Huize Holding Limited reported serving 1.3 million families and processing 160,800 claims in 2024, with high customer satisfaction rates.
Quiver AI Summary
Huize Holding Limited announced its 2024 Customer Service Report and the annual review of its "Xiao Ma Claim" service, revealing significant growth in its operations. In 2024, the company served over 1.3 million families and processed 160,800 insurance claims, marking a 74.7% increase from 2023, with total claims settled amounting to RMB808 million. The "Xiao Ma Express Claim" service successfully handled 85,000 small claims, with a notable one-day payout promise. Huize achieved high customer satisfaction rates of 98.82% for online support and 99.51% for teleservices, and its efforts particularly benefitted senior citizens, earning recognition for its services. Chairman Cunjun Ma emphasized the company's commitment to protecting customers amid uncertainties while continuing to innovate for improved service.
Potential Positives
- Huize served over 1.3 million families with more than 12 million insurance policies facilitated in 2024, highlighting its significant market presence and customer reach.
- The Company achieved a 74.7% increase in processing insurance claims with a total settlement amount of RMB808 million, indicating strong operational growth and customer trust.
- Huize maintained a high customer satisfaction rate of 98.82% for online support and 99.51% for teleservices, reflecting its commitment to exceptional customer service.
- Huize was awarded the “Outstanding Financial Services for Senior-Friendly Practices Award”, showcasing its dedication to serving the senior citizen demographic effectively.
Potential Negatives
- Medical insurance claims represented a significant 60.45% of settlement claim cases, suggesting complexity and challenges in their processing that could impact customer experience negatively.
- Despite high customer satisfaction rates, the report emphasized a notable increase in the number of claims processed, which could indicate a rising volume of customer issues needing assistance.
- Huize resolved only 532 dispute cases for customers, which may raise concerns about the adequacy of support provided for more complex claims or disputes.
FAQ
What is Huize's primary business focus?
Huize is an insurance technology platform connecting consumers, insurance carriers, and distribution partners through AI-powered and data-driven solutions.
How many insurance claims did Huize handle in 2024?
In 2024, Huize processed a total of 160,800 insurance claims, marking a 74.7% increase from the previous year.
What is the customer satisfaction rate for Huize's services?
Huize achieved a customer satisfaction rate of 98.82% for online support and 99.51% for teleservices in 2024.
What types of insurance claims were most common in 2024?
Medical insurance claims accounted for 60.45% of settlements, with critical illness claims representing 59.77% of the total claim amount.
How has Huize supported senior citizens?
Huize assisted over 180,000 senior citizens, providing them with user-friendly online insurance purchasing options and specialized consulting services.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$HUIZ Hedge Fund Activity
We have seen 2 institutional investors add shares of $HUIZ stock to their portfolio, and 1 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CITADEL ADVISORS LLC added 16,337 shares (+inf%) to their portfolio in Q3 2024, for an estimated $12,559
- UBS GROUP AG added 4,490 shares (+1943.7%) to their portfolio in Q3 2024, for an estimated $3,451
- QUBE RESEARCH & TECHNOLOGIES LTD removed 42 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $32
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SHENZHEN, China, Jan. 22, 2025 (GLOBE NEWSWIRE) -- Huize Holding Limited, (“Huize”, the “Company” or “we”) (NASDAQ: HUIZ), a leading insurance technology platform connecting consumers, insurance carriers and distribution partners digitally through data-driven and AI-powered solutions in Asia, today released its 2024 Customer Service Report and 2024 “Xiao Ma Claim” Service Annual Review.
As highlighted in the two reports, Huize served over 1.3 million families with more than 12 million insurance policies facilitated in 2024. The Company also assisted in processing 160,800 insurance claims in 2024, a 74.7% increase compared to 2023. The total amount of claims settled in 2024 was RMB808 million, a 41.7% increase from the previous year. Huize’s “Xiao Ma Express Claim” service, which focuses on settling and paying out small claims within one business day, handled 85,000 claims in 2024 with the total amount of claims settled reaching RMB39.37 million, an increase of 66.6% and 63.4%, respectively, compared to 2023.
Huize remains committed to delivering exceptional customer service, achieving a customer satisfaction rate of 98.82% for online customer support and 99.51% for teleservices in 2024. Over the year, the Company delivered teleservices 310,000 times totaling 33,000 consultation hours. Notably, Xiao Ma Claim recorded a 91.15% one-time resolution rate and a 99.9% online response rate, reflecting its commitment to efficiency and customer care.
The two reports also provided several key insights, including, (i) medical insurance represented the highest percentage (60.45%) of settlement claim cases, followed by accidence insurance (34.02%), as the complexity of medical insurance terms often leads to challenges during claim settlements; (ii) critical illness insurance claims accounted for 59.77% of total claim settlement amount; (iii) Huize’s customized critical illness series products, including Darwin, Guardian, Xiao Tao Qi, helped 1,096 families claim RMB276 million, accounting for 57% of the RMB483 million in total critical illness claims; (iv) Huize’s customer service team assisted over 180,000 senior citizens, with a growing proportion choosing to purchase insurance online through Huize’s user-friendly platform and specialized consulting services, underscored by being awarded “Outstanding Financial Services for Senior-Friendly Practices Award” from China Banking Insurance News; and (iv) Huize resolved 532 dispute cases for customers, successfully protecting their rights and securing RMB9.8 million in claims.
Mr. Cunjun Ma, Chairman and Chief Executive Officer of Huize, commented, “This has been a year of uncertainty, but our mission remains unwavering: to ensure protection for our customers amid these challenging times through our professional services. These recently published reports highlight our strong performance in customer service and claims settlement, with even higher satisfaction rates than last year. We are deeply grateful for the growing trust our customers place in us and are proud to have surpassed a new milestone by serving over 10 million insurance customers this year. We will continue to innovate and provide customer-first solutions going forward.”
About Huize Holding Limited
Huize Holding Limited is a leading insurance technology platform connecting consumers, insurance carriers and distribution partners digitally through data-driven and AI-powered solutions in Asia. Targeting mass affluent consumers, Huize is dedicated to serving consumers for their life-long insurance needs. Its online-to-offline integrated insurance ecosystem covers the entire insurance life cycle and offers consumers a wide spectrum of insurance products, one-stop services, and a streamlined transaction experience across all scenarios. By leveraging AI, data analytics, and digital capabilities, Huize empowers the insurance service chain with proprietary technology-enabled solutions for insurance consultation, user engagement, marketing, risk management, and claims service.
For more information, please visit http://ir.huize.com or follow us on social media via LinkedIn ( https://www.linkedin.com/company/huize-holding-limited ), Twitter ( https://twitter.com/huizeholding ) and Webull ( https://www.webull.com/quote/nasdaq-huiz ).
For investor and media inquiries, please contact:
Investor Relations
Kenny Lo
Investor Relations Manager
[email protected]
Media Relations
[email protected]
Christensen
In China
Ms. Dee Wang
Phone: +86-10-5900-1548
Email:
[email protected]
In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email:
[email protected]