GUANGZHOU, China, Nov. 24, 2022 (GLOBE NEWSWIRE) — Fanhua Inc. (“Fanhua” or the “Firm”) (Nasdaq: FANH), a number one unbiased monetary companies supplier in China, immediately introduced the official launch of its open platform (the “Open Platform”) aiming to empower unbiased insurance coverage companies and brokers available on the market.
Fanhua’s Open Platform will present varied market individuals with entry to a standardized compliance framework, a full spectrum of services and products available on the market, main know-how and digital operation capabilities, skilled coaching and companies, and capital help. Fanhua can also selectively put money into or purchase certified middleman corporations to strengthen enterprise high quality management via fairness ties.
Mr. Hu Yinan, Chairman and CEO of Fanhua, commented on the launch of the Open Platform, “China’s life insurance coverage business is at a stage of profound transformation. Whereas the standard pyramid construction of life insurance coverage gross sales drive is falling aside, life insurance coverage gross sales groups are remodeling to change into extra distinctly skilled, career-based and elite, and are structured in a extra flattened, small, disperse and customized method. As such, a lot of fragmented gross sales organizations and unbiased brokers are in want of a public skilled platform that may assist them guarantee compliance, obtain skilled progress, supply entire life insurance coverage companies to prospects, and enhance enterprise effectivity.”
“We imagine what is going to occur subsequent within the particular person life insurance coverage company enterprise in China is that whereas gross sales organizations have gotten more and more fragmented, the market of supporting platforms will change into more and more concentrated.”
“Fanhua has been adhering to the ‘skilled again workplace platform + particular person entrepreneurship’ operation mannequin since its inception. After 24 years of growth, we’ve solid a robust open platform with complete infrastructure. The open platform has been empowering our brokers of their skilled growth and profession development, demonstrated by important enchancment within the quantity and productiveness of our elite brokers. We subsequently imagine it’s excessive time to make the platform open to the entire business.”
“Following the acquisition of Zhongrong Sensible Finance Expertise Info Expertise Co., Ltd. (“Zhongrong”), Fanhua goals to put money into or purchase 20-30 small and medium-sized insurance coverage companies throughout the subsequent couple of years. By means of the combination with Zhongrong’s managing common company platform, we anticipate to attach with 300-500 small and medium-sized insurance coverage companies to empower varied events within the business, contributing to the transformation and long-term sustainable, high-quality growth of the business.”
About Fanhua Inc.
Fanhua Inc. is a number one unbiased monetary companies supplier. By means of our on-line platforms and offline gross sales and repair community, we provide all kinds of monetary services and products to people, together with life and property and casualty insurance coverage merchandise. We additionally present insurance coverage claims adjusting companies, comparable to injury assessments, surveys, authentications and loss estimations, in addition to value-added companies, comparable to emergency automobile roadside help.
Our on-line platforms embrace: (i) Lan Zhanggui, an all-in-one platform which permits our brokers to entry and buy for his or her coverage holders all kinds of insurance coverage merchandise, together with life insurance coverage, auto insurance coverage, accident insurance coverage, journey insurance coverage and normal medical health insurance merchandise from a number of insurance coverage corporations on their cellular units; (ii) Baowang (www.baoxian.com), a web-based entry portal for evaluating and buying brief time period well being, accident, journey and home-owner insurance coverage merchandise and (iii) eHuzhu (www.ehuzhu.com), a non-profit on-line mutual support platform in China.
As of September 30, 2022, our distribution and repair community consisted of 697 gross sales shops masking 23 provinces, autonomous areas and centrally-administered municipalities and 100 service shops masking 31 provinces.
For extra details about Fanhua Inc., please go to http://ir.fanhuaholdings.com/.
This press launch comprises statements of a forward-looking nature. These statements, together with the statements regarding the Firm’s future monetary and working outcomes, are made below the “secure harbor” provisions of the U.S. Personal Securities Litigation Reform Act of 1995. You may determine these forward-looking statements by terminology comparable to “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and comparable statements. Amongst different issues, administration’s quotations and the Enterprise Outlook part include forward-looking statements. These forward-looking statements contain recognized and unknown dangers and uncertainties and are primarily based on present expectations, assumptions, estimates and projections about Fanhua and the business. Potential dangers and uncertainties embrace, however aren’t restricted to, these regarding its means to draw and retain productive brokers, particularly entrepreneurial brokers, its means to take care of current and develop new enterprise relationships with insurance coverage corporations, its means to execute its progress technique, its means to adapt to the evolving regulatory setting within the Chinese language insurance coverage business, its means to compete successfully in opposition to its opponents, quarterly variations in its working outcomes brought on by components past its management and macroeconomic situations in China, future growth of COVID-19 outbreak and their potential impression on the gross sales of insurance coverage merchandise. Besides as in any other case indicated, all info supplied on this press launch speaks as of the date hereof, and Fanhua undertakes no obligation to replace any forward-looking statements to replicate subsequent occurring occasions or circumstances, or modifications in its expectations, besides as could also be required by legislation. Though Fanhua believes that the expectations expressed in these forward-looking statements are cheap, it can not guarantee you that its expectations will grow to be appropriate, and buyers are cautioned that precise outcomes might differ materially from the anticipated outcomes. Additional info concerning dangers and uncertainties confronted by Fanhua is included in Fanhua’s filings with the U.S. Securities and Change Fee, together with its annual report on Type 20-F.
Supply: Fanhua Inc.
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Supply: Fanhua Inc.
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