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

BEIJING, July 21, 2022 /PRNewswire/ — Waterdrop Inc. (“Water drop“, the “Company” or “we”) (NYSE: WDH), a leading technology platform dedicated to positive social impact health and insurance services, today announced its partnership with China United Property Insurance Company Limited (“ICC”) and Yong An Insurance (“Yong An”) to launch “Blue Ocean Water Drop“, 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 with pre-existing medical conditions.

Health declaration waiver is a breakthrough in critical illness insurance

In October 2021Chinese banking services and Insurance Regulatory Commission (“CBIRC”) unveiled a guideline on enriching the health insurance product offering, in which the regulator encourages insurance companies to appropriately relax threshold requirements for insurance applicants and to provide reasonable coverage for seniors with pre-existing conditions and chronic conditions.

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 ranpartner of Water dropsaid, “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 “Blue Ocean Waterdrop” 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 managing director of 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 An, said, “Many elderly people and consumers with chronic illnesses were hesitant to purchase health insurance products because they feared that incomplete disclosure of their health status to the insurance company insurance does not negatively affect their future insurance claims. Blue Ocean’ has removed the health declaration 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, Water dropCIC and Yong An Insurance have listened carefully to the opinions of users. The launch of “Blue Ocean Water Drop” has waived the declaration of health of customers but ensures at the same time that the risks are controllable.

Mr. HuiTengchief actuary of Water dropcommented: “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.”

There “Blue Ocean Water Drop“The critical illness series of 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 cases. mild, moderate, and critical illness with a maximum of two critical illness claims in the first year, and provides extended coverage such as optional benefits for inpatient treatment in critical care, specific organ transplants, ECMO treatment and off-site medical referrals.Blue Ocean Water Dropare consistent with those of other critical illness products that require health claims 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 showcases Water drops 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 services to billions of people”. Go forward, Water drop 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 positive social impact health and insurance services. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Market and the medical crowdfunding Waterdrop, Water drop 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 WE Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate”, “aim”, “future”, “intend”, “expects”, “believes”, “estimates”, “likely to” and similar statements. Statements that are not historical facts, including statements about Water drops 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 Water drops deposits with the SECOND. All information provided in this press release speaks as of the date of this press release, and Water drop does not undertake any obligation to update any forward-looking statement, except as required by applicable law.

For investor inquiries, please contact:

Waterdrop Inc.
Xiaojiao Cui
[email protected]

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

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

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