltd. ("CPIC P&C") is a subsidiary of China Pacific Insurance (Group) Company Limited, providing a wide range of property and casualty insurance products and services. As one of the leading P&C insurers in China, CPIC P&C operates nationwide with a network of 40 branches and over 3,100 sub-branches and a dedicated shipping insurance center. In 2023, CPIC P&C achieved original premium income of RMB188.34 billion, up 11.4% year-on-year, and generated insurance service revenue of RMB177.13 billion, up 11.8% year-on-year.

For more information, please visit https://property.cpic.com.cn/.

About Huize Holding Limited

Huize Holding Limited is a leading insurance technology platform connecting consumers, insurance carriers and distribution partners digitally through data-driven and AI-powered solutions in Asia. Targeting mass affluent consumers, Huize is dedicated to serving consumers for their life-long insurance needs. Its online-to-offline integrated insurance ecosystem covers the entire insurance life cycle and offers consumers a wide spectrum of insurance products, one-stop services, and a streamlined transaction experience across all scenarios. By leveraging AI, data analytics, and digital capabilities, Huize empowers the insurance service chain with proprietary technology-enabled solutions for insurance consultation, user engagement, marketing, risk management, and claims service.

For more information, please visit http://ir.huize.com or follow us on social media via LinkedIn (https://www.linkedin.com/company/huize-holding-limited), Twitter (https://twitter.com/huizeholding) and Webull (https://www.webull.com/quote/nasdaq-huiz).

For investor and media inquiries, please contact:

Investor Relations
Kenny Lo
Investor Relations Manager
investor@huize.com

Media Relations
mediacenter@huize.com

Christensen
In China
Ms. Dee Wang
Phone: +86-10-5900-1548
Email: dee.wang@christensencomms.com

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

FAQ

What is the new insurance product launched by Huize (HUIZ) and CPIC P&C?

Huize (HUIZ) and CPIC P&C have launched 'Little Scholar', a customized student accident insurance product designed for children aged 3 to 25, offering up to RMB500,000 in protection for accidents and illnesses.

What age group does Huize's (HUIZ) 'Little Scholar' insurance product cover?

Huize's (HUIZ) 'Little Scholar' insurance product covers children aged 3 to 25, spanning from kindergarten to graduate school.

What is the maximum coverage amount for Huize's (HUIZ) 'Little Scholar' insurance?

The maximum coverage amount for Huize's (HUIZ) 'Little Scholar' insurance is RMB500,000 for both accidents and illnesses.

How many types of critical illnesses are covered by Huize's (HUIZ) 'Little Scholar' insurance?

Huize's (HUIZ) 'Little Scholar' insurance covers up to 100 types of critical illnesses with a maximum coverage of RMB60,000.