Huize Launches "Little Scholar" Customized Student Insurance
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Huize Partners with CPIC to Launch “Little Scholar” Insurance
Huize Holding Limited, a leading insurance technology platform, has announced its partnership with China Pacific Property Insurance Co., Ltd. to introduce "Little Scholar", a unique student accident insurance product. This initiative aims to provide parents with an extensive safety net for their children between the ages of 3 and 25, covering the journey from kindergarten to graduate school. The specially designed insurance product offers protection of up to RMB500,000 for accidents and illnesses, offering families peace of mind as they prepare for the upcoming school year.
Key Features of “Little Scholar” Insurance
The "Little Scholar" product showcases three main benefits: Firstly, it provides comprehensive coverage that extends beyond school premises, which includes accident and illness protection through four adaptable plans tailored to diverse family needs and financial capabilities. This coverage also encompasses major illnesses, addressing up to 100 critical illnesses worth a maximum of RMB60,000. Secondly, it boasts favorable deductibles and reimbursement structures, which allow for higher returns on expenses related to accidents or illnesses, along with daily hospitalization allowances that enhance policy flexibility. Lastly, several additional benefits are included, such as ambulance fee coverage with reimbursement up to RMB3,000 for emergency services, a special RMB5,000 subsidy for accidental fractures, and liability coverage for guardians, with up to RMB30,000 protection for incidents where a child unintentionally causes damage or injury to third parties.
Commitment to Children's Safety and Health
Mr. Cunjun Ma, Chairman and Chief Executive Officer of Huize, emphasized the significance of safeguarding children as a new academic year approaches. He highlighted a statistic from the China Insurance Industry Accident Experience Rate Table indicating that the accident rate for students aged 3 to 25 is approximately 3%. He stated, "In light of the evolving needs of today’s parents and our firm commitment to the welfare of students, we proudly introduce ‘Little Scholar’. This innovative product merges our digital advancements with CPIC P&C’s industry expertise to deliver unmatched value and protection to our clients. The thoughtful design of ‘Little Scholar’ broadens coverage, extending to critical illnesses while ensuring liability protection for guardians, pursuant to a tailored premium structure that meets varying risk levels among different age groups—ultimately supporting affordable protection for the younger generation. ‘Little Scholar’ stands as a testament to our dedication to nurturing 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 renowned for providing an extensive range of property and casualty insurance products and services. As one of China’s leading P&C insurers, CPIC P&C operates nationwide, supported by 40 branches and over 3,100 sub-branches, complemented by a dedicated shipping insurance center. In 2023, they reported original premium income of RMB188.34 billion, showing an 11.4% increase year-on-year alongside a remarkable insurance service revenue of RMB177.13 billion, an 11.8% uptick from the previous year.
About Huize Holding Limited
Huize Holding Limited is an influential insurance technology platform connecting consumers, insurance carriers, and distributors through data-driven and AI-powered solutions in Asia. Focusing on mass affluent consumers, Huize strives to cater to the diverse insurance needs across their lives. The company's integrated insurance ecosystem provides coverage across the entire insurance lifecycle, offering clients a wide array of products and seamless service experiences. By employing 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.
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