Huize and New China Life Insurance Unveil New Retirement Solution
Huize Holding Limited Partners with New China Life
In a significant move to enhance retirement planning options, Huize Holding Limited (NASDAQ: HUIZ), a prominent insurance technology platform, has entered into a partnership with New China Life Insurance Company Limited. This collaboration recently resulted in the launch of the ‘Bliss No.2’ product, a customized lifetime annuity insurance solution tailored to meet the evolving needs of retirees in China.
Introducing the ‘Bliss No.2’ Annuity Product
The newly launched ‘Bliss No.2’ represents the latest innovation in Huize's ongoing commitment to developing versatile financial planning tools. This product is a part of the established “Bliss” series, which aims to fulfill the dynamic requirements of retirees as China adjusts its retirement policies. The product’s design incorporates flexibility, allowing individuals to choose various payout options ranging from post-retirement to scheduled payouts based on individual financial strategies.
Core Features of ‘Bliss No.2’
Several attractive features characterize the ‘Bliss No.2’ annuity insurance product:
- Rapid Cash Value Growth: Customers can expect their policy's cash value to potentially surpass the paid premiums in a short span of 4-6 years, depending on the selected payment method.
- Flexible Annuity Start Times: This product allows users to dictate when they begin receiving payments, either after 5 or 10 years or at retirement ages 60 or 70.
- Simplified Underwriting: The policy includes a straightforward underwriting process—no health declaration is required, enabling broader eligibility and access.
- Complimentary Care Services: Customers who purchase before the end of 2024 will receive up to 5 years of free care services, which encompass disease consultation, hospital escort services, and home nursing care.
Strategic Insights from Huize's Leadership
Mr. Cunjun Ma, the Chairman and CEO of Huize, shared his enthusiasm for the launch of ‘Bliss No.2’, emphasizing that this initiative aligns perfectly with China's shifting landscape regarding retirement planning. The continual reforms in retirement age policy have created an increasing demand for security and sustainability in long-term financial products. Mr. Ma expressed confidence in how the collaboration with NCI combines their collective strengths, allowing them to offer customers the customization and digital efficiency they require.
About New China Life Insurance Company
New China Life Insurance Company Limited, a well-established entity in the insurance sector, has been operational since 1996. With its headquarters in Beijing, NCI specializes in life insurance and boasts substantial annual gross written premiums exceeding RMB160 billion. Positioned as a leader in the industry with a well-structured marketing network, NCI serves millions of retail and institutional clients, illustrating its pivotal role in advancing insurance services and financial protection in China.
About Huize Holding Limited
Huize Holding Limited aims to bridge the gap between consumers and insurance providers through data-driven and innovative digital solutions. Targeting consumers who seek lifelong insurance coverage, Huize’s effective strategies integrate offline and online services to enhance consumer engagement and satisfaction. By harnessing technology, Huize strives to optimize the entire insurance lifecycle, creating seamless experiences for users across various scenarios.
Frequently Asked Questions
What is ‘Bliss No.2’?
‘Bliss No.2’ is a customized lifetime annuity product launched by Huize in partnership with New China Life Insurance, aimed at meeting the evolving retirement needs of consumers.
What are the benefits of ‘Bliss No.2’?
The product offers rapid cash value growth, flexible payout options, simplified underwriting with no health declarations, and complimentary care services.
Who are the target customers for this product?
The primary audience for ‘Bliss No.2’ includes individuals looking for reliable retirement solutions amid changing national policies regarding retirement age.
How does Huize ensure customer satisfaction?
Huize integrates advanced technology and data analytics to enhance customer engagement and streamline insurance processes, ensuring a satisfying experience for users.
How does New China Life contribute to this partnership?
New China Life provides extensive experience in life insurance, facilitating the development of innovative products like ‘Bliss No.2’ and bringing expertise in risk management and customer service.
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