Huize Partners with Ruihua Health Assurance to Launch “Darwin Critical Care No.9” – A Customized Critical Illness Insurance Product
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Insights
The partnership between Huize and Ruihua Health Assurance to launch 'Darwin Critical Care No.9' represents strategic expansion within the insurance technology sector. By broadening the scope of covered conditions and introducing novel features like refunds upon first severe diagnosis, Huize is demonstrating a clear focus on customer-centric innovation. This is particularly significant in China's burgeoning insurtech market, which is characterized by a high-demand for tailored insurance solutions that cater to a diverse set of consumer health concerns. As the market matures, differentiation through customized products could be a key growth lever for Huize. It is imperative to monitor how this addition impacts Huize's market share and customer acquisition, especially in comparison to traditional insurance offerings.
From an investor's perspective, the announcement of a new insurance product could suggest potential for increased revenue streams for Huize. The focus on cost-effectiveness and extended coverage could attract a wider demographic, potentially driving up policy sales. However, investors should be mindful of the risks associated with underwriting such comprehensive policies, including the potential for higher claims payouts. The pricing of the annual premium at RMB 202.5 appears competitive, yet it is important that Huize maintains a balance between affordability and profitability, ensuring that the pricing strategy is sustainable in the long term and aligned with the company's overall financial health.
The customization and additional benefits of 'Darwin Critical Care No.9' illustrate an evolving trend in the critical illness insurance domain where companies are seeking to add value beyond basic coverage. The design of this insurance product, particularly the feature that allows additional claims for mild-to-moderate illnesses, addresses a gap in the market for more nuanced and layered insurance products. For the insurance industry, such innovation is necessary to keep pace with the changing health profiles and expectations of consumers. Effectiveness of this strategy should be evaluated based on customer uptake and satisfaction, claims frequency and severity and overall market response. Long-term success will depend on Huize's ability to manage risks and costs associated with these comprehensive coverages.
SHENZHEN, China, April 15, 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 Ruihua Health Assurance Corporation (“Ruihua Health Assurance”) to launch “Darwin Critical Care No.9”, the latest customized critical illness insurance product in the “Darwin Critical Care” series, which was first launched in 2018.
“Darwin Critical Care No.9” provides extensive coverage for 108 critical, 35 moderate, and 40 mild illnesses, and it is distinguished by four key product highlights: i) cost-effective and extended coverage, with a minimum annual premium of RMB 202.5 and the eligibility for the first claim of severe illness extending to the age of 65, ii) optional addition benefit payouts upon the first diagnosis of a severe illness, equivalent to the sum of premium paid; iii) additional claims for mild-to-moderate illnesses (a maximum of 7 claims); and iv) optional benefits including multiple benefits for critical illnesses, supplemental coverage for severe malignant tumors and specified cardiovascular diseases.
Mr. Cunjun Ma, Founder, Chairman, and Chief Executive Officer of Huize, commented, “We are excited to present the latest addition to our successful produce series, ‘Darwin Critical Care Series’. In this new product, we introduced another innovative and cost-effective feature: additional benefit payouts upon the first diagnosis of a severe illness, equivalent to the sum of premiums paid. This new feature offers enhanced and comprehensive coverage for our customers and reflects our strident commitment to meeting their needs. As a leading insurance technology platform, we will continue harnessing our extensive customer insights, advanced data analytics expertise, and solid product innovation capabilities to explore new market opportunities and develop customized products that meet our customers’ life-long protection needs.”
About Ruihua Health Assurance Corporation
Founded in 2018, Ruihua Health Assurance Corporation is a professional health insurance company approved by the China Banking and Insurance Regulatory Commission with a registered capital of RMB 500 million. The Company is dedicated to promoting the in-depth integration and development of commercial health insurance and health management services through its “4C” healthcare business model which consists of “Special Care”, “Urgent Care”, “Long-term Care” and “Total Care”, focusing on the evolving needs of citizens for medical care, healthcare, retirement, and nursing care.
For more information, please visit https://www.rhassurance.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. Crystal Lai
Phone: +852 2117 0861
Email: crystal.lai@christensencomms.com
In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
FAQ
What is the name of the customized critical illness insurance product launched by Huize Holding and Ruihua Health Assurance?
How many critical, moderate, and mild illnesses does 'Darwin Critical Care No.9' provide coverage for?
What are the key product highlights of 'Darwin Critical Care No.9'?
Who is the Founder, Chairman, and Chief Executive Officer of Huize?
What commitment does Huize demonstrate through the launch of 'Darwin Critical Care No.9'?
