Fanhua Launches Exclusive and Customized Critical Illness Insurance with Greatwall
October 26 2021 - 8:56AM
Fanhua Inc. (“Fanhua” or “the Company”) (Nasdaq: FANH), a leading
independent financial services provider in China, today announced
that it has partnered with Greatwall Life Insurance Co., Ltd
(“Greatwall Life”) to launch “Huacheng Guardian Number One”, a
critical illness product custom-designed to meet people’s evolving
needs for comprehensive health protection. The product will be sold
exclusively through Fanhua’s online and offline channels starting
from November 1, 2021.
Huacheng Guardian Number One, as a multi-payout
critical illness insurance product tailored to address customers'
various pain points, covers 168 kinds of minor, moderate and
critical illnesses, terminal illnesses and provides death benefits.
It boasts the advantages of high leverage for coverage amount, wide
range of protection coverage and flexible and diversified choices
of adds-on and riders. In addition, Huacheng Guardian Number One
makes the most of the service strengths of Fanhua and Greatwall
Life accumulated for many years, and provides customers with
all-round services throughout early, middle and late stages of
diseases, including, among others, multidisciplinary consultation
services for tumor treatment, green channels for hospital visits,
doctor’s consultation on phone, advance payment for hospitalization
and in-hospital nursing.
Mr. Chunlin Wang, chairman and chief executive
officer of Fanhua, stated, “Huacheng Guardian Number One is the
result of the joint efforts of Fanhua and Greatwall Life to develop
tailor-made products in response to customers’ needs. It is also
aligned with our commitment to building Fanhua’s own product
ecosystem through product customization and making it part of our
core competitive advantages. I believe this product will be well
received by the market and contribute to business growth for both
Fanhua and Greatwall Life.
“With increasingly diversifying customers'
demands for insurance allocation and services, product supply
reform and service innovation are expected to accelerate in the
China’s insurance market. As an important bridge between insurers
and consumers, Fanhua will continue to carry out innovative product
customization by leveraging high-quality resources of insurers and
reinsurers and integrating excellent service solutions of Fanhua
and across the market. We expect to build a targeted, specialized
and diversified product ecosystem in both online and offline
spaces, so as to meet the ever-increasing and changing needs of
Chinese families throughout their life cycle and create value for
hundreds of millions of customers.”
About Greatwall Life
Founded in 2005, Greatwall Life is a national
life insurance company headquartered in Beijing, China, with a
registered capital of over RMB5.5 billion and total assets of RMB50
billion. It has nationwide market presence with 13 branches and 230
sub-branches across China.. In the first half of 2021, it has been
affirmed A rating for comprehensive risk management with
comprehensive solvency ratio of 174.1%.
About Fanhua
Inc.
Fanhua Inc. is a leading independent financial
services provider. Through our online platforms and offline sales
and service network, we offer a wide variety of financial products
and services to individuals, including life and property and
casualty insurance products. We also provide insurance claims
adjusting services, such as damage assessments, surveys,
authentications and loss estimations, as well as value-added
services, such as emergency vehicle roadside assistance.
Our online platforms include: (1) Lan Zhanggui,
an all-in-one platform which allows our agents to access and
purchase a wide variety of insurance products, including life
insurance, auto insurance, accident insurance, travel insurance and
standard health insurance products from multiple insurance
companies on their mobile devices; (2) Baowang (www.baoxian.com),
an online entry portal for comparing and purchasing health,
accident, travel and homeowner insurance products and (3) eHuzhu
(www.ehuzhu.com), a non-profit online mutual aid platform in
China.
As of June 30, 2021, our distribution and
service network is consisted of 771 sales outlets covering 23
provinces and 112 service outlets covering 31 provinces.
For more information about Fanhua Inc., please
visit http://ir.fanhuaholdings.com/.
Forward-looking Statements
This press release contains statements of a
forward-looking nature. These statements, including the statements
relating to the Company’s future financial and operating results,
are made under the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. You can identify these
forward-looking statements by terminology such as “will,”
“expects,” “believes,” “anticipates,” “intends,” “estimates” and
similar statements. Among other things, management's quotations and
the Business Outlook section contain forward-looking statements.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about Fanhua and the
industry. Potential risks and uncertainties include, but are not
limited to, those relating to its ability to attract and retain
productive agents, especially entrepreneurial agents, its ability
to maintain existing and develop new business relationships with
insurance companies, its ability to execute its growth strategy,
its ability to adapt to the evolving regulatory environment in the
Chinese insurance industry, its ability to compete effectively
against its competitors, quarterly variations in its operating
results caused by factors beyond its control and macroeconomic
conditions in China, future development of COVID-19 outbreak and
their potential impact on the sales of insurance products. All
information provided in this press release is as of the date
hereof, and Fanhua undertakes no obligation to update any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although Fanhua believes that the expectations
expressed in these forward-looking statements are reasonable, it
cannot assure you that its expectations will turn out to be
correct, and investors are cautioned that actual results may differ
materially from the anticipated results. Further information
regarding risks and uncertainties faced by Fanhua is included in
Fanhua's filings with the U.S. Securities and Exchange Commission,
including its annual report on Form 20-F.
CONTACT: Investor Relations
Tel: (8620) 83883191
Email: qiusr@fanhuaholdings.com
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