GUANGZHOU, China, Nov. 24, 2022 (GLOBE NEWSWIRE) — Fanhua Inc. (“Fanhua” or the “Firm”) (Nasdaq: FANH), a number one impartial monetary companies supplier in China, at this time introduced the official launch of its open platform (the “Open Platform”) aiming to empower impartial insurance coverage companies and brokers in the marketplace.
Fanhua’s Open Platform will present varied market individuals with entry to a standardized compliance framework, a full spectrum of services in the marketplace, main know-how and digital operation capabilities, skilled coaching and companies, and capital assist. Fanhua might also selectively spend money on or purchase certified middleman firms to strengthen enterprise high quality management by 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 power is falling aside, life insurance coverage gross sales groups are remodeling to turn out to be extra distinctly skilled, career-based and elite, and are structured in a extra flattened, small, disperse and personalised method. As such, a lot of fragmented gross sales organizations and impartial brokers are in want of a public skilled platform that may assist them guarantee compliance, obtain skilled development, supply complete life insurance coverage companies to prospects, and enhance enterprise effectivity.”
“We consider 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 turn out to be 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 got cast a powerful 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 consider it’s excessive time to make the platform open to the entire business.”
“Following the acquisition of Zhongrong Good Finance Expertise Info Expertise Co., Ltd. (“Zhongrong”), Fanhua goals to spend money on or purchase 20-30 small and medium-sized insurance coverage companies inside the subsequent couple of years. By way of the combination with Zhongrong’s managing normal 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 impartial monetary companies supplier. By way of our on-line platforms and offline gross sales and repair community, we provide all kinds of monetary services to people, together with life and property and casualty insurance coverage merchandise. We additionally present insurance coverage claims adjusting companies, corresponding to injury assessments, surveys, authentications and loss estimations, in addition to value-added companies, corresponding to emergency automobile roadside help.
Our on-line platforms embody: (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 customary medical health insurance merchandise from a number of insurance coverage firms on their cell gadgets; (ii) Baowang (www.baoxian.com), a web based entry portal for evaluating and buying brief time period well being, accident, journey and house owner insurance coverage merchandise and (iii) eHuzhu (www.ehuzhu.com), a non-profit on-line mutual assist platform in China.
As of September 30, 2022, our distribution and repair community consisted of 697 gross sales retailers masking 23 provinces, autonomous areas and centrally-administered municipalities and 100 service retailers masking 31 provinces.
For extra details about Fanhua Inc., please go to http://ir.fanhuaholdings.com/.
This press launch accommodates statements of a forward-looking nature. These statements, together with the statements regarding the Firm’s future monetary and working outcomes, are made underneath the “protected harbor” provisions of the U.S. Personal Securities Litigation Reform Act of 1995. You may determine these forward-looking statements by terminology corresponding 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 based mostly on present expectations, assumptions, estimates and projections about Fanhua and the business. Potential dangers and uncertainties embody, however are usually not restricted to, these regarding its capability to draw and retain productive brokers, particularly entrepreneurial brokers, its capability to take care of present and develop new enterprise relationships with insurance coverage firms, its capability to execute its development technique, its capability to adapt to the evolving regulatory atmosphere within the Chinese language insurance coverage business, its capability to compete successfully towards its rivals, quarterly variations in its working outcomes attributable to elements 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 data supplied on this press launch speaks as of the date hereof, and Fanhua undertakes no obligation to replace any forward-looking statements to mirror subsequent occurring occasions or circumstances, or adjustments 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’t guarantee you that its expectations will develop into right, and traders are cautioned that precise outcomes could differ materially from the anticipated outcomes. Additional data concerning dangers and uncertainties confronted by Fanhua is included in Fanhua’s filings with the U.S. Securities and Trade Fee, together with its annual report on Kind 20-F.
Supply: Fanhua Inc.
CONTACT: For extra data, please contact: Investor Relations Tel: +86 (20) 8388-3191 Electronic mail: qiusr@Fanhuaholdings.com