Huize Partners with Hengqin Life to Launch “Hui Xin An No.5” – A Customized Child Critical Illness Insurance Product

Rhea-AI Summary

Huize Holding Limited (NASDAQ: HUIZ) has partnered with Hengqin Life Insurance Company to launch 'Hui Xin An No.5', a critical illness insurance product specifically for children. Key features include coverage for 20 childhood diseases, optional liability waivers, and up to RMB750,000 in coverage for early purchasers. CEO Cunjun Ma emphasized the product's design is based on market demand for comprehensive children's health insurance amidst existing limitations. The initiative aligns with Huize's long-term strategy of product innovation and sustainable revenue growth.

Positive

• Launch of 'Hui Xin An No.5' addresses market demand for children's health insurance.
• Coverage includes 20 childhood diseases and 10 rare diseases, enhancing policy appeal.
• Innovative liability waiver options for policyholders and spouses improve product attractiveness.
• Substantial coverage amount of up to RMB750,000 for early policy purchasers supports severe illness treatment.

Negative

• None.

SHENZHEN, China, Sept. 02, 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 Hengqin Life Insurance Company Limited (“Hengqin Life”) to launch “Hui Xin An No.5”, a critical illness insurance product customized for meeting children’s protection needs.

There are three key product highlights of “Hui Xin An No.5”: (i) high value-for-money product providing additional coverage for 20 childhood diseases and 10 rare diseases and offers optional second or multiple claims protection for certain critical illnesses; (ii) a new and innovative liability waiver option for policyholders and their respective spouses; and (iii) coverage of up to RMB750,000 in insured amount for policies purchased in the first three months after product launch, allowing adequate medical treatment for severe illnesses.

Mr. Cunjun Ma, Founder, Chairman and Chief Executive Officer of Huize, commented, “Given the propensity for Chinese families to invest heavily in their children’s well-being, there is tremendous market demand for children’s health insurance. However, comparing to the real needs, we believe that products currently available on the market offer relatively low amount of insurance coverage, limited disease coverage, and imperfect liability waivers. Leveraging on our strong product innovation capability, ‘Hui Xin An No.5’ is a customer-centric product designed to tackle customer pain points and match the protection needs of our users, and is in line with our long-term strategy to meet the lifetime insurance needs of our new generation consumers. Looking ahead, we will continue to drive product innovation as a way of reaching new markets and driving sustainable revenue growth.”

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 Hengqin Life Insurance Company Limited

Founded in 2016, Hengqin Life Insurance Company Limited is a national life insurance company registered in Guangdong Free Trade Zone (Hengqin). The company strives to provide comprehensive and quality insurance products and services covering family needs for protection and wealth management.

For more information, please visit https://www.e-hqins.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
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 'Hui Xin An No.5' launched by Huize (HUIZ)?

'Hui Xin An No.5' is a critical illness insurance product designed for children, launched in partnership with Hengqin Life Insurance.

What coverage does 'Hui Xin An No.5' offer?

The product offers coverage for 20 childhood diseases and 10 rare diseases, with an insured amount of up to RMB750,000.

When was the launch of 'Hui Xin An No.5' announced?

The launch was announced on September 2, 2021.

Who is the CEO of Huize Holding Limited?

Cunjun Ma is the Founder, Chairman, and CEO of Huize Holding Limited.

What market need does 'Hui Xin An No.5' address?

It addresses the demand for comprehensive children's health insurance in China, which is currently limited.