BEIJING, Feb. 6, 2024
/PRNewswire/ -- Hexiang Insurance
Brokers, a subsidiary of Yiren Digital, has been officially
included in the Approved Supplier List (ASL) of Beijing Foreign
Enterprise Human Resources Service Co., Ltd. (FESCO), marking a
milestone in Hexiang's expansion into the domain of human resources
services for foreign enterprises through its bespoke commercial
insurance solutions.
For over four decades, FESCO has been a leading force in
China's human resources industry,
providing unmatched service and expertise. Recognized for its
rigorous selection criteria for partnerships, FESCO's collaboration
with Hexiang is attributed to Hexiang's innovative approach to
tailoring insurance products and its strategic partnerships with
top-tier insurance providers. This endorsement highlights Hexiang's
capabilities in meeting FESCO's high standards and contributing to
the advancement of the industry. Currently, FESCO serves tens of
thousands of corporate clients, covering millions of employees
across sectors such as information technology, new energy,
aerospace, and biopharmaceuticals. This presents a vast market
opportunity for Hexiang in employee insurance solutions.
Established in 2011, Hexiang Insurance Brokers has developed
into a respected national insurance brokerage firm, with 32
branches across China and
partnerships with over 100 insurers, including industry giants like
Ping An and China Life. This robust
network enables Hexiang to offer a comprehensive suite of insurance
services, catering to both corporate and individual clients. In
collaboration with FESCO, Hexiang is well-equipped to deliver high
quality insurance solutions to address the needs of corporate
employees in areas such as medical, accidental injury, and critical
illness coverage.
Hexiang has exhibited significant growth both in business volume
and financial performance since its acquisition by Yiren Digital in
2020. The brokerage firm reported a gross premium of RMB 3.7 billion in the first three quarters of
2023, marking a 42% increase year-over-year, alongside a 62% surge
in revenue to RMB 866 million.
Within the Yiren Digital ecosystem, Hexiang Insurance Brokers
distinguishes itself as a pivotal player. Unlike its counterparts,
Hexiang actively explores both life and property insurance sectors,
fostering innovation to expand its market footprint. Its life
insurance offerings are comprehensive, spanning from health and
accident insurance to annuities, thereby addressing a wide spectrum
of client needs for financial security, educational savings,
retirement planning, and wealth succession. This approach not only
diversifies the insurance and financial planning solutions
available to Yiren Digital's clientele but also enhances their
value proposition.
On the property insurance front, Hexiang showcases a versatile
portfolio. It caters to both individuals and businesses with a
variety of products, including corporate, home, and liability
insurance, as well as sector-specific offerings like cargo,
engineering, agricultural, and auto insurance. This extensive range
empowers Hexiang to support corporate clients in employee benefits,
risk management, and business continuity planning, while also
aiding families in safeguarding their assets. This broadens Yiren
Digital's service capabilities and market opportunities.
Hexiang Insurance Brokers is on a
mission to establish itself as the preeminent brokerage in
China's insurance market by
delivering an extensive and varied range of brokerage services.
This commitment to excellence has been acknowledged through
prestigious accolades, including the 'High Networth Life Insurance
Service of the Year in China'
award from The Asian Banker in 2021 and the 'Outstanding Insurance
Brand Award' from Jin Rong Jie, a
celebrated Chinese financial media outlet, in 2022.
About Yiren Digital
Yiren Digital Ltd. is an advanced, AI-powered platform providing
a comprehensive suite of financial and lifestyle services in
China. Our mission is to elevate
customers' financial well-being and enhance their quality of life
by delivering digital financial services, tailor-made insurance
solutions, and premium lifestyle services. We support clients at
various growth stages, addressing financing needs arising from
consumption and production activities, while aiming to augment the
overall well-being and security of individuals, families, and
businesses.
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SOURCE Yiren Digital