Huize Achieves Remarkable Growth in Insurance Services for Families

Huize Holding Limited's Impressive 2024 Customer Service Report

Huize Holding Limited, a renowned insurance technology platform recognized under NASDAQ: HUIZ, has made remarkable strides in 2024, serving over 1.3 million families and facilitating more than 12 million insurance policies. As a leading player in Asia's insurance landscape, Huize is dedicated to connecting consumers with insurance carriers and distribution partners through innovative, data-driven solutions.

Significant Growth in Claims Processing

The recent reports released by Huize highlighted an impressive 74.7% increase in claims processed, totaling 160,800 claims in 2024. This surge resulted in a remarkable RMB808 million settled in claims, which is a 41.7% increase compared to the previous year. The impact of Huize’s “Xiao Ma Express Claim” service is particularly noteworthy. Designed to expedite the settlement of small claims within just one business day, this service handled an astounding 85,000 claims, reflecting a growth of 66.6%. The total amount settled under this service reached RMB39.37 million, demonstrating Huize's commitment to efficiency in addressing claims.

Outstanding Customer Service Performance

Huize is equally notable for its exceptional customer service performance. The Company achieved a stellar customer satisfaction rate of 98.82% for online support and an extraordinary 99.51% for teleservices in 2024. Over the course of the year, Huize delivered teleservices 310,000 times, totaling an impressive 33,000 consultation hours. Among significant achievements, the Xiao Ma Claim service reached a one-time resolution rate of 91.15% along with a remarkable online response rate of 99.9%. Such numbers reflect Huize's dedication to customer care and operational excellence.

Insights into Insurance Claims

The reports presented several key insights into insurance claims and customer preferences. They revealed that medical insurance claims represented the highest percentage at 60.45%, followed by accident insurance at 34.02%. Medical insurance often comes with complex terms, which can complicate the settlement process. Additionally, critical illness insurance claims accounted for 59.77% of the total settled claim amount, showcasing the increasing importance of this coverage.

Support for Vulnerable Populations

Furthermore, Huize's customized critical illness products, such as Darwin, Guardian, and Xiao Tao Qi, made a significant impact, helping 1,096 families claim RMB276 million in total. This accounted for 57% of Huize’s entire critical illness claims, emphasizing the importance of accessible insurance products for families in need. Huize's commitment extends to assisting over 180,000 senior citizens, many of whom now prefer to purchase insurance online. This shift towards digital solutions has been recognized with the prestigious “Outstanding Financial Services for Senior-Friendly Practices Award” from China Banking Insurance News.

Protecting Customers’ Rights

Huize's dedication to safeguarding customer rights is evident through their resolution of 532 dispute cases, which successfully secured RMB9.8 million for their customers. Mr. Cunjun Ma, the Chairman and CEO, expressed pride in the Company’s ability to achieve high satisfaction rates even in uncertain times. He highlighted Huize’s mission to provide superior protection and care for their customers, a goal that has significantly strengthened customer trust.

Commitment to Innovation

Looking ahead, Huize is poised to continue its innovative journey in the insurance technology space. Emphasizing their dedication to customer-first solutions, the Company aims to develop new technologies and strategies that address the evolving needs of consumers. With a rapidly expanding online platform that simplifies the insurance purchasing process, Huize is not only meeting but exceeding the expectations of the modern consumer.

Frequently Asked Questions

What is Huize Holding Limited known for?

Huize Holding Limited is a leading insurance technology platform in Asia, specializing in connecting consumers with insurance carriers through innovative, data-driven solutions.

How many families did Huize serve in 2024?

In 2024, Huize served over 1.3 million families, facilitating more than 12 million insurance policies.

What was the increase in claims processed by Huize in 2024?

Huize experienced a 74.7% increase in insurance claims processed in 2024, totaling 160,800 claims.

What was Huize's customer satisfaction rate in 2024?

The customer satisfaction rate for online support was 98.82%, while for teleservices it was an impressive 99.51% in 2024.

What awards has Huize received?

Huize was awarded the “Outstanding Financial Services for Senior-Friendly Practices Award” from China Banking Insurance News, recognizing their efforts to assist senior citizens with accessible insurance solutions.

About The Author

Dedicated Author and financial expert Logan Wright here, 29 years old. After earning an economics degree, I spent a number of years working in different financial industries. My great passion is enabling everyone, from any background or experience level, to understand and be literate in financial matters.

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