Huize Holding, Ltd. is a leading independent online insurance product and service platform in China that is not affiliated with insurance companies or other insurance industry participants. As a licensed insurance intermediary operating an online platform, it does not bear underwriting risks. Huize distributes on its platform insurance products underwritten by insurance companies it cooperates with, whom Huize refers to as our insurer partners, and help them reach a large number of purchasers of insurance products, or Huize's insurance clients. Huize primarily generates revenues from the insurance brokerage fees paid by its insurer partners. Huize believes, leveraging internet, technology and data analytics expertise, its business model enables Huize to reach the insurance retail market in a cost-effective manner.
In order to serve clients' protection needs, Huize offers a wide variety of insurance products with easy-to-understand terms and focusing on protection. Huize's products cover two major categories' life and health insurance products, and property & casualty insurance products. A substantial portion of its insurance client base are the younger generation, particularly life and health insurance clients. The younger generation are typically tech-savvy, with strong preference to online transactions. The online platform offers digitalized insurance experience and services efficiently and effectively through various internet and mobile internet channels, attracting the younger generation and meeting the growing trend in online insurance purchase. Targeting the younger generation, Huize is dedicated to serving its insurance clients for their life-long insurance needs. Huize believes that its insurance clients are at an early stage of establishing insurance protection for both themselves and their families. By focusing on long-term life and health insurance products, it creates long-term engagement with its insurance clients, which enables Huize to provide insurance services to insurance clients along their life journey, generate long-term recurring revenues from commission fees, and accumulate multi-dimension data from such clients to improve its product development and risk management capabilities.