Huize Holding Limited is on an upward trajectory with ambitious plans for expansion. The company aims to make inroads into Singapore and the Philippines within the next year and has set its sights on increasing international revenue contributions to 30% by 2026. It is looking to fortify its standing in mainland China while spreading its business model across Southeast Asia, with the goal of becoming a leading pan-Asian digital insurance distribution platform.
In a remarkable display of growth, Huize’s Q3 2024 gross written premiums (GWP) soared to an all-time high of $290 million. This represents a staggering 65.5% increase from the same period in 2023. First-year premiums (FYP) more than doubled year-over-year, driven by a combination of factors such as the demand for long-term savings products, continuous product innovation, and the effectiveness of its omnichannel distribution platform. Revenue from international operations also saw a significant boost, reaching 19% of the total and climbing 8 percentage points from the previous quarter, largely due to the growth of its Hong Kong business.
The company’s cumulative number of insurance clients has reached 10.1 million, a testament to its wide-ranging partnerships with 123 insurance carriers. Founder and CEO Cunjun Ma attributed the company’s success to its core competencies in customer acquisition, product innovation, and AI-powered operations. Huize’s international expansion, spearheaded by Poni Insurtech, is gathering momentum, with notable progress in the Hong Kong market and the recent acquisition of Vietnam-based Global Care.
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