Waterdrop Inc offers Huiminbao services to raise insurance coverage for China's underserved consumer population

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Oct 27, 2021, 03:47 ET

BEIJING, Oct. 27, 2021 /PRNewswire/ -- Waterdrop Inc. (NYSE: WDH) ("Waterdrop" or "the Company"), a leading technology platform dedicated to insurance and healthcare service with a positive social impact, has taken a leading position in the government-backed health insurance product (known as "Huiminbao") market, one of the fastest growing government-backed commercial health insurance products in the Chinese insurance industry in recent years. Through its expansion into cities such as Beijing, Zibo and Dezhou, Waterdrop has further effectively carried out its socially responsible mission of building out comprehensive medical protection systems across the country by offering local residents coverage on high medical costs.

Huiminbao products are characterized by strong inclusive benefit, low financial threshold, and wide protection coverage. Middle to low-income residents, particularly seniors and the elderly, could therefore benefit from a great peace of mind from the products' low premiums and high sum-insured.

Since this year, Waterdrop has expanded its Huiminbao offerings and has secured a leading position in the Chinese market. Waterdrop will also leverage its platform in providing comprehensive services including medical crowdfunding, insurance marketplace and healthcare and pharmaceutical services to benefit the wider public.

On July 26, "Beijing Huiminbao" was launched, which offered medical coverage to residents of up to RMB 3 million per year for only an annual premium of RMB 195. Since debuting on the Waterdrop platform, the product has insured over 3 million customers. Beijing Huiminbao is jointly directed by the Beijing Municipal Medical Insurance Bureau and the Beijing Local Financial Supervision and Administration and supervised by the Beijing Supervisory Bureau of the CBIRC.

On September 6, "Zibo Huiminbao 2021" was launched, which is the first universal commercial supplemental medical insurance in Shandong Province. Waterdrop is the operating platform, under the guidance of Zibo Medical Insurance Bureau and supervision of Zibo Banking and Insurance Supervision Branch. The number of insured exceeded 200,000 on the first day of operation and has since grown to nearly 1,000,000.

On October 13, "Dezhou Huiminbao" was launched, with over 100,000 subscribers on the first day. With Waterdrop as the operating platform, the product is guided by the Dezhou Municipal Medical Insurance Bureau, supervised by the Dezhou Banking and Insurance Supervision Branch, with PICC P&C as the main underwriter.

Waterdrop's participation in the Huiminbao market further enriches the company's product ecosystem and will help the company deliver the benefits of insurance to more consumers who need it most.

Yang Guang, General Manager of Waterdrop Insurance Marketplace, said that the positioning of Waterdrop in the Huiminbao market is a "one-stop shop" insurance technology platform covering product design, platform establishment, retail sales, pharmaceutical benefit management, and patient services etc.

About Waterdrop Inc.

Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare service with a positive social impact. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Marketplace and Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service to billions through technology. For more information, please visit www.waterdrop-inc.com.

SOURCE Waterdrop Inc.