Willis launches Zest Insurance, a digital revolution for Australian SMEs
MELBOURNE, Australia, June 18, 2025 (GLOBE NEWSWIRE) — Willis, a WTW business (NASDAQ: WTW), today launches Zest Insurance, a cutting-edge digital insurance platform tailored specifically for small and medium enterprises (SMEs) in Australia.
Zest Insurance represents a bold step forward in the digital transformation of SME insurance. It offers a seamless, fast and intuitive online experience backed by expert broker support. Designed to meet the evolving needs of modern business owners, Zest Insurance empowers SMEs to purchase, manage and renew their insurance policies entirely online.
James Baum, Head of Pacific, WTW says: 'The launch of Zest Insurance comes at a pivotal time for the Australian SME market. With 97% of businesses having 20 or fewer employees, the platform is poised to serve a vast and growing segment of the market. Zest Insurance aims to bridge the gap between traditional insurance models and the digital expectations of modern SME owners.'
Brent Lehmann, Head of Commercial & Affinity, Pacific at Willis, adds: 'SMEs are the backbone of the Australian economy, yet many still face outdated, complex processes when it comes to insurance. They increasingly demand convenience, speed and tailored insurance solutions. Zest Insurance is our answer to that challenge, bringing together digital convenience and trusted expertise in one powerful platform. It aims to make purchasing business insurance more straightforward for small business owners.'
The Australian SME market, valued at over AUD 9 billion in gross written premium, has been slower to adopt digital insurance solutions compared to global counterparts. Zest Insurance aims to close that gap by offering: A fully digital customer journey – from insurance quote to bind, renewal, and policy management, all conducted online.
– from insurance quote to bind, renewal, and policy management, all conducted online. Industry-specific insurance solutions – with one dedicated insurer per industry to ensure tailored coverage to protect businesses.
– with one dedicated insurer per industry to ensure tailored coverage to protect businesses. User-friendly design – intuitive forms and interfaces built to enhance and simplify the customer experience.
– intuitive forms and interfaces built to enhance and simplify the customer experience. Insurance broker support on demand – expert advice available when needed, ensuring confidence and clarity.
Zest Insurance will be available initially to businesses in the administration and support services industry, including bookkeepers, payroll services, management and marketing consultants, market research firms and more, with plans to expand industry offerings in future phases. Zest Insurance policies for this first industry will be exclusively underwritten by Chubb, a world leader in insurance.
James adds: 'We've built Zest Insurance to be more than just a platform. It's a new way of thinking about SME insurance. It's about simplicity, transparency and putting the customer first. Together, we're setting a new standard for SME insurance, starting in Australia.'
For more information, visit: www.zestinsurance.com.
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at wtwco.com.
Media contact
Clara Goh: +65 6958 2542
[email protected]
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
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One of the key limitations of using non-GAAP income from operations, non-GAAP net income (loss), non-GAAP net loss attributable to ordinary shareholders, or non-GAAP loss per ADS is that it does not reflect all items of income and expense that affect the Company's operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP measures, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure. Reconciliation of the non-GAAP financial measures to the most comparable U.S. GAAP measures is included at the end of this press release. Exchange Rate Information Statement This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2567 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2025. Forward-Looking Statements This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as 111's strategic and operational plans, contain forward-looking statements. 111 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability comply with extensive and evolving regulatory requirements, its ability to compete effectively in the evolving PRC general health and wellness market, its ability to manage the growth of its business and expansion plans, its ability to achieve or maintain profitability in the future, its ability to control the risks associated with its pharmaceutical retail and wholesale businesses, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and 111 does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. About 111, Inc. 111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China. The Company provides consumers with better access to pharmaceutical products and healthcare services directly through its online retail pharmacy, 1 Pharmacy, and indirectly through its offline virtual pharmacy network. The Company also offers online healthcare services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation, electronic prescription service, and patient management service. In addition, the Company's online platform, 1 Medicine, serves as a one-stop shop for pharmacies to source a vast selection of pharmaceutical products. With the largest virtual pharmacy network in China, 111 enables offline pharmacies to better serve their customers with cloud-based services. 111 also provides an omni-channel drug commercialization platform to its strategic partners, which includes services such as digital marketing, patient education, data analytics, and pricing monitoring. For more information on 111, please visit: 111, Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except for share and per share data) As of As ofDecember 31, 2024 March 31, 2025RMB RMBUS$ ASSETS Current assets: Cash and cash equivalents 462,289 485,73666,936 Restricted cash 56,043 71,0969,797 Short-term investments - -- Accounts receivable, net 413,101 266,58236,736 Notes receivable 78,827 94,76513,059 Inventories 1,387,403 1,342,798185,043 Prepayments and other current assets 251,994 224,21830,898 Total current assets 2,649,657 2,485,195342,469 Property and equipment, net 32,903 30,8824,256 Intangible assets, net 1,437 1,259173 Long-term investments - -- Other non-current assets 14,682 14,1431,949 Operating lease right-of-use asset 89,071 76,41010,530 Total assets 2,787,750 2,607,889359,377LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICITCurrent liabilities: Short-term borrowings 160,981 148,50020,464 Accounts payable 1,721,425 1,680,164231,531 Accrued expense and other current liabilities 460,173 346,01847,684 Total current liabilities 2,342,579 2,174,682299,679 Long-term operating lease liabilities 55,448 46,7026,436 Other non-current liabilities 8,961 8,6321,190 Total liabilities 2,406,988 2,230,016307,305MEZZANINE EQUITY Redeemable non-controlling interests 1,038,914 1,051,913144,957SHAREHOLDERS' DEFICIT Ordinary shares Class A 33 335 Ordinary shares Class B 25 253 Treasury shares (5,887) (5,887)(811) Additional paid-in capital 3,172,820 3,176,937437,794 Accumulated deficit (3,883,992) (3,901,641)(537,661) Accumulated other comprehensive income 74,357 74,27710,236 Total shareholders' deficit (642,644) (656,256)(90,434) Non-controlling interest (15,508) (17,784)(2,451) Total deficit (658,152) (674,040)(92,885) Total liabilities, mezzanine equity and deficit 2,787,750 2,607,889359,377 111, Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands, except for share and per share data) For the three months ended March 31,20242025RMBRMBUS$ Net revenues 3,528,4293,529,279486,348 Operating costs and expenses: Cost of products sold (3,319,896)(3,334,184)(459,463) Fulfillment expenses (88,523)(93,566)(12,894) Selling and marketing expenses (80,360)(67,908)(9,358) General and administrative expenses (19,074)(18,341)(2,527) Technology expenses (18,309)(15,459)(2,130) Other operating income, net 1,45732445 Total operating costs and expenses (3,524,705)(3,529,134)(486,327) Income from operations 3,72414521 Interest income 1,9661,254173 Interest expense (7,982)(8,732)(1,203) Foreign exchange (loss) gain (219)426 Other loss, net (123)-- Loss before income taxes (2,634)(7,291)(1,003) Income tax expense (51)(16)(2) Net loss (2,685)(7,307)(1,005) Net loss attributable to non-controlling interest (173)1,745240 Net loss attributable to redeemable non-controlling interest 28944561 Adjustment attributable to redeemable non-controlling interest (11,206)(12,532)(1,727) Net loss attributable to ordinary shareholders (13,775)(17,649)(2,431) Other comprehensive loss Unrealized gains of available-for-sale securities, (34)-- Realized gains of available-for-sale debt securities 177-- Foreign currency translation adjustments 620(80)(11) Comprehensive loss (13,012)(17,729)(2,442) Loss per ADS: Basic and diluted (1.60)(2.00)(0.20) Weighted average number of shares used in computation of loss per share Basic and diluted 171,220,973173,119,578173,119,578 111, Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the three months ended March 31,20242025RMBRMBUS$ Net cash provided by operating activities 108,438112,59915,516 Net cash provided by (used in) investing activities 29,742(1,088)(150) Net cash used in financing activities (155,471)(72,981)(10,057) Effect of exchange rate changes on cash and cash equivalents, and restricted cash 1,072(30)(4) Net (decrease) increase in cash and cash equivalents, and restricted cash (16,219)38,5005,305 Cash and cash equivalents, and restricted cash at the beginning of the period 623,548518,33271,428 Cash and cash equivalents, and restricted cash at the end of the period 607,329556,83276,733 111, Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results (In thousands, except for share and per share data) For the three months ended March 31,20242025RMBRMBUS$ Income from operations 3,72414521 Add: Share-based compensation expenses 5,1714,115567 Non-GAAP income from operations 8,8954,260588 Net loss (2,685)(7,307)(1,005) Add: Share-based compensation expenses, net of tax 5,1714,115567 Non-GAAP net income (loss) 2,486(3,192)(438) Net loss attributable to ordinary shareholders (13,775)(17,649)(2,431) Add: Share-based compensation expenses, net of tax 5,1714,115567 Non-GAAP net loss attributable to ordinary shareholders (8,604)(13,534)(1,864) Loss per ADS(6): Basic and diluted (1.60)(2.00)(0.20) Add: Share-based compensation expenses per ADS(6), net of tax 0.600.400.00 Non-GAAP loss per ADS(6) (1.00)(1.60)(0.20) (6) Every one ADS represents twenty Class A ordinary shares. View original content: SOURCE 111, Inc. 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