Fanhua Announces the Launch of Its Open Platform
November 24 2022 - 2:05AM
Fanhua Inc. (“Fanhua” or the “Company”) (Nasdaq: FANH), a leading
independent financial services provider in China, today announced
the official launch of its open platform (the “Open Platform”)
aiming to empower independent insurance agencies and agents on the
market.
Fanhua’s Open Platform will provide various
market participants with access to a standardized compliance
framework, a full spectrum of products and services on the market,
leading technology and digital operation capabilities, professional
training and services, and capital support. Fanhua may also
selectively invest in or acquire qualified intermediary companies
to strengthen business quality control through equity ties.
Mr. Hu Yinan, Chairman and CEO of Fanhua,
commented on the launch of the Open Platform, “China’s life
insurance industry is at a stage of profound transformation. While
the traditional pyramid structure of life insurance sales force is
falling apart, life insurance sales teams are transforming to
become more distinctly professional, career-based and elite, and
are structured in a more flattened, small, disperse and
personalized manner. As such, a large number of fragmented sales
organizations and independent agents are in need of a public
professional platform that can help them ensure compliance, achieve
professional growth, offer whole life insurance services to
customers, and improve business efficiency.”
“We believe what will happen next in the
individual life insurance agency business in China is that while
sales organizations are becoming increasingly fragmented, the
market of supporting platforms will become increasingly
concentrated.”
“Fanhua has been adhering to the ‘professional
back office platform + individual entrepreneurship’ operation model
since its inception. After 24 years of development, we have forged
a strong open platform with comprehensive infrastructure. The open
platform has been empowering our agents in their professional
development and career progression, demonstrated by significant
improvement in the number and productivity of our elite agents. We
therefore believe it is high time to make the platform open to the
whole industry.”
“Following the acquisition of Zhongrong Smart
Finance Technology Information Technology Co., Ltd. (“Zhongrong”),
Fanhua aims to invest in or acquire 20-30 small and medium-sized
insurance agencies within the next couple of years. Through the
integration with Zhongrong’s managing general agency platform, we
expect to connect with 300-500 small and medium-sized insurance
agencies to empower various parties in the industry, contributing
to the transformation and long-term sustainable, high-quality
development of the industry.”
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: (i) Lan Zhanggui,
an all-in-one platform which allows our agents to access and
purchase for their policy holders 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; (ii)
Baowang (www.baoxian.com), an online entry portal for comparing and
purchasing short term health, accident, travel and homeowner
insurance products and (iii) eHuzhu (www.ehuzhu.com), a non-profit
online mutual aid platform in China.
As of September 30, 2022, our distribution and
service network consisted of 697 sales outlets covering 23
provinces, autonomous regions and centrally-administered
municipalities and 100 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. Except
as otherwise indicated, all information provided in this press
release speaks 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.
Source: Fanhua Inc.
For more information, please contact:
Investor Relations
Tel: +86 (20) 8388-3191
Email: qiusr@Fanhuaholdings.com
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