Huize Partners with CPIC P&C to Launch “Little Scholar” – A Customized Student Accident Insurance Product
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).
Huize Holding (NASDAQ: HUIZ) ha stretto una partnership con China Pacific Property Insurance Co. (CPIC P&C) per lanciare 'Little Scholar', un prodotto di assicurazione per infortuni personalizzato per studenti. Progettato per bambini da 3 a 25 anni, offre una copertura fino a RMB500.000 per infortuni e malattie. Le principali caratteristiche includono:
- Copertura completa anche al di fuori delle strutture scolastiche
- Protezione contro 100 tipi di malattie gravi
- Franchigie favorevoli e tassi di rimborso
- Benefici aggiuntivi come copertura delle spese per ambulanza e protezione di responsabilità per i tutori
Il prodotto mira a affrontare il 3% di tasso di infortuni per gli studenti in questo gruppo di età, secondo la Tabella dei Tassi di Esperienza degli Infortuni dell'Industria Assicurativa Cinese (2021).
Huize Holding (NASDAQ: HUIZ) ha establecido una alianza con China Pacific Property Insurance Co. (CPIC P&C) para lanzar 'Little Scholar', un producto de seguro de accidentes estudiantil personalizado. Diseñado para niños de 3 a 25 años, ofrece hasta RMB500,000 en protección contra accidentes y enfermedades. Las características clave incluyen:
- Cobertura integral más allá de las instalaciones escolares
- Protección contra 100 tipos de enfermedades críticas
- Deducibles y tasas de reembolso favorables
- Beneficios adicionales como cobertura de tarifas de ambulancia y protección de responsabilidad para tutores
El producto tiene como objetivo abordar la tasa de accidentes del 3% para los estudiantes en este grupo de edad, según la Tabla de Tasas de Experiencia de Accidentes de la Industria Aseguradora de China (2021).
Huize Holding (NASDAQ: HUIZ)는 China Pacific Property Insurance Co. (CPIC P&C)와 제휴하여 'Little Scholar'라는 맞춤형 학생 사고 보험 상품을 출시했습니다. 3세에서 25세 사이의 어린이를 위해 설계되었으며, 사고 및 질병에 대해 최대 RMB500,000의 보장을 제공합니다. 주요 특징은 다음과 같습니다:
- 학교 밖에서의 포괄적인 보장
- 100가지 중대한 질병에 대한 보호
- 유리한 공제액 및 환급률
- 구급차 요금 보장 및 보호자 책임 보호와 같은 추가 혜택
이 제품은 중국 보험 산업 사고 경험 비율표(2021)에 따르면 이 연령대 학생들의 3% 사고율를 해결하는 것을 목표로 하고 있습니다.
Huize Holding (NASDAQ: HUIZ) a établi un partenariat avec China Pacific Property Insurance Co. (CPIC P&C) pour lancer 'Little Scholar', un produit d'assurance accident personnalisé pour les étudiants. Conçu pour les enfants de 3 à 25 ans, il offre jusqu'à RMB500.000 de protection en cas d'accidents et de maladies. Les caractéristiques principales comprennent :
- Couverture complète au-delà des terrains scolaires
- Protection contre 100 types de maladies graves
- Franchises et taux de remboursement avantageux
- Avantages supplémentaires tels que la couverture des frais d'ambulance et la protection en responsabilité civile pour les tuteurs
Ce produit vise à répondre au taux d'accidents de 3% pour les étudiants de ce groupe d'âge, selon le Tableau des Taux d'Expérience des Accidents de l'Industrie de l'Assurance en Chine (2021).
Huize Holding (NASDAQ: HUIZ) hat eine Partnerschaft mit China Pacific Property Insurance Co. (CPIC P&C) geschlossen, um 'Little Scholar', ein maßgeschneidertes Unfallversicherungsprodukt für Studenten, einzuführen. Das Produkt richtet sich an Kinder im Alter von 3 bis 25 Jahren und bietet einen Schutz von bis zu RMB500.000 bei Unfällen und Krankheiten. Zu den wichtigsten Merkmalen gehören:
- Umfassender Schutz über das Schulgelände hinaus
- Schutz gegen 100 Arten von schweren Erkrankungen
- Vorteilhafte Selbstbehalte und Erstattungsraten
- Zusätzliche Vorteile wie die Deckung von Rettungswagengebühren und Haftpflichtschutz für Erziehungsberechtigte
Das Produkt zielt darauf ab, die 3% Unfallrate für Schüler in dieser Altersgruppe zu adressieren, gemäß der Tabelle der Unfall-Erfahrungsraten der chinesischen Versicherungsbranche (2021).
- 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
- None.
Insights
Huize's partnership with CPIC P&C to launch "Little Scholar" is a strategic move in the competitive student insurance market. The product's comprehensive coverage and customizable plans address a important need for parents seeking financial protection for their children's education journey. With an accident rate of
The inclusion of critical illness coverage and guardian liability protection sets "Little Scholar" apart from standard student insurance products. This differentiation could potentially increase Huize's market share and revenue in the education insurance segment. However, the success will largely depend on the pricing strategy and how effectively Huize leverages its digital platform for distribution and customer acquisition.
While the product seems promising, investors should monitor its performance metrics and adoption rates in the coming quarters to gauge its impact on Huize's financial results.
The launch of "Little Scholar" reflects a growing trend in the intersection of education and insurtech. By offering coverage from kindergarten through graduate school, Huize is positioning itself as a long-term partner in a student's educational journey. This approach could lead to increased customer loyalty and lifetime value.
The product's design, which includes coverage for both accidents and illnesses, aligns well with the holistic view of student well-being that's gaining traction in the education sector. The addition of guardian liability coverage is particularly innovative, addressing a often-overlooked aspect of student life.
From an EdTech perspective, this product could pave the way for more integrated services combining insurance with educational support tools. If Huize can leverage its digital platform to offer value-added services related to education, it could create a more compelling ecosystem for families.
While the launch of "Little Scholar" is a positive development for Huize, its immediate financial impact may be The student insurance market, though sizeable, is highly competitive. The product's success will depend on Huize's ability to effectively market and distribute it through its digital platform.
Investors should focus on key metrics in upcoming quarters, such as new policy sales, premium growth and customer acquisition costs related to this product. The customizable nature of the plans could lead to higher average premiums, potentially boosting revenue per customer.
Long-term, if successful, this product could enhance Huize's brand recognition among younger demographics, creating opportunities for cross-selling other insurance products as these customers age. However, it's important to monitor the claims ratio and underwriting profitability to ensure the product contributes positively to Huize's bottom line.
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
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
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?
What age group does Huize's (HUIZ) 'Little Scholar' insurance product cover?
What is the maximum coverage amount for Huize's (HUIZ) 'Little Scholar' insurance?
How many types of critical illnesses are covered by Huize's (HUIZ) 'Little Scholar' insurance?
