Huize Partners with CPIC to Launch “Little Scholar” Insurance
Huize Holding Limited, a prominent insurance technology platform, has announced its collaboration with China Pacific Property Insurance Co., Ltd. to launch "Little Scholar," an innovative student accident insurance product. This initiative aims to provide parents with a comprehensive safety net for their children aged 3 to 25, covering their educational journey from kindergarten through graduate school. The specially crafted insurance product offers coverage of up to RMB500,000 for accidents and illnesses, giving families peace of mind as they prepare for the upcoming school year.
Key Features of “Little Scholar” Insurance
The "Little Scholar" product presents three main advantages: First, it offers extensive coverage that goes beyond school premises, including accident and illness protection through four customizable plans designed to meet various family needs and financial situations. This coverage also addresses major illnesses, covering up to 100 critical conditions with a maximum benefit of RMB60,000. Second, it features favorable deductibles and reimbursement options, allowing for greater returns on expenses related to accidents or illnesses, along with daily hospitalization allowances that enhance the policy's flexibility. Lastly, it includes several additional benefits, such as ambulance fee reimbursement up to RMB3,000 for emergency services, a special RMB5,000 subsidy for accidental fractures, and liability coverage for guardians, which provides up to RMB30,000 in protection for incidents where a child unintentionally causes damage or injury to others.
Commitment to Children's Safety and Health
Mr. Cunjun Ma, Chairman and Chief Executive Officer of Huize, highlighted the importance of protecting children as the new academic year approaches. He referenced a statistic from the China Insurance Industry Accident Experience Rate Table, which indicates that the accident rate for students aged 3 to 25 is around 3%. He stated, "Considering the evolving needs of today’s parents and our strong commitment to student welfare, we are proud to introduce ‘Little Scholar’. This innovative product combines our digital advancements with CPIC P&C’s industry expertise to deliver unparalleled value and protection to our clients. The thoughtful design of ‘Little Scholar’ broadens coverage to include critical illnesses while ensuring liability protection for guardians, all within a tailored premium structure that accommodates varying risk levels among different age groups—ultimately supporting affordable protection for the younger generation. ‘Little Scholar’ exemplifies our dedication to fostering a safer, brighter future for youth."
About China Pacific Property Insurance Co., Ltd.
China Pacific Property Insurance Co., Ltd. operates as a subsidiary of China Pacific Insurance (Group) Company Limited and is well-known for offering a wide range of property and casualty insurance products and services. As one of China’s leading P&C insurers, CPIC P&C operates across the nation, supported by 40 branches and over 3,100 sub-branches, along with a dedicated shipping insurance center. In 2023, they reported original premium income of RMB188.34 billion, reflecting an 11.4% increase year-on-year, alongside impressive insurance service revenue of RMB177.13 billion, marking an 11.8% rise from the previous year.
About Huize Holding Limited
Huize Holding Limited is a significant insurance technology platform that connects consumers, insurance carriers, and distributors through data-driven and AI-powered solutions in Asia. Focusing on mass affluent consumers, Huize aims to meet the diverse insurance needs throughout their lives. The company's integrated insurance ecosystem offers coverage across the entire insurance lifecycle, providing clients with a wide range of products and seamless service experiences. By leveraging advanced AI, data analytics, and digital tools, Huize enhances the insurance service chain through proprietary technology-enabled solutions for consultations, engagement, marketing, risk management, and claims.
Frequently Asked Questions
What is the purpose of the “Little Scholar” insurance product?
The “Little Scholar” insurance product is designed to provide comprehensive accident and illness coverage for students aged 3 to 25, giving peace of mind to parents as their children enter school.
What are the key features of the “Little Scholar” insurance?
It includes comprehensive coverage beyond school, customizable plans, favorable deductibles, daily hospitalization allowances, and additional benefits such as ambulance and liability coverage for guardians.
Who developed the “Little Scholar” insurance product?
The product was developed through a partnership between Huize Holding Limited and China Pacific Property Insurance Co., Ltd.
What insurance needs does Huize aim to serve?
Huize focuses on fulfilling the lifelong insurance needs of mass affluent consumers through its integrated digital solutions and extensive coverage options.
How does Huize leverage technology in its insurance offerings?
Huize utilizes AI and data analytics to enhance the insurance service chain, providing advanced solutions for consultation, marketing, risk management, and claims processing.
