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Yiren Digital's Insurance Arm Secures Spot on FESCO's Approved Supplier List

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Hexiang Insurance Brokers, a subsidiary of Yiren Digital, has been included in the Approved Supplier List of Beijing Foreign Enterprise Human Resources Service Co., Ltd., marking a milestone in its expansion into human resources services for foreign enterprises. This collaboration highlights Hexiang's innovative approach to tailoring insurance products and its strategic partnerships with top-tier insurance providers. With a robust network and significant growth in business volume and financial performance, Hexiang is well-equipped to deliver high-quality insurance solutions to corporate employees, presenting a vast market opportunity.
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The strategic inclusion of Hexiang Insurance Brokers in the Approved Supplier List of Beijing Foreign Enterprise Human Resources Service Co., Ltd. (FESCO) represents a significant business development. The partnership signals Hexiang's effective penetration into the lucrative market of human resources services for foreign enterprises in China. By aligning with FESCO, a company renowned for its comprehensive human resources services, Hexiang gains access to a broader client base, covering millions of employees across diverse sectors.

From a market perspective, this collaboration is expected to bolster Hexiang's market position and enhance its competitive edge. The insurance brokerage sector is heavily reliant on strategic alliances and reputation. Hexiang's association with a reputable entity like FESCO could positively influence consumer perception and lead to increased business volume. Furthermore, the reported year-over-year growth in gross premium and revenue reflects a robust financial trajectory that could be further amplified by this partnership.

Hexiang's impressive financial performance, with a 42% increase in gross premium and a 62% surge in revenue, is indicative of strong operational efficiency and market demand for its services. For investors, these figures suggest a healthy financial state and potential for continued growth, especially considering the new opportunities presented by the FESCO partnership. The expansion into employee insurance solutions is particularly noteworthy, as it taps into a consistent and growing demand for corporate employee benefits.

It's important to note that the insurance industry is capital-intensive and partnerships with well-established entities can lead to economies of scale and improved bargaining power with insurance providers. Hexiang's extensive network of over 100 insurers, including industry giants, positions it favorably for negotiating terms that can enhance profitability. This strategic move could have a positive impact on Yiren Digital's overall financial health and stock performance in the long term.

Hexiang's innovative approach to customizing insurance products for a diverse clientele is a key differentiator in the highly competitive insurance brokerage market. The firm's capacity to offer tailored solutions across life and property insurance sectors, encompassing a wide range of products, positions it as a one-stop-shop for insurance needs. This versatility is crucial in an industry where client retention and cross-selling add considerable value.

The recognition by The Asian Banker and Jin Rong Jie not only validates Hexiang's service quality but also serves as a marketing tool to attract high net-worth clients and reinforce its brand image. Such awards can indirectly influence business growth and investor confidence by elevating the company's reputation within the industry. The strategic emphasis on both individual and corporate clients diversifies Hexiang's revenue streams, which is a prudent approach in managing industry-specific risks such as policyholder claims volatility.

BEIJING, Feb. 6, 2024 /PRNewswire/ -- Hexiang Insurance Brokers, a subsidiary of Yiren Digital, has been officially included in the Approved Supplier List (ASL) of Beijing Foreign Enterprise Human Resources Service Co., Ltd. (FESCO), marking a milestone in Hexiang's expansion into the domain of human resources services for foreign enterprises through its bespoke commercial insurance solutions.

For over four decades, FESCO has been a leading force in China's human resources industry, providing unmatched service and expertise. Recognized for its rigorous selection criteria for partnerships, FESCO's collaboration with Hexiang is attributed to Hexiang's innovative approach to tailoring insurance products and its strategic partnerships with top-tier insurance providers. This endorsement highlights Hexiang's capabilities in meeting FESCO's high standards and contributing to the advancement of the industry. Currently, FESCO serves tens of thousands of corporate clients, covering millions of employees across sectors such as information technology, new energy, aerospace, and biopharmaceuticals. This presents a vast market opportunity for Hexiang in employee insurance solutions.

Established in 2011, Hexiang Insurance Brokers has developed into a respected national insurance brokerage firm, with 32 branches across China and partnerships with over 100 insurers, including industry giants like Ping An and China Life. This robust network enables Hexiang to offer a comprehensive suite of insurance services, catering to both corporate and individual clients. In collaboration with FESCO, Hexiang is well-equipped to deliver high quality insurance solutions to address the needs of corporate employees in areas such as medical, accidental injury, and critical illness coverage.

Hexiang has exhibited significant growth both in business volume and financial performance since its acquisition by Yiren Digital in 2020. The brokerage firm reported a gross premium of RMB 3.7 billion in the first three quarters of 2023, marking a 42% increase year-over-year, alongside a 62% surge in revenue to RMB 866 million.

Within the Yiren Digital ecosystem, Hexiang Insurance Brokers distinguishes itself as a pivotal player. Unlike its counterparts, Hexiang actively explores both life and property insurance sectors, fostering innovation to expand its market footprint. Its life insurance offerings are comprehensive, spanning from health and accident insurance to annuities, thereby addressing a wide spectrum of client needs for financial security, educational savings, retirement planning, and wealth succession. This approach not only diversifies the insurance and financial planning solutions available to Yiren Digital's clientele but also enhances their value proposition.

On the property insurance front, Hexiang showcases a versatile portfolio. It caters to both individuals and businesses with a variety of products, including corporate, home, and liability insurance, as well as sector-specific offerings like cargo, engineering, agricultural, and auto insurance. This extensive range empowers Hexiang to support corporate clients in employee benefits, risk management, and business continuity planning, while also aiding families in safeguarding their assets. This broadens Yiren Digital's service capabilities and market opportunities.

Hexiang Insurance Brokers is on a mission to establish itself as the preeminent brokerage in China's insurance market by delivering an extensive and varied range of brokerage services. This commitment to excellence has been acknowledged through prestigious accolades, including the 'High Networth Life Insurance Service of the Year in China' award from The Asian Banker in 2021 and the 'Outstanding Insurance Brand Award' from Jin Rong Jie, a celebrated Chinese financial media outlet, in 2022.

About Yiren Digital

Yiren Digital Ltd. is an advanced, AI-powered platform providing a comprehensive suite of financial and lifestyle services in China. Our mission is to elevate customers' financial well-being and enhance their quality of life by delivering digital financial services, tailor-made insurance solutions, and premium lifestyle services. We support clients at various growth stages, addressing financing needs arising from consumption and production activities, while aiming to augment the overall well-being and security of individuals, families, and businesses.

Cision View original content:https://www.prnewswire.com/news-releases/yiren-digitals-insurance-arm-secures-spot-on-fescos-approved-supplier-list-302054473.html

SOURCE Yiren Digital

FAQ

What is the significance of Hexiang Insurance Brokers being included in the Approved Supplier List of Beijing Foreign Enterprise Human Resources Service Co., Ltd.?

The inclusion marks a milestone in Hexiang's expansion into human resources services for foreign enterprises, highlighting its innovative approach and strategic partnerships.

What are the key areas of focus for Hexiang's insurance solutions in collaboration with FESCO?

Hexiang focuses on delivering high-quality insurance solutions to address the needs of corporate employees in areas such as medical, accidental injury, and critical illness coverage.

What is the business volume and financial performance of Hexiang Insurance Brokers in recent years?

In the first three quarters of 2023, the brokerage firm reported a 42% increase year-over-year in gross premium to RMB 3.7 billion, alongside a 62% surge in revenue to RMB 866 million.

What distinguishes Hexiang Insurance Brokers within the Yiren Digital ecosystem?

Unlike its counterparts, Hexiang actively explores both life and property insurance sectors, fostering innovation to expand its market footprint and diversify the insurance and financial planning solutions available to Yiren Digital's clientele.

What are the key areas of focus for Hexiang's property insurance offerings?

Hexiang showcases a versatile portfolio, catering to both individuals and businesses with a variety of products, including corporate, home, and liability insurance, as well as sector-specific offerings like cargo, engineering, agricultural, and auto insurance.

What prestigious accolades has Hexiang Insurance Brokers received?

Hexiang has been acknowledged through prestigious accolades, including the 'High Networth Life Insurance Service of the Year in China' award from The Asian Banker in 2021 and the 'Outstanding Insurance Brand Award' from Jin Rong Jie in 2022.

Yiren Digital Ltd.

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