Zhitong Finance APP learned that since its listing on the Nasdaq in February, although it has suffered from the impact of health incidents, the "world's first insurance e-commerce stock" HUIZ.US has maintained a running trend since its listing. .
On November 19th, Wisdom announced its financial report for the third quarter of 2020. The results were once again outstanding. During the quarter, both total premiums and revenue reached a quarterly high. Total premiums were 779 million yuan (RMB, the same below), a year-on-year increase of 41.16%; revenue was 348 million yuan, a year-on-year increase of 22.87%. The revenue guidance provided in the second quarter was 310-340 million, which exceeded expectations and was higher than the second quarter revenue A substantial increase of 48.27%. Cash and cash equivalents amounted to 446 million yuan. The financial situation was sound and the cash flow was abundant.
highlights the first-mover advantage. Performance ushered in the strategic "harvest period"
According to industry-wide data in the third quarter, Huize's third-quarter performance greatly exceeded the industry average. Data shows that affected by the health incident, the entire insurance industry achieved a year-on-year increase of only 7.16% in the original insurance premium income in the first September, which has not yet resumed double-digit growth. Under this circumstance, Huize is still able to buck the trend, demonstrating its business model, development strategy and sales system's strong anti-risk ability, and also demonstrating its potential energy as a leading platform. The concentrated burst of "first-mover advantage" of
in many aspects is one of the main reasons for its continued running this year.
First of all, the long-term online sales strategy of Hui Ze, which began as early as 2012, ushered in the "harvest period". The financial report shows that in the third quarter, long-term insurance premiums reached 724 million yuan, accounting for 92.89% of the total premiums, accounting for more than 90% for four consecutive quarters.
On the other hand, health incidents have highlighted the leading advantage of Huize in technological research and development. When health incidents accelerate the shift of consumption habits to the online, many insurance institutions begin to emphasize the application of technology and migrate online, Huize has accumulated 14 years of online marketing experience, and formed a complete online business philosophy and service system.
From the third quarter financial report, we can see that Huize is still continuously increasing its investment in technology. Data shows that the R&D expenses of Huize in the third quarter were 11.478 million yuan, a year-on-year increase of 41.86%, again double-digit growth. There is no doubt that Huize is working hard to further internalize the capital gains brought by the strategic "harvest period" into its own capabilities, so as to always ensure that it can continue to lead the way when the industry fully enters the digital age with a strong body.
's ultimate service is rewarded, and the release of high-quality user value is accelerated.
Huize always insists on user-centered, providing products and solutions for it. Through cooperation with 70 insurance companies across the country, it provides users with more than 1,300 insurance product choices covering life insurance, annuity insurance, health insurance, accident insurance, travel insurance, corporate insurance and other insurance products, which can run through the user’s life cycle and meet various Differentiated needs. Users can obtain insurance programs and insurance services that suit their needs. Through professional transformation and service capabilities, Huize allows core users to form long-term interactions with them on the platform.
As of the end of the third quarter, Wisdom had accumulated 6.7 million insured customers and 56 million insured customers. Among these insurance users, there are many high-net-worth customers in first- and second-tier cities. Ma Cunjun said that we will selectively deploy in core cities, set up high-end customer service centers, improve service experience, and increase the conversion rate of high-end products for high-net-worth family customers, so as to better satisfy these customers with high-quality and differentiated insurance. demand. Integrated development of
Strengthen the ability to reach customers in all directions
The establishment of high-end customer service centers in core cities means that the next phase of the layout of Smart Choice has begun to be established. In this regard, Ma Cunjun pointed out that in the next three years, Smart Choice will implement strategic upgrades, and will take advantage of the opportunity of upgrading insurance products to target the needs of digital transformation of insurance services, with cloud computing, big data, artificial intelligence and other new technologies as the core to create " Insurance product and service cloud platform". The new platform will break the boundaries of business models, integrate online and offline, and empower the upstream and downstream of the industry with technology and data, so that Huize's insurance products and services can reach insurance customers in all scenarios and in all directions, and provide customers with full life cycle and A full range of insurance products and services. In simple terms, the core purpose of this strategy is to allow products and services to reach insurance customers in all scenarios and in all directions, thereby improving service experience and increasing conversion rates.
HuichoThe users of are young people with an average age of 32. These people generally have a high degree of education and are representative of the new middle class. According to international experience, when the per capita GDP of developed countries reaches US$10,000, the life insurance industry has begun to enter the fast lane. Since China's per capita GDP exceeded the $10,000 mark in 2019, China's life insurance industry has also entered a stage of rapid development, which means that more and more potential high-net-worth users will appear in the market. This strategic upgrade of
is to see the huge market to be tapped, and looks forward to relying on higher-quality services and deeper user reach to further broaden its growth space, thereby achieving a more long-term healthy and stable development.
