Waterdrop Launches Industry’s First Personalized Critical Illness Insurance Product with Waiver of Health Claims


BEIJING, July 21, 2022 /PRNewswire/ — Waterdrop Inc. (“Waterdrop”, the “Company” or “we”) (NYSE: WDH), a leading technology platform dedicated to impactful healthcare and insurance services positive social, today announced its partnership with China United Property Insurance Company Limited (“CIC”) and Yong An Insurance (“Yong An“) to launch “Waterdrop Blue Ocean”, a series of personalized and cost-effective critical illness products with a waiver on health claims, further expanding its user group beyond healthy customers to cover customers suffering from pre-existing medical conditions.

Health declaration waiver is a breakthrough in critical illness insurance

In October 2021The China Banking and Insurance Regulatory Commission (“CBIRC”) has unveiled a guideline on enriching the supply of health insurance products, in which the regulator encourages insurance companies to appropriately relax the threshold requirements for insurance applicants and to provide reasonable coverage for precarious elderly people. -existing conditions and chronic diseases.

Currently, typical health insurance products in China primarily target healthy customers while products available to customers with pre-existing conditions only cover certain disease categories, or partially lower their insurance purchase thresholds. Although people with pre-existing conditions have a greater need for insurance protections, their growing demand has been particularly ignored.

Mr. Wei rana Waterdrop partner said, “To address this issue, we are working closely with our insurance partners to promote product innovation, including insurance products for customers with pre-existing conditions. Today, we are pleased to jointly launch the ‘Waterdrop Blue Ocean’ with CIC and Yong An, a series of personalized and cost-effective critical illness products with waiver on health claims, dedicated to customers with pre-existing medical conditions. “

Mr. Shangjun Nie, Vice President of China United Property Insurance and General Manager of its beijing branch said, “As the first of its kind in the industry, the launch of the ‘Waterdrop Blue Ocean’ series is a pioneering initiative and adds great significance to the development of the entire health insurance industry in line.”

Mr. Xiong Liuexecutive vice president of Yong Ansaid, “Many seniors and consumers with chronic conditions were hesitant to purchase health insurance products because they feared that incomplete disclosure of their health status to the insurance company would negatively affect their future claims. insurance. “Waterdrop Blue Ocean” has waived the declaration of health insurance from customers, allowing them to enjoy a more convenient and intelligent insurance service.”

The health declaration waiver will not result in stricter application criteria

During the development phase, Waterdrop, CIC and Yong An Insurance listened extensively to users’ opinions. The launch of “Waterdrop Blue Ocean” has removed the health declaration from customers but at the same time ensures that the risks are under control.

Mr. HuiTengWaterdrop’s chief actuary, said: “The underwriting risk for consumers with pre-existing conditions could be relatively higher. However, by expanding the underwriting population and strengthening our claims review capabilities and our actuarial estimation of insurance claims, we are able to diversify and minimize underwriting risk.”

The Waterdrop Blue Ocean series of critical illness products is available to any insured person from 30 days after birth to age 60, and is renewable annually until age 80. It provides extended coverage for a total of 193 mild, moderate and severe illnesses with a maximum of two critical illness claims in the first year, and offers extended coverage such as optional benefits for inpatient treatment in care intensive care, specific organ transplants, ECMO treatment and off-site medical referrals. With respect to insurance claims, the Waterdrop Blue Ocean Series criteria are consistent with those of other critical illness products that require health declarations and the claims process remains as efficient as other critical illness products.

In terms of insurance premium, for example, a 40-year-old man can purchase “Waterdrop Blue Ocean No. 1” for an annual premium of RMB679with maximum benefits of 150,000 RMB on critical illnesses and a maximum of two claims in the first year. Similarly, a 40-year-old woman can purchase “Waterdrop Blue Ocean No.2” for an annual premium of RMB1,452with maximum benefits of 300,000 RMB on critical illnesses and a maximum of two claims in the first year.

Mr. Ran said the launch of the new product illustrates Waterdrop’s commitment to the mission of “leveraging internet technologies to make insurance protection more inclusive and accessible to the public, and to bring insurance and health care to billions”. Going forward, Waterdrop will continue to co-develop more inclusive insurance products with more industry partners to meet the protection needs of more people.

About Waterdrop Inc.

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

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by terms such as “will ‘, ‘expects’, ‘anticipates’, ‘aims’, ‘future’, ‘intends’, ‘plans’, ‘believes’, ‘estimates’, ‘is likely to’ and similar statements. Statements that are not historical facts, including statements about Waterdrop’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Waterdrop’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Waterdrop undertakes no obligation to update any forward-looking statements except as required by applicable law.

For investor inquiries, please contact:

Waterdrop Inc.
Xiaojiao Cui
[email protected]

In China
Mr. Eric Yuan
Phone: +86-1380-111-0739
E-mail: [email protected]

In U.S
M/s. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: [email protected]

SOURCE Waterdrop Inc.


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