Huize Partners with PICC P&C to Launch “WarmTreasure No.3” – A Customized Child Outpatient and Emergency Insurance Product

Rhea-AI Summary

On June 7, 2024, Huize Holding (NASDAQ: HUIZ), an insurance technology platform, announced a partnership with PICC Property and Casualty Company to launch “WarmTreasure No.3,” a customized insurance product for children. The product offers enhanced reimbursement options, coverage for 21 critical illnesses, and additional benefits like dental trauma coverage. Key features include up to 100% reimbursement for medical expenses covered by China's social insurance, benefits up to RMB80,000 for outpatient and emergency treatment, and up to RMB100,000 for critical illness coverage. CEO Cunjun Ma highlighted the product's comprehensive coverage and cost-effectiveness, emphasizing its alignment with Huize's strategy to innovate and diversify its offerings.

Positive

• Partnership with PICC P&C, a reputable insurance company.
• Launch of a customized product, enhancing Huize's portfolio.
• Up to 100% reimbursement for medical expenses covered by China's social insurance.
• Coverage for 21 critical illnesses up to RMB100,000.
• Combined benefits up to RMB80,000 for outpatient, emergency treatment, and hospitalization.
• Zero-deductible policy for hospitalization charges.
• Additional benefits for cosmetic skin sutures and dental trauma.
• Product designed to meet the increasing demand for child healthcare.

Negative

• Potential increase in operational costs due to new product features.
• Risk of higher claims impacting financial stability.
• Product success reliant on the uptake in the competitive insurance market.

Insights

Insurance Analyst

The partnership between Huize and PICC P&C to introduce 'WarmTreasure No.3' represents a significant step in the realm of pediatric insurance products in China. Huize, leveraging its data-driven and AI-powered platform, aims to offer a more tailored and comprehensive insurance solution. The product's key benefits, such as up to RMB80,000 combined for outpatient and emergency treatment and zero-deductible policies for hospitalization, provide substantial value to families. With coverage for 21 critical illnesses and additional benefits like cosmetic skin sutures and dental trauma, this product addresses a broad spectrum of potential medical needs. Given the rising costs and frequency of pediatric healthcare, this offering could lead to higher customer retention and an expanded customer base for Huize. However, the real test will be the market's response and whether the claimed benefits translate to actual cost savings and improved customer satisfaction.

Market Research Analyst

From a market perspective, the introduction of 'WarmTreasure No.3' is a strategic move to tap into the growing demand for comprehensive pediatric insurance products. The tailored approach and expanded coverage are designed to meet the specific needs of families with children, which can be a significant differentiator in a competitive market. Huize's ability to leverage deep customer insights and innovate continually is a positive signal for long-term growth. This product not only strengthens Huize's product portfolio but also aligns with the increasing healthcare needs amidst recent infectious disease trends. The enhanced coverage for critical illnesses and parental liability aspects could appeal to parents looking for holistic protection. However, the success of this product will depend on effective marketing and clear communication of its benefits.

SHENZHEN, China, June 07, 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 China, today announced that it has partnered with PICC Property and Casualty Company Limited (“PICC P&C”) to launch “WarmTreasure No.3,” a customized child outpatient and emergency insurance product in the “WarmTreasure” series. With optimized reimbursement, expanded coverage and additional benefits, the upgraded version delivers enhanced cost-effectiveness and product value to families with children.

“WarmTreasure No.3” is distinguished by four key features: i) expandable reimbursement for self-paid drugs and reimbursement of up to 100% for medical expenses covered by China’s social insurance system; ii) combined benefits of up to RMB80,000 for child outpatient, emergency treatment and hospitalization with a zero-deductible policy for hospitalization charges; iii) expanded coverage for 21 critical illnesses with insured coverage up to RMB100,000; and iv) additional benefits including coverage for cosmetic skin sutures and dental trauma resulting from accidents as well as parental liability.

Mr. Cunjun Ma, Chairman and Chief Executive Officer of Huize, commented, “As the number of children being hospitalized and receiving outpatient care increases in the recent infectious disease season, we are pleased to partner with PICC P&C to launch the latest product in our WarmTreasure series which offers more comprehensive and cost-effective coverage for families with children, and further diversifies our product offerings matrix. Going forward, we will continue to leverage our deep customer insights and ability to innovate to roll out new and upgraded insurance products that meet the evolving needs of our customers and maximize customer lifetime value while generating incremental shareholder value.”

About PICC Property and Casualty Company Limited

Founded in 2003, PICC Property and Casualty Company Limited (“PICC P&C”, HKEX: 2328) is a subsidiary of the People’s Insurance Company of China. As the largest property and casualty Company in China, PICC P&C provides a wide array of insurance products including property damage insurance, liability insurance, credit insurance, personal accident insurance and short-term health insurance, among others. As of the end of 2023, its total assets were RMB703.6 billion. PICC P&C operates in almost all urban and rural areas in China with overseas business spanning across 134 countries and regions.

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

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 China. 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.

For investor and media inquiries, please contact:

Investor Relations
Harriet Hu
Investor Relations Director
investor@huize.com

Media Relations
mediacenter@huize.com

Christensen
In China
Ms. Yang Song
Phone: +86-10-5900-1548
Email: yang.song@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?

Huize has launched 'WarmTreasure No.3,' a customized child outpatient and emergency insurance product.

What are the key features of 'WarmTreasure No.3'?

'WarmTreasure No.3' offers up to 100% reimbursement for medical expenses covered by China's social insurance, coverage for 21 critical illnesses up to RMB100,000, and additional benefits like dental trauma coverage.

Who is Huize's partner for the new insurance product?

Huize partnered with PICC Property and Casualty Company to launch the new insurance product.

How much are the combined benefits for 'WarmTreasure No.3'?

The combined benefits are up to RMB80,000 for outpatient, emergency treatment, and hospitalization.

What is the benefit of the partnership between Huize and PICC P&C?

The partnership combines Huize's technology platform with PICC P&C's insurance expertise to offer a comprehensive and cost-effective child insurance product.

How does 'WarmTreasure No.3' enhance cost-effectiveness for families?

'WarmTreasure No.3' provides expanded coverage and optimized reimbursement, making it a valuable option for families seeking child healthcare insurance.