Huize Partners with Guolian Life Insurance to Launch “Darwin Critical Care No. 7”

Rhea-AI Summary

Huize Holding Limited (NASDAQ: HUIZ) has partnered with Guolian Life Insurance to launch the "Darwin Critical Care No. 7" insurance product. This new offering enhances coverage for severe and mild illnesses, including ICU hospitalization benefits. Key features include coverage for 110 critical illnesses, up to 8 claims, and additional benefits for severe malignant tumors. The Darwin series has provided over RMB90 billion in coverage since its 2018 launch, serving over 200,000 customers. Huize aims to leverage its data analytics and market expertise to meet growing insurance demands.

Positive

• Launch of 'Darwin Critical Care No. 7' enhances product offerings.
• Extensive coverage includes 110 critical illnesses and ICU benefits.
• Total underwritten coverage over RMB90 billion since 2018.
• Strategic partnership with Guolian Life Insurance to broaden market reach.

Negative

• None.

SHENZHEN, China, Oct. 21, 2022 (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 Guolian Life Insurance Co., Ltd. (“Guolian Life Insurance”) to launch “Darwin Critical Care No. 7”, the latest critical illness insurance product offering in the Darwin Critical Care series, which offers additional benefits for severe/mild malignant tumors and carcinoma in situ, as well as ICU hospitalization benefits covering major diseases outside the list of severe, moderate and mild illnesses. “Darwin Critical Care No.7” policyholders will also be able to take advantage of Huize’s proprietary “Xiao Ma Claim” services.

“Darwin Critical Care No. 7” is distinguished by five key product highlights: (i) extensive coverage for 110 critical, 35 moderate, and 40 mild illnesses, with a maximum of 8 claims; (ii) two additional benefits, with one for severe malignant tumors of up to 120% of the insured amount and another for mild malignant tumors and carcinoma in situ of up to 30% of the insured amount; (iii) additional ICU hospitalization benefits of up to 30% of the insured amount for 7 consecutive days of ICU hospitalization caused by major diseases other than those specified in the policy contract, such as shock, cardiac arrest and hypertensive crisis; (iv) cost-effective upgrade options for critical illness protections, such as the optional extension of coverage up to age 70; (v) other optional benefits including death and total disability benefits, family care benefits for critical illnesses before the age of 60, supplemental coverage for major illnesses such as specific cardiovascular diseases, malignant tumors or carcinoma in situ before the age of 60, and additional ICU hospitalization benefits.

Mr. Cunjun Ma, Chairman and Chief Executive Officer of Huize, commented, “Since its launch in 2018, the Darwin Critical Care series has provided total underwritten coverage of over RMB90 billion to more than 200,000 customers. Each product in the Darwin Critical Care series is the result of a robust multi-stage development process that includes sophisticated data analysis, thoughtful product design, careful selection of insurer partners and re-insurance companies, development of product-specific technology, and effective product implementation. The launch of ‘Darwin Critical Care No. 7’ again demonstrates our competitive edge in working with our insurer partners to co-develop cost-effective customized critical illness insurance products that meet the increasing demand for coverage of malignant tumors and carcinoma in situ as well as ICU hospitalization. As an online insurance industry pioneer, we will continue leveraging our massive user database, advanced data analytics expertise, and solid product innovation capabilities to explore additional market opportunities and develop customized products that meet our users’ evolving protection needs.”

About Guolian Life Insurance Co., Ltd

Founded in 2014, Guolian Life Insurance Co., Ltd. is a nationwide life insurance company approved by the China Insurance Regulatory Commission with a registered capital of RMB2 billion. The shareholders are composed of large state-owned and private enterprises such as Wuxi Guolian Development (Group) Co., Ltd.

For more information, please visit https://www.guolian-life.com.

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. Jasmine Zhu
Phone: +852 2117 0861
Email: jasmine.zhu@christensencomms.com

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

FAQ

What is the significance of Huize's partnership with Guolian Life Insurance?

The partnership enables Huize to launch 'Darwin Critical Care No. 7', enhancing its product offerings and market competitiveness.

What are the key features of the Darwin Critical Care No. 7 insurance product?

Key features include coverage for 110 critical illnesses, additional benefits for severe tumors, and ICU hospitalization coverage.

How much coverage has Huize provided through the Darwin Critical Care series?

Since its launch in 2018, the Darwin series has provided over RMB90 billion in underwritten coverage.

How does the Darwin Critical Care No. 7 product meet customer needs?

It addresses the increasing demand for coverage of malignant tumors and critical illnesses, offering customized and cost-effective insurance solutions.

Does the launch of Darwin Critical Care No. 7 impact Huize's stock performance?

The launch can positively influence Huize's stock by enhancing its product portfolio and meeting customer demand, potentially boosting sales.