Founded in 1998, Fanhua is the largest technology and insurance expertise-driven insurance agency group in China.
We connect approximately 11.0 million individual customers and 1.8 million corporate customers to our 100 insurance company partners. As an independent insurance agency, we possess unique advantages over the exclusive distribution channels of insurance companies. We offer a broader range of insurance products underwritten by multiple insurance companies to address the needs of increasingly sophisticated customers with diverse needs and preferences and better services backed by our nationwide network.
We focus on offering long-term life insurance products including health insurance, endowment life, annuity, whole life and term life insurance and distribute property and casualty insurance products including automobile insurance, individual accident insurance, homeowner insurance, liability insurance and travel insurance. We also provide insurance claims adjusting services such as damage assessment and loss estimations.
With strategic focus on long-term life and health insurance products and services, we were one of the first independent insurance agencies to enter China’s life insurance agency market. We began distributing long term life and health insurance products in 2006 and have become an industry leader after accumulating valuable industry experience for over 10 years.
We have adopted an integrated offline-to-online (“O2O”) operating model, using our technology platforms to boost efficiency and the user experience, and relying on our extensive offline distribution and service network to facilitate sales of complex insurance products and offer reliable after-sales services.
We have the largest independent insurance product distribution network and the most comprehensive insurance service network in China. With 424,510 sales agents, 764 sales outlets in 22 provinces as of September 30, 2020, our distribution network was the largest among independent insurance agencies in China, and the fourth largest if the insurance companies’ own distribution networks were also included. With 1,615 claims adjusters in 121 service outlets as of September 30, 2020, our claims adjustment service network covered 31 provinces in China. Our extensive distribution and service network and sizable sales and service work force allow us to engage with and serve customers nationwide and serve as a substantial entry barrier to China’s insurance agency industry.
We began building online platforms to sell insurance products as early as 2010 and pioneered the adoption of digital technologies in China’s insurance agency industry. To meet demand for different insurance products and services, we have established industry-leading online platforms including Lan Zhanggui, Baowang (www.baoxian.com) and eHuzhu (www.ehuzhu.com) Our technology platforms enable intelligent deal management and streamline and expedite transaction processes, while our offline distribution and service network provides an effective channel for us to engage with and serve our clients. This O2O model significantly enhances our operational efficiency and scalability.
We operate in a fast-growing industry with abundant opportunities. The separation of insurance underwriting and distribution is a significant trend in China’s insurance industry. Historically dominated by in-house sales forces and exclusive agents, insurance distribution channels in China have gradually shifted towards independent insurance agencies, as demand for insurance products and services has diversified in recent years. With strong brand recognition, established relationships with major insurance companies, an extensive distribution and sales network and cutting-edge technology, we believe we are well-positioned to seize opportunities resulting from the growth and transformation of the insurance agency industry in China.