Webuy Announces Strategic Expansion into Insurance Referral Program

Rhea-AI Summary

Webuy Global (NASDAQ: WBUY) has announced a strategic expansion into an insurance referral program, aiming to offer tailored insurance solutions across Asia. The program uses Webuy's 'One on One Match' service to connect customers with insurance specialists who recommend personalized products, including health, life, property, and travel insurance. This initiative is in collaboration with a leading insurance broker in Singapore. Webuy's Group Leaders will promote these insurance products within their communities, earning referral fees for successful referrals. Customers will benefit from discounted policies, while insurance partners will enjoy reduced acquisition costs and higher retention rates due to community engagement. CEO Vincent Xue Bin emphasized that this expansion aligns with Webuy's mission to make products and services more affordable and accessible, supporting their growth into new markets and generating long-term shareholder value.

Positive

• Strategic expansion into a new high-potential business area.
• Leverages existing community network for insurance referrals.
• Collaboration with a leading insurance broker in Singapore.
• Offers a wide range of insurance products including health, life, property, and travel.
• Customers gain access to discounted policies.
• Group Leaders earn referral fees, incentivizing community engagement.
• Insurance partners benefit from lower acquisition costs and higher retention rates.
• Supports Webuy's mission to make services more affordable and accessible.
• Aligns with the company’s strategy to evolve and scale into new markets.
• Potential for generating long-term shareholder value.

Negative

• Implementation and operational costs associated with the new program.
• Potential regulatory challenges in different Asian markets.
• Increased competition in the insurance referral space.
• Dependency on the performance of Group Leaders for success.
• Risk of customer dissatisfaction if insurance products do not meet expectations.
• Possible short-term financial strain due to initial investment.

Singapore, May 28, 2024 (GLOBE NEWSWIRE) -- Webuy Global Ltd (NASDAQ: WBUY) ("Webuy" or the "Company"), a Southeast Asian community e-commerce retailer, today announced its strategic expansion into an insurance referral program to deliver insurance solutions to markets across Asia.

By leveraging its "One on One Match" service, Webuy’s insurance referral program pairs each customer with an insurance specialist, who will tailor product recommendations to meet the client’s unique needs. Customers can access hundreds of insurance products spanning health, life, property, travel, and more, through Webuy's partnership with a leading insurance broker in Singapore.

The insurance referral program incentivizes Webuy's Group Leaders to promote insurance products and drive referrals within their communities. In turn, Group Leaders earn referral fees based on successful referrals, customers gain access to discounted policies, and insurance partners benefit from lower acquisition costs and higher retention through community engagement.

Vincent Xue Bin, Chief Executive Officer and Co-Founder of Webuy, commented, "Our mission has always been to make everyday products and services more affordable and accessible through community group purchases. With our expansion into insurance referrals, we can leverage our growing community base to negotiate better rates and connect customers with coverage plans tailored to their individual needs. Our move into the insurance referral space unlocks a high-potential business that dovetails with our commitment to continuously evolve our offerings and scale into new markets. Looking ahead, we will continue to focus on building our community network while generating long-term value for our shareholders."

About Webuy Global Ltd

Webuy Global Ltd (Nasdaq: WBUY) is an innovative, technology-focused company with the goal of building the most trusted retail brand and advanced e-commerce platform in Southeast Asia, designed to leverage data in order to provide a community-driven experience for consumers. The Company's unique 'group buy' business model is set to revolutionize traditional shopping practices, by offering substantial cost savings to customers through an efficient purchasing model and community-centric approach. Akin to group purchases and bulk orders, this approach simplifies the process for customers, eliminating the need for individual bulk purchases. Furthermore, the Company's business model streamlines the traditional supply chain by minimizing the involvement of intermediaries, thereby offering a more direct "farm-to-table" supply model. The Company’s vision is to enable the ten million families in Southeast Asia to live a healthier, higher-quality lifestyle. Additional information about the Company is available at http://webuy.global/ 

Forward-Looking Statements

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in U.S., Singapore and Indonesia and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Contacts

Investor Relations

Robin Yang, Partner

ICR, LLC

Email: Webuy.IR@icrinc.com

Phone: +1 (646) 880-9057

FAQ

What is Webuy's new insurance referral program?

Webuy's new insurance referral program connects customers with insurance specialists to recommend tailored insurance products, including health, life, property, and travel insurance.

How does Webuy's insurance referral program work?

The program utilizes Webuy's 'One on One Match' service to pair customers with insurance specialists. Group Leaders promote insurance products within their communities and earn referral fees for successful referrals.

What benefits do customers get from Webuy's insurance referral program?

Customers gain access to discounted insurance policies tailored to their needs.

Who are Webuy's partners in the insurance referral program?

Webuy has partnered with a leading insurance broker in Singapore to offer a wide range of insurance products.

What incentives do Webuy's Group Leaders have in the new insurance referral program?

Group Leaders earn referral fees based on successful insurance policy referrals.

How does the insurance referral program benefit Webuy's insurance partners?

Insurance partners benefit from lower acquisition costs and higher retention rates through community engagement.

What is the strategic significance of Webuy's expansion into insurance referrals?

The expansion allows Webuy to leverage its community base to negotiate better rates, connect customers with tailored coverage plans, and unlock a high-potential business area.

How does Webuy's insurance referral program align with its mission?

The program supports Webuy's mission to make everyday products and services more affordable and accessible through community engagement.