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Scenario-based healthcare products prevailing in post-pandemic era, Qingsong Health Group Insurance rises as new hit in Chinese digital insurance industry: Hurun Report

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SHANGHAI, Sept. 21, 2020 /PRNewswire/ — Hurun Report, a leading provider of high-quality lists and research, released Hurun China Digital Insurance Agencies 2020 on 16 September, 2020. The report, the first of its kind by Hurun Report, lists the 10 highest-rated digital insurance agencies in China based on their business performance and innovation abilities in the past two years. 

Digital insurance refers to a business model supported by the internet, mobile communication networks and other technologies, which sees the insurer and the insured signing contracts and providing services though insurer-owned online platforms or third-party purchasing platforms.

With a long industry chain and diversified products, the insurance sector is highly integrated with other industries. Hence, various platform business models have emerged in the digital insurance sector.

It is worth noting that the list in this report focuses on internet and tech enterprises that hold stake in, invest in or set up online insurance agencies with individual customers and insurance agents as targets. Insurance agencies targeting corporate clients are excluded from the list. In addition, research in this report only covered private businesses in the Chinese mainland. 

The post-pandemic era has seen health becoming one of the hottest topics and diversified insurance products, said Rupert Hoogewerf, the chairman and chief researcher of Hurun Report. Quoting statistics from Insurance Association of China, Hoogewerf said Chinese insurers’ premium income increased by 6.5 percent year on year to 2.7 trillion yuan in the first half of the year.

Insurance agencies have played a crucial part in insurance purchases, whose premium income has accounted for over 80% of the total premium income for the past consecutive years, Hoogewerf noted, adding that the practice of independent service providing and marketing has shaped the insurance sector, and, at present, near 70% of China’s 700 national insurance agencies are eligible to market online.

Digital insurance in China has enjoyed leap-forward development in the past years, Hoogewerf said. He further explained that, besides internet giants Baidu, Alibaba, Tencent and JD.com, Ctrip, Didi, Meituan and other platforms have rolled out insurance services. Relying on massive active users and taking advantages of big data and cloud computing technologies, those companies have designed insurance products in accordance with the consumption scenarios of their original platforms, including entertainment, shopping, travelling and mutual health aid, to meet the insurance needs of different customer groups, said Hoogewerf. For instance, Hoogewerf added, Ant Insurance provides shipping insurance for online shopping and Ctrip offers insurance for flight accidents and delay.

In digital insurance business, there are other companies that worth gaining people’s attention, such as scenario-based health insurance marketing agencies represented by Qingsong Health Group’s insurance platform, and China’s earliest online platforms that obtained online insurance brokerage licenses represented by Huize Insurance, said Hoogewerf.

As insurtech embraces a new development era in both China and the global market, multiple business players have been competing for the position of industry leaders, Hoogewerf noted. He said the prospects of Chinese digital insurance agencies are promising, given the trend of independent service providing and marketing in insurance industry as well as the rapid development of internet technology.

Top 10 of Hurun China Digital Insurance Agencies 2020

Agency

Affiliated enterprise

Headquarters location

1

WeSure

Tencent Holdings Ltd

Shenzhen

2

Ant Insurance

ANT Group Co., Ltd

Hangzhou

3

Qingsong Health Group

Qingsongchou Network Technology Co. Ltd

Beijing

4

Huize.com

Huize Holding Ltd

Shenzhen

5

Shuidibao

Beijing Zongqing Xiangqian Science and Technology Co., Ltd. 

Beijing

6

Jingdong Insurance

Beijing Jingdong Financial Technology Holding Co., Ltd

Beijing

7

Suning Insurance

Suning Financial Services (Shanghai) Co., Ltd

Shanghai

8

Ctrip Insurance Services

Shanghai Ctrip Business Co., Ltd

Shanghai

9

WeiEase Tech App

Hangzhou WeiEase Tech Co., Ltd.

Hangzhou

10

Duxiaoman Insurance

Beijing Duxiaoman Technology Co., Ltd.

Beijing

Source: Hurun Report

Brief introduction of examples of agencies on the List

WeSure, an example of digital insurance agencies affiliated to the internet giants

In 2017, Tencent officially launched its online insurance subsidiary WeSure in its WeChat Pay service, aiming to connect potential insurance clients with different insurance scenarios by capitalizing on the high engagement rate of WeChat and other social media networks under Tencent. WeSure enables consumers to buy various insurance products, inquire and settle claims online via WeChat and QQ. So far, WeSure has established cooperative relations with around 20 insurers including Taikang Online and PICC. In 2018, the platform introduced Insurance Hongbao, a stimulus of certain amount of money that encouraged WeSure users enrolling their WeChat contacts as new users and therefore targeted potential clients. In July 2020, WeSure, along with media and a dozen of insurers, launched China’s first insurance festival which saw the participation of 148 million users. WeSure data showed its total compensation in 2019 exceeded 330 million yuan, seven times of that of 2018.

Insurance platform of Qingsong Health Group, an example of digital insurance agencies affiliated to online crowdfunding platforms

Established as a crowdfunding platform for serious illness treatment, Qingsong Health Group has helped cultivating users’ awareness to insurance. It then started its insurance agency catering to the needs of its user group and insurance clients. Based on users of Qingsong Health Group, the insurance platform interacted with the group’s other subsidiaries, such as the crowdfunding and public benefit platforms. After its upgradation in 2020, the insurance platform, collaborating with insurers CPIC and Zhongan, launched a marketing campaign targeting users in their 20s and 30s. By measures of allowing using daily steps to deduct premiums and encouraging payment by instalments, the campaign had made it easier for young users buying insurance.  

Huize Insurance, an example of professional digital insurance agencies

Founded in 2006, Huize.com was among the earliest few platforms in the country obtaining online insurance brokerage licenses. Its establishment marked the birth of China’s first Internet insurance "supermarket" that integrated insurance purchase and product comparison. Being an early bird and hence benefiting from advantages in attracting users and partners as well as technological supporting, Huize.com has reshaped the insurance sector through offering clients one-stop integrated insurance solutions. In regard of brand marketing, the platform cooperates with 17,000 media marketing entities, covering WeChat, Zhihu, Sina Weibo and other leading social media communities. The marketing contents targeting individual users focuses on insurance knowledge introduction, product comparison and evaluation. The comprehensive marketing strategies have brought significant and constant attention to the platform. Through online customer support and call center service, Huize.com achieves efficient communication with users and conducts purchases. Insurance premiums of Huize Insurance in 2019 exceeded 2 billion yuan, an year-on-year increase of 110%. In February 2020, Huize Holding Limited successfully listed and commenced trading on Nasdaq Global Market.

About list compilation: This list was compiled via qualitative and quantitative comprehensive research methods. Firstly, basing on recommendations by industry experts and published information, Hurun Report selected nearly 150 corporates with digital insurance operations and conducted a preliminarily screening (including confirming basic information such as headquarters locations, founding date, insurance brokerage qualification, etc.). Then, researchers made a thorough study on 40 enterprises with satisfying performance. Through in-depth analysis of overall information of the targeted companies (including profile, shareholder structure, public relations, partnership relations, enterprise value and financing information, number of users, reputation, marketing strategy, etc.), Hurun Report rated the companies by 12 indicators of 4 dimensions with the quantitative method. The top 10 platforms were selected based on comprehensive ratings.   

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Huaneng Power International, Inc.: RMB 9.133 Billion Net Profit Attributable to Shareholders for the Three Quarters of 2020 Increased by 69.34%

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BEIJING, Oct. 27, 2020 /PRNewswire/ — Huaneng Power International, Inc. ("HPI", or the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) today announced its unaudited operating results prepared in accordance with the PRC GAAP for the nine months ended September 30, 2020.

For the three quarters of 2020, the Company and its subsidiaries recorded consolidated operating revenue of RMB 121.823 billion (equivalent to approximately USD 17.889 billion), representing a decrease of 4.31% compared to the same period of last year. The net profit attributable to shareholders of the Company was RMB 9.133 billion (equivalent to approximately USD 1.341 billion), representing an increase of 69.34% compared to the same period of last year. The earnings per share was RMB 0.50 and earnings per ADS amounted to RMB 20.13 (equivalent to approximately USD 2.957). The increase of Company’s net profit was mainly due to the decrease of fuel prices.

Encl: The unaudited summary financial information of the Company for the nine months ended September 30, 2020. The summary financial information is published under the listing regulations of the China Securities Regulatory Commission. The summary financial information was prepared in accordance with the Accounting Standards for Business Enterprises of the People’s Republic of China ("PRC GAAP"), which differs from the International Financial Reporting Standards ("IFRS") and the accounting principles generally accepted in the United States of America ("US GAAP"). No reconciliation with IFRS or US GAAP has been made in the presentation of the summary financial information. 

~End~

Encl: The unaudited summary financial information of the Company for the nine months ended September 30, 2020. The summary financial information is published under the listing regulations of the China Securities Regulatory Commission. The summary financial information was prepared in accordance with the Accounting Standards for Business Enterprises of the People’s Republic of China ("PRC GAAP"), which differs from the International Financial Reporting Standards ("IFRS") and the accounting principles generally accepted in the United States of America ("US GAAP"). No reconciliation with IFRS or US GAAP has been made in the presentation of the summary financial information. 


About Huaneng Power International, Inc.

Huaneng Power International, Inc. is one of China’s largest listed power producers with controlled generation capacity of 111,971 MW and equity-based generation capacity of 98,217 MW. The power plants of the Company are located in 26 provinces, autonomous regions and municipalities in China. The Company also has a wholly-owned power company in Singapore, and an invested power company in Pakistan.

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FreshToHome raises $121M – the largest ever Series C funding in India Consumer Tech

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– Led by Investment Corporation of Dubai (ICD), Investcorp, Ascent Capital, The United States International Development Finance Corporation (DFC) and Allana with significant follow-on investment from Series B lead investor Iron Pillar

– Capital to support fast-paced expansion of the brand in India and the Middle East – targeting $200M Sales in 2021 while maintaining current EBITDA profitability in mature cities through deeper supply chain integration on the platform

BANGALORE, India and SINGAPORE, Oct. 27, 2020 /PRNewswire/ — FreshToHome, the world’s largest fully integrated online brand in fresh fish and meat e-commerce raised $121M in Series C funding led by Investment Corporation of Dubai (ICD) – the principal investment arm of the Government of Dubai, Investcorp – a leading global manager of alternative investments, Ascent Capital – a leading India-focused growth capital provider, U.S. Government’s development finance institution – DFC, the Allana Group and other investors. Iron Pillar, the lead investor from Series B participated in this round with a significant investment of $19M. Barclays was an advisor for the transaction.

FreshToHome raises $121M – the largest ever Series C funding in India Consumer Tech
FreshToHome raises $121M – the largest ever Series C funding in India Consumer Tech

 

"COVID-19 transformed the fish and meat purchasing behaviour of consumers dramatically. Due to safety concerns, consumers made the habit-forming shift to e-commerce and we saw online demand for our products going up many folds this year thanks to safety guarantee of ‘100% Fresh and 0% Chemicals‘. FreshToHome stands by the brand’s assurance and creates enormous social and economic impact by enabling sellers to directly source from the fishermen and farmers with its patent-pending AI-powered supply chain technology and aided by a state-of-the-art cold chain. We are just beginning to scratch the surface of a very large market and the current capital raise will help us realize our full potential through rapid expansion in India and the Middle East," said Shan Kadavil, Co-Founder and CEO of FreshToHome.

FreshToHome is the world’s largest fully integrated online brand in fresh fish and meat e-commerce, with approximately 1.5 Million (15 Lakh) B2C orders per month and $85M (~INR 600 Crore) annualized sales on the platform.

"We are pleased to partner with FreshToHome and to support the vision of management and the growth of the company. FreshToHome is a leader in leveraging AI-based technology and business innovation to bring a superior value proposition to customers and suppliers in a large and important market. At ICD, we seek to partner with companies like FreshToHome that are able to break new ground for the greater good while also enjoying a large shareholder value creation opportunity. This successful fundraising is a strong recognition of the company’s achievements and significant potential," said Khalifa Al Daboos, Deputy CEO of Investment Corporation of Dubai.  

Shan Kadavil and other co-founders of FreshToHome have a Silicon Valley entrepreneurship background, having been part of leadership teams of companies such as Zynga.  Some of the early backers of FreshToHome include Mark Pincus – Zynga founder, David Krane – CEO of Google Ventures, Pete Briger – Chairman of Fortress, Abdul Aziz Al-Ghurair – Chairman of Mashreq Bank, Rajan Anandan of Sequoia and other renowned investors. 

"DFC’s first equity deal with FreshToHome demonstrates the power of our new equity tool to drive development and advance U.S. foreign policy," said  US Government’s DFC CEO Adam Boehler. "This project will support economic growth and strengthen agricultural supply chains in a key U.S. partner."

Support from its existing large Middle East-based investors such as CE-Ventures – the corporate venture capital platform of Crescent Enterprises significantly helped in aiding its expansion in the UAE, where it is already one of the top 5 e-grocers.

Gaurav Sharma, Head of Private Equity at Investcorp India added, "At Investcorp, we look at companies who redefine the category with proven top-line and bottom-line impact. We believe that FreshToHome fits this bill perfectly and is poised to achieve significant scale. We look forward to this partnership and supporting the company in realising its full potential."

"’FreshToHome’s unique collaborative approach with fishermen, farmers, and use of tech-based solutions on procurement give them an edge in emerging as the best reliable brand in the segment and a potential contender for the Unicorn Club," said Raja Kumar, Founder & CEO, Ascent Capital.

For details, Contact: [email protected] 

Photo – https://mma.prnasia.com/media2/1320774/freshtohome_series_c_funding.jpg?p=medium600 
Logo – https://mma.prnasia.com/media2/1320773/FreshToHome_Logo.jpg?p=medium600

 

 

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STRATACACHE Launches Full Line of LINQ Intelligent Tablets Designed and Built by Consumer Engagement Experts

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DAYTON, Ohio, Oct. 27, 2020 /PRNewswire/ — STRATACACHE today announced the launch of commercial grade LINQ all-in-one intelligent tablets, designed and built by STRATACACHE’s customer engagement engineers. The tablets are integrated across all digital signage, interactive experience, and mobile commerce/mobile shopping platforms in the STRATACACHE family including Scala, X2O Media and Real Digital Media, and range in size from 11" to 55", combining powerful performance with a slim form factor to deliver powerful interactive digital experiences.

LINQ tablets are optimized for fixed applications such as point of sale, digital catalogs, digital signage, self-service kiosks and interactive guided selling solutions, ideal for STRATACACHE’s global clientele including marketing and innovation teams.
LINQ tablets are optimized for fixed applications such as point of sale, digital catalogs, digital signage, self-service kiosks and interactive guided selling solutions, ideal for STRATACACHE’s global clientele including marketing and innovation teams.

Designed to withstand continuous commercial use in any high-volume retail, hospitality, QSR or brand environment, LINQ tablets are optimized for fixed applications such as point of sale, digital catalogs, digital signage, self-service kiosks and interactive guided selling solutions, ideal for STRATACACHE’s global clientele including marketing and innovation teams.

LINQ tablets are equipped with a front-facing camera and integrated mobile sensors, enabling consumer detection and identifying demographics, which allows marketers and innovators to create highly personalized consumer experiences tailored to the current audience. LINQ tablets also support the latest generation of artificial intelligence and guided selling/suggestive engine technology by STRATACACHE.

"Evolving our product line to include intelligent tablets is key to addressing our clients’ needs to personalize and automate digital solutions such as smart lockers, pickup automation, next gen point of sale, product discovery, wayfinding and assisted selling tools, so they can truly tailor digital engagement with consumers and employees," said Chris Riegel, CEO of STRATACACHE. "Strategically, we designed our tablets with our customers’ end goals in mind, ensuring there is flexibility in choosing hardware that fits their project, while providing a complete technology solution at a highly competitive market price."

STRATACACHE engineered LINQ tablets from the bottom up for reliability and scale, featuring a purpose-built design specifically tailored for digital engagement applications. With continuous 24/7 commercial use, the screens use DC-AC power, eliminating the need for battery power. For sizes 18.5" or smaller, POE is standard, eliminating the need for commercial AC power, providing cost savings and flexibility for installation. LINQ tablets feature:

  • Wide viewing angle
  • Enhanced brightness and color contrast
  • Enterprise security and hardening
  • Proven, scalable CMS platform for content distribution and device management
  • Optional accessories such as payment processing, barcode scanning, and NFC
  • Choice of Linux, Android and Windows Operating Systems
  • Choice of ARM or X86 based hardware platforms

Learn more at stratacache.com/linq-commercial-tablets/.

About STRATACACHE
STRATACACHE delivers in-store retail experience transformation and exceptional customer journeys through a wide array of marketing technology. Our solutions enable retailers to learn deeply about their customers’ shopping preferences and behaviors, delivering targeted promotional or task-based messaging on any digital display. With 3.3 million+ software activations globally, we power the biggest digital networks for the world’s largest brands. Across the STRATACACHE family of complementary Marketing Technology solution companies, we have the technology, expertise and track record to bring retail innovation that delivers results. Learn more about the STRATACACHE family at www.stratacache.com, on Twitter @STRATACACHE or on Facebook.

Photo – https://mma.prnasia.com/media2/1320327/stratacache_linq.jpg?p=medium600
Logo – https://mma.prnasia.com/media2/659530/STRATACACHE_Logo.jpg?p=medium600

 

Related Links :

http://www.stratacache.com

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