Huize Partners with Ruihua Health Assurance to Launch “Guardian Critical Care No.5”

Rhea-AI Summary

Huize Holding Limited (NASDAQ: HUIZ) announced a partnership with Ruihua Health Assurance to launch "Guardian Critical Care No.5," a comprehensive critical illness insurance product. This insurance covers 120 severe illnesses and allows multiple claims—up to 900% of the original sum assured. Optional benefits are also available for severe malignant tumors and critical illnesses occurring before age 60. The launch aims to meet the increasing demand for diverse insurance products among younger consumers in China, addressing a market gap following regulatory changes in 2021.

Positive

• Launch of 'Guardian Critical Care No.5' expands product offerings.
• Covers 120 severe illnesses with up to 6 claims for additional coverage.
• Addresses a market need for extensive insurance coverage in China.
• Reflects Huize's commitment to serving younger generation consumers.

Negative

• None.

SHENZHEN, China, June 08, 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 Ruihua Health Assurance to launch “Guardian Critical Care No.5”, a customized multiple-benefit critical illness insurance product.

There are four key product highlights of “Guardian Critical Care No.5”: (i) extensive coverage for 120 severe illnesses, 35 moderate illnesses and 40 mild illnesses; (ii) up to 6 claims for mild-to-severe illnesses (at least one severe illness claim) for up to 900% of the original sum assured in total; (iii) optional benefit equal to 50%/40%/30% of the original sum assured for the 1^st/2^nd/3^rd treatment of severe malignant tumors; and (iv) optional benefit equivalent to 60% of the original sum assured for critical illnesses that occur before the age of 60.

Mr. Cunjun Ma, Chairman and Chief Executive Officer of Huize, commented, “Following the release of the regulatory requirements on internet personal insurance business in October 2021, the supply of online critical illness insurance products with multiple benefits was limited. The upgraded ‘Guardian Critical Care No.5’ demonstrates our long-term commitment to offering a diverse range of customized and flexible products to meet the evolving protection needs of the younger generation. It covers both minor and moderate illnesses even after the first critical illness benefit claim has been made. We believe the product launch will help fill the market void and satisfy the extensive insurance coverage needs of our users.”

About Ruihua Health Assurance

Established in May 2018, Ruihua Health Assurance is a leading professional health insurance company approved by the China Banking and Insurance Regulatory Commission.

For more information, please visit https://www.rhassurance.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

Christensen

In China

Ms. Jasmine Zhu

Phone: +852 2117 0861

Email: jasminezhu@christensenir.com

In U.S.

Ms. Linda Bergkamp

Phone: +1-480-614-3004

Email: lbergkamp@ChristensenIR.com

Media Relations

mediacenter@huize.com

FAQ

What is the 'Guardian Critical Care No.5' launched by Huize?

It's a customized critical illness insurance product covering 120 severe illnesses and allowing multiple claims.

How many claims can be made with 'Guardian Critical Care No.5'?

Up to 6 claims can be made for mild-to-severe illnesses.

What are the optional benefits of 'Guardian Critical Care No.5'?

Optional benefits include coverage for treatment of severe malignant tumors and critical illnesses before age 60.

When was 'Guardian Critical Care No.5' launched?

The product was announced on June 08, 2022.

What company partnered with Huize for this insurance product?

Huize partnered with Ruihua Health Assurance to launch the product.