Fanhua Launches Customized Critical Illness Insurance with Guofu
December 30 2021 - 2:19AM
Fanhua Inc. (“Fanhua” or “the Company”) (Nasdaq: FANH), a leading
independent financial services provider in China, today announced
that it has partnered with Guofu Life Insurance Co., Ltd (“Guofu”)
to launch a customized critical illness (“CI”) insurance product,
“Fanhua-Guofu Lego Critical Illness Insurance”, to be sold through
Fanhua’s online channels. It is the first customized online
insurance product co-developed by Fanhua and insurers after the
rollout of the new regulations on online sales of life insurance
products.
Unlike most traditional CI products which
attempt to offer all-inclusive coverage, Fanhua-Guofu Lego Critical
Illness Insurance provides a wide range of optional modular
insurance coverage and multiple choices for payment periods and
benefits on top of core protection, with hundreds of possible
combinations, thus offering customers of different age and income
groups with high flexibility to customize their CI insurance plans
to their specific needs.
Mr. Yinan Hu, chairman and chief executive
officer of Fanhua, stated, “With the switch to new CI definition
framework and the implementation of the new regulations on online
sales of life insurance products, it is high time for the industry
to upgrade CI insurance products. On the one hand, with the rising
customer awareness of insurance, we are in an era of more and more
customers proactively seeking insurance on their own. On the other
hand, the industry has been suffering from the long-standing issue
of homogenization of insurance products and lack of innovation.
Against this backdrop, this product customized by Fanhua and Guofu
creates a new model of “core protection + personalized adds-on”,
accurately meeting the personalized needs of different customers
for CI insurance. The product is a bold innovation in the CI
insurance market and promises to inject vitality into the CI
insurance market.”
About Guofu Life Insurance
Guofu Life Insurance Co., Ltd., founded in 2018,
has a registered capital of RMB1.5 billion. In the third quarter of
2021, its core and comprehensive solvency ratios were both above
150%, and it was awarded Class B of China’s comprehensive risk
rating.
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 September 30, 2021, our distribution and
service network is consisted of 750 sales outlets covering 23
provinces and 110 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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