Huize Announces Strategic Partnership with China Pacific Property Insurance and Joint Launch of “Xiao Xin An No.3” – An Accident Insurance Product Customized for the Elderly

Jun 15, 2023

SHENZHEN, China, June 15, 2023 (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 the signing of a new strategic partnership agreement with China Pacific Property Insurance Co., Ltd. (“China Pacific Property Insurance”). The two companies also announced the launch of “Xiao Xin An No.3”, a comprehensive accident insurance product customized to meet the needs of the elderly.

“Xiao Xin An No.3”has four key highlights: (i) specially designed for senior customers: the maximum eligibility age is 85 and the policy provides enhanced coverage for accident scenarios specific to the elderly; (ii) zero deductible and hospital cash benefits: policyholders enjoy zero deductible on medical treatments capped at a maximum of RMB50,000 and hospital cash benefits start from the first day of hospitalization, and includes intensive care hospitalization coverage; (iii) additional payouts for special scenarios: the policy provides reimbursement of necessary ambulance service expenses, and for hospitalizations lasting longer than 3 days, the product also covers expenses incurred in visitation by families; and (iv) cost-effective: the minimum annual premium is just RMB115, and the policy includes value-added services such as companion services for medical appointments, private ward nursing, and various home care services.

Mr. Cunjun Ma, Chairman and Chief Executive Officer of Huize, commented, “Huize has launched 98 insurance products developed by China Pacific Property Insurance including co-developed products since 2011, and we are pleased to deepen our partnership through the establishment of this new strategic alliance. The new “Xiao Xin An” product we launched today is an excellent example of the innovative solutions that emerge when we work together to address the pain points of inadequate insurance protection for various groups, including the elderly. We look forward to taking our partnership with China Pacific Property Insurance to the next level by developing and promoting new customized insurance products, strengthening our online and offline customer service capabilities, sharing technology and big data resources, and cooperating on high-quality risk management. Together, we will explore better and more efficient ways to satisfy market demands and our customers’ needs.”

About China Pacific Property Insurance Co., Ltd 

China Pacific Property Insurance is a subsidiary of China Pacific Insurance (Group) Co. with a registered capital of RMB19.5 billion at the end of 2022. Major businesses of China Pacific Property Insurance include motor vehicle insurance, property insurance, liability insurance, agricultural insurance, guarantee insurance, accident insurance and short-term health insurance. The Company has 40 branches and more than 3,100 sub-branches and offices nationwide.

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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.

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