The first share of insurance e-commerce.
It is learned that the Internet insurance service platform Hui Select Insurance (hereinafter referred to as “Smart Select”) officially landed on NASDAQ at 10:30 on February 12, Beijing time. The code is “HUIZ”. A total of 4.65 million American Depositary Shares were issued at an issue price of $ 10.5 per share. The funds raised this time will be mainly used for research and development of technology and big data technology to further improve customer acquisition efficiency and risk management capabilities. In addition, it will increase investment in product design and development.
Previously, Hui Zei submitted the materials as early as June 2019, and officially submitted F-1 documents in September 2019. As the first Chinese stock to go to the United States in this epidemic, choosing this period to ring the bell also made Hui Ze’s IPO moment unusual.
Ma Cunjun, founder and chairman of Smart Choice, said at the listing ceremony that in the future, Smart Choice will continue to focus on services that address the full range of risk protection needs of the user’s entire life cycle, using the power of the Internet and technology to provide users with One-stop professional and efficient insurance service, becoming China’s entry-level insurance service platform.
Smart Choice Insurance was established in 2006 and is headquartered in Shenzhen, China. Smart Choice is positioned as an independent online insurance products and services platform, selling insurance products of insurance partners online. As of September 2019, As of June 30, 2019, Hui Select has accumulatively served 5.8 million policyholders and 47.3 million insured persons, and cooperated with more than 100 insurance institutions nationwide, of which 67 As an insurance company, Hui Select and the insurance institutions can fully connect the underlying system. The platform covers health insurance, life insurance, accident insurance, travel insurance, corporate insurance, etc. There are more than 1,000 insurance products, mainly through Collect commissions from insurance companies for profit.
In addition to selling insurance products, Wisdom also provides one-stop insurance services such as insurance information, insurance consulting, risk assessment, insurance plan customization, online insurance, intelligent underwriting, policy maintenance, and assistance in claims settlement. At the same time, the company currently has a national insurance broker license, insurance online sales qualifications, and is also China Insurance Industry Associationmember unit.
As the “first unit of insurance e-commerce”, Huizhao has come along and tried almost all forms of Internet insurance platforms, and has also witnessed the rapid development of online insurance from scratch.
In June 2006, the predecessor of Hangzhou Huizhe Technology Co., Ltd. was established. In October, it officially launched “Huizhao.com”. In 2007, it cooperated with 15 insurance companies. In October 2014, Smart Choice secured a Series A financing from SAIF Asia Fund. In December of that year, the number of insured users exceeded 5 million. Internet insurance was still in its infancy.
In 2015, Hui Select introduced accident insurance for riding scenes, and subsequently launched other scene insurances such as outbound travel, which was in line with the general trend of scene insurance development at that time. In addition, Hui Select has established a 7 × 24-hour customer service center for the claims link to assist users in claim settlement.
In 2016, Wisdom began to expand vigorously in the direction of life and health insurance, which was an extremely difficult road at that time-most of the Internet online platforms at that time sold scenario-based short-term insurance, life and health The unit price of insurance is high, the decision-making cycle is long, and it is difficult for Internet platforms to get involved.
However, at this step, Hui Select persisted and went well. According to the prospectus, Hui Select’s operating income in 2017, 2018 and January-September 2019 were approximately 263 million and 5.09, respectively. Million and 735 million yuan, growing rapidly. Since 2015, health insurance has become the star insurance of the Internet insurance industry. According to the statistics of the Insurance Industry Association, the scale of Internet health insurance premiums increased from 1.03 billion yuan in 2015 to 12.29 billion yuan in 2018. Increased 11 times in three years.
In this period, Huize was no longer limited to the channel side, and realized the extension of C2B product customization, and the product power was gradually strengthened. For example, the customized insurance products “Darwin No. 1” and “Hui Xin An 2.0” launched by Hui Select in recent years have become explosive health insurance products in the industry. As of the first half of 2019, customized products jointly launched by Huizhao and insurance companies contributed 35.2% of premiums to Huizhao.
On the other hand, the high-speed growth of HuiZhi in recent years is also inseparable from its in-depth cooperation with third-party channels. The prospectus shows that in 2017, 2018 and January-September 2019, the operating income of Hui Select Insurance through indirect channels accounted for more than 70% of its revenue. Its typical partners include third-party insurance from the media, etc. The number of partners from 2017 to September 2019 was 14,564, 17050 and 16,502, respectively. This also raises some concerns: In order to maintain the growth momentum of users, HuiZhi needsConstantly pulling new ones, so the marketing expenses for third parties account for a large proportion; in recent years, the traffic dividend has almost peaked, growth has slowed, and costs have continued to rise. In addition, Internet high-traffic platforms such as Ali and Tencent have gradually started to deploy insurance. This is the challenge that Hui Select has to face in the future.