Fanhua Inc. (NASDAQ: FANH), which just launched a platform, is up 10.18% at $5.52 in the current market.
What platform did FANH introduce?
The open platform (the “Open Platform”), developed by Fanhua (FANH) to support market-based independent insurance companies and agents, was officially launched last week, as it was reported.
Various market players will have access to a standardized compliance framework, the entire range of products and services available, cutting-edge technology and digital operating capabilities, expert training and services, and financial assistance thanks to Fanhua’s Open Platform. In order to increase company quality control through equity linkages, FANH may also judiciously engage in or purchase competent intermediate firms.
The Chairman and CEO of Fanhua, Mr. Hu Yinan, remarked on the unveiling of the Open Platform and noted that the life insurance sector in China is undergoing a deep shift. Life insurance sales teams are evolving to become more distinctively professional, career-based, and elite and are structured in a more flattened, tiny, dispersed, and customized manner as the conventional pyramid structure of the life insurance sales force is coming apart.
As a result, there is a huge demand for a public professional platform that can aid numerous dispersed sales organizations and independent agents in ensuring compliance, achieving professional growth, providing whole life insurance services to clients, and enhancing business effectiveness. The individual life insurance agency industry in China will see further development as sales organizations grow more dispersed, and the market for supporting platforms will consolidate.
How FANH came to that decision?
Fanhua (FANH) has always operated on the “professional back office platform + individual entrepreneurship” paradigm. FANH has created a solid open platform with a complete architecture after 24 years of development. The open platform has helped FANH agents advance professionally and professionally, as seen by a notable increase in the quantity and productivity of its elite agents. FANH believes that the moment has come to extend the platform to the whole sector.