Chinese digital insurance product and service platform Huize has teamed up with PICC Life Insurance Company to launch a new customised critical illness insurance product.
The new product, Darwin Critical Care No.8 – Advanced, is the customised critical illness insurance product in the Darwin Critical Care series that was launched in 2018.
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The product will offer extensive coverage for 120 critical, 20 moderate and 40 mild illnesses.
Huize noted that Darwin Critical Care No.8 – Advanced is affordable as it provides a maximum of one claim for severe illnesses, three claims for moderate illnesses, and five claims for mild illnesses with a minimum annual premium of 65 yuan ($9.13).
The rapid protection feature of the product provides for first claim to be available for customers in 90 days while its low eligibility threshold is open to a variety of occupations including firefighters, sailors, electricians and riot police, among others.
Furthermore, the product will provide a premium waiver benefit for mild-to-moderate illness, and offers optional benefits including supplemental medical care benefits.
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By GlobalDataHuize said customers will also be provided with value-added services such as unlimited online doctor consultations.
Huize founder, chairman and CEO Cunjun Ma said: “We are proud to launch the most advanced offering to date in our highly successful Darwin Critical Care series. Since its launch in 2018, Darwin Critical Care has served more than 310,000 customers and paid out more than RMB 527 million across 2,096 claims.
“The series has proven highly appealing to our core customer demographic: the average age of customers at the time of purchase is 32 years old, and 68.2% of these customers are between 26 and 35.”
Ma said that a total of 14 products have been launched by Huize in the Darwin Critical Care series, bringing comprehensive coverage, broad protection and high-quality services to mass-affluent users.
Ma added: “Through this strategy, we will cater to diverse market demands and maximise customer lifetime value to drive returns for our shareholders.”
