On September 11th, the 'Tongli Xianghao' Waterdrop Insurance Service Ecological Conference and the 2024 'Financial Education Promotion Month' event were held in Beijing. Waterdrop Insurance, in collaboration with multiple insurance companies, established the 'Three Good Service Alliance'. From five aspects including innovative product supply, deep cooperation in claims services, joint construction of service response channels, technology-enabled efficiency improvement, and protection of user information, the user service experience is comprehensively enhanced. In addition, Waterdrop Insurance also formed the first batch of 'Three Good Service Jury', inviting users to personally participate in the optimization of service experience, and giving users the voting right to judge the quality of insurance services.

Image: The establishment of the 'Three Good Service Alliance' by Waterdrop Insurance.

More than a hundred people including the relevant person in charge of the Beijing Insurance Intermediary Industry Association, Zhang Xueyong, Dean of the School of Finance at the Central University of Finance and Economics, Zhu Junsheng, Member of the Expert Committee of the China Insurance and Social Security Research Center at Peking University and former Research Director and Professor at the Research Center for China Insurance and Pension at the PBC School of Finance, Shen Peng, Founder, Chairman and CEO of Waterdrop, Ran Wei, Partner and General Manager of Waterdrop Insurance, Guo Nanyang, Partner of Waterdrop, Guo Aidi, Vice President of Waterdrop, as well as partners from major insurance companies, Waterdrop Insurance users, and media representatives, participated in this event.

Establishing the 'Three Good Service Alliance' and building a new ecology of insurance services centered around users.

At the conference, Shen Peng recalled how Waterdrop Insurance, from the beginning of entrepreneurship, tapped into the marginal demand and focused on groups not covered by traditional insurance companies - residents of fourth and fifth-tier cities, people with chronic diseases, and the elderly. They quickly gained market favor by launching the product 'Million Medical Insurance', which is characterized by low premiums and high coverage amounts.

Shen Peng said that Waterdrop Inc. always adheres to the mission of "using internet technology to help the general public have insurance and medical services, and protect billions of families", promotes inclusive insurance with technology, and promotes the deep integration of digital technology and health security industries. This enables users to enjoy more affordable and cost-effective protection and better medical services. At present, the insurance industry is entering an era of deep service cultivation, and continuous value creation for users is the key to high-quality development and transformation of the industry.

Photo: Shen Peng, founder, chairman, and CEO of Waterdrop Inc.

In order to enhance the value of user services, Waterdrop Insurance continues to deepen its efforts in the three directions of "good service", "good products", and "good claims". Up to now, more than 4.099 million users have used Waterdrop's proactive policy explanation service, providing in-depth insurance planning for 81,439 families; in the first half of 2024, customized products accounted for over 80% of the products launched on Waterdrop Insurance, with 35 new elderly-friendly customized products and 29 products available for users with pre-existing conditions; Waterdrop Insurance has assisted users in completing 6.253 million claims cases, with a total claim amount of 16.53 billion yuan. The fastest time for claims to be paid within 24 hours is only 6 minutes. The 1V1 claims hotline has served 3,449 users, improving efficiency by 16% in the claims application process; the overdue payment function has been accessed by 28 products, and eligible users will receive 100% of the sum insured in advance.

Photo: Waterdrop Insurance continues to deepen the "three good services".

Improving service value is not accomplished by a single individual or a single institution. It requires the collective wisdom and collaborative spirit of all industry practitioners. One of the highlights of this conference is that Waterdrop Insurance has joined forces with 14 insurance companies to establish the "Three Good Services Alliance". This alliance is committed to building a user-centric new ecosystem of insurance services. At the conference, members of the "Three Good Services Alliance" jointly pledged to work together to provide users with better insurance products and services.

The "Three Good Services Alliance" will improve service quality in five aspects throughout the process, including establishing a mechanism for sharing user needs, customizing insurance products with more comprehensive coverage and richer insurance responsibilities for special groups such as the elderly, patients, and mothers and infants; promoting deep collaboration in claims services, ensuring transparent, fast, fair, and just claim reviews, and jointly building a fast channel for insurance services; adhering to proactive and transparent services, accepting public supervision, and ensuring service quality; promoting the improvement of service efficiency and user experience through new production forces such as AI models; at the same time, respecting user privacy and ensuring the security of user personal and financial information.

The initial members of the 'Three Good Service Alliance' include Dahua AnGu Life Insurance Co., Ltd., JD Anlian Property Insurance Co., Ltd., Junlong Life Insurance Co., Ltd., Libao Insurance Co., Ltd., Taikang Online Property Insurance Co., Ltd., Pacific Property Insurance Co., Ltd., Pacific Health Insurance Co., Ltd., Yongcheng Property Insurance Co., Ltd., Zhongan Online Property Insurance Co., Ltd., China Datong Property Insurance Co., Ltd., Ping An Property Insurance Co., Ltd. Shanghai Branch, China United Property Insurance Co., Ltd., Zhonghui Mutual Insurance Society, and China Life Insurance Co., Ltd., among 14 insurance companies (listed in alphabetical order, with no ranking). More partners are also welcome to join in the future.

Regarding the combination of technology and insurance, Zhang Xueyong stated that now is the time to act. Through internet technology, it is possible to break through time and space limitations, improve service professionalism, and promote the transformation and upgrading of the entire chain. Especially with the development of new quality productivity such as AI large-scale models, big data, and others, insurance product pricing can be more scientific, claims can be more convenient and efficient, and there can be a good guarantee for the security of user personal data.

Photo: Zhang Xueyong, Dean of the School of Finance at Central University of Finance and Economics

"In recent years, the online insurance purchasing rate has significantly increased, and the future online channels will continue to grow. User behavioral changes indicate a broad prospect for the development of internet insurance," introduced by Zhu Junsheng. Users have higher demands for the quality of insurance services, and the level of claims service directly affects the willingness of users to purchase insurance. He suggested that the insurance industry should fully utilize technology to optimize insurance service allocation, improve claims service levels, enhance product customization capabilities, and improve the professionalism of internet insurance.

Photo: Zhu Junsheng, Member of the Expert Committee of the China Insurance and Pension Research Center at Peking University and Former Head of Research, Professor of the Center for China Insurance and Pension Research at the Wudaokou School of Finance at Tsinghua University.

Establish a 'Public Review Committee' to give users the voting rights to evaluate the quality of insurance services.

Another highlight of the conference is the first batch of 'Goodness Jury' established by Waterdrop Insurance, which is composed of users from different industries. This innovative initiative aims to continuously improve insurance services through real feedback from users.

"Usually I communicate with insurance brokers through the screen, and for the first time, I got to learn about the number of professional staff serving me and understand the process and mechanism of insurance services up close. At the same time, I'm very happy that Waterdrop Insurance has adopted some of my suggestions to make the service process more complete, which I find very meaningful." Ms. Xia is one of the members of Waterdrop Insurance's 'Goodness Jury'. She was previously invited to evaluate insurance service personnel as a user, experiencing the entire insurance process.

The experience of insurance consumers is an important criterion for evaluating the quality of insurance services. Waterdrop Insurance's first batch of 'Goodness Jury' is composed of 5 people from different professions, including lawyers, journalists, internet practitioners, and insurance users. During the event, Shen Peng awarded appointment letters to the first batch of Goodness Jury members from different industries.

Currently, Waterdrop Insurance is continuously recruiting the 'Goodness Jury' to deeply experience the entire process of Waterdrop Insurance services, including product consultation, customer service processes, on-site visits to assist in claims, participation in face-to-face co-creation meetings, selection of excellent insurance service personnel, providing feedback on product issues, and evaluating and making suggestions for services and products. Interested users can apply by calling (400-686-0010).

The feedback from users is a valuable resource. Ran Wei stated that the demand for insurance user services is trending towards online, personalized, and managed services, and insurance services must continue to innovate and upgrade. Waterdrop Insurance always prioritizes user value and guides continual deepening of cooperation with insurance companies based on this principle. At the same time, it also hopes to introduce more 'Goodness Jury' members to continuously listen to demands, improve service processes, and provide users with better products and services.

Photo: Ran Wei, Partner of Waterdrop Inc., General Manager of Waterdrop Insurance

At the conference, Waterdrop Insurance also announced the 'Goodness Service Awards', with a total of 14 insurance companies receiving the 'Best Product of the Year Award,' 'Best Service of the Year Award,' and 'Best Claims of the Year Award.' In addition, Waterdrop Insurance invited user judges to jointly select the 'Annual Goodness Service Star', covering the entire process service personnel such as insurance planning, claims, underwriting, and quality inspection. Two Waterdrop Insurance users presented awards to the winning 'Annual Goodness Service Stars' at the event.

Shen Peng said, "Deep roots lead to lush leaves, and a long history leads to a long-lasting flow. Waterdrop focuses on user value, clarifies the direction of business investment based on real user needs, and allocates resources to projects that can truly enhance user value perception, thereby driving the realization of commercial value and social value through user value. In the future, Waterdrop hopes to work together with all partners to serve users and protect millions of families."