BEIJING, July 21, 2022 /PRNewswire/ — Waterdrop Inc. (“Waterdrop”, the “Firm” or “we”) (NYSE: WDH), a number one know-how platform devoted to insurance coverage and healthcare service with a constructive social affect, immediately introduced that it has partnered with China United Property Insurance coverage Firm Restricted ( “CIC”) and Yong An Insurance coverage (“Yong An“) to launch “Waterdrop Blue Ocean”, a collection of custom-made and cost-effective vital sickness merchandise with a waiver on well being declarations, additional increasing its person group past wholesome clients to cowl clients with pre-existing medical circumstances.
The waiver on well being declaration is a breakthrough in vital sickness insurance coverage
In October 2021China Banking and Insurance coverage Regulatory Fee (“CBIRC”) unveiled a directive steerage on additional enriching medical insurance product provide, by which the regulator encourages insurance coverage corporations to appropriately calm down the brink necessities for insurance coverage candidates, and supply affordable protection for the aged with pre -existing circumstances and persistent illnesses.
At present, typical medical insurance merchandise in China primarily goal wholesome clients whereas merchandise obtainable for purchasers with pre-existing circumstances solely cowl sure classes of sicknesses, or partially decrease their thresholds on insurance coverage buy. Though folks with pre-existing circumstances have a stronger wants of insurance coverage protections, their rising demand has been notably unattended.
Mr. Wei Rana accomplice of Waterdrop, commented, “To handle this problem, we have now been collaborating carefully with our insurance coverage companions to advertise product innovation, together with insurance coverage merchandise to clients with pre-existing circumstances. Right now, we’re happy to collectively launch the ‘Waterdrop Blue Ocean’ with CIC and Yong An, a collection of cost-effective custom-made vital sickness merchandise with a waiver on well being declarations, devoted to clients with pre-existing medical circumstances.”
Mr. Shangjun Nie, vice chairman of China United Property Insurance coverage and common supervisor of its Beijing department, commented, “As the primary of its variety within the business, the launch of the ‘Waterdrop Blue Ocean’ collection is a pioneering initiative and provides nice significance to the event of the whole on-line medical insurance sector.”
Mr. Xiong Liugovt vice chairman of Yong Ancommented, “Many aged and shoppers with persistent illnesses had been hesitant to buy medical insurance merchandise as they nervous about an incomplete disclosure of their well being circumstances to the insurance coverage firm would adversely have an effect on their future insurance coverage claims. ‘Waterdrop Blue Ocean’ has waived the well being declaration of shoppers, permitting them to take pleasure in a extra handy and clever insurance coverage service.”
The waiver on well being declaration is not going to end in harder declare standards
Through the improvement part, Waterdrop, CIC, and Yong An Insurance coverage have listened to customers’ opinions extensively. The launch of “Waterdrop Blue Ocean” has waived the well being declaration of shoppers however make sure the dangers are controllable on the similar time.
Mr. Hui Tengchief actuary of Waterdrop, commented, “The underwriting threat for shoppers with pre-existing circumstances could possibly be comparatively increased. Nevertheless, by way of the growth of the underwriting inhabitants, and the strengthening of our claims overview capabilities and our actuarial estimation of insurance coverage claims, we’re able to diversifying and minimizing the underwriting dangers.”
The “Waterdrop Blue Ocean” vital sickness product collection is on the market for any insured particular person starting from 30 days after beginning to 60 years outdated, and it’s on a yearly renewable foundation as much as the age of 80. It gives in depth protection for a complete of 193 delicate, reasonable, and significant sicknesses with a most of two claims on vital sicknesses within the first 12 months, and gives prolonged protection corresponding to elective advantages for ICU inpatient remedy, particular organ transplants, ECMO remedy, and off-site medical referrals. With reference to insurance coverage claims, the factors of the “Waterdrop Blue Ocean” collection are according to these of different vital sickness merchandise that require well being declarations and the declare course of stays as environment friendly as different vital sickness merchandise.
By way of insurance coverage premium, for example, a 40-year-old male should buy “Waterdrop Blue Ocean No. 1” at an annual premium of RMB679with most advantages of RMB150,000 on vital sicknesses and a most of two claims within the first 12 months. Equally, a 40-year-old feminine should buy “Waterdrop Blue Ocean No.2” at an annual premium of RMB1,452with most advantages of RMB300,000 on vital sicknesses and a most of two claims within the first 12 months.
Mr. Ran mentioned, the launch of the brand new product showcases Waterdrop’s dedication to the mission of “leveraging web applied sciences to make insurance coverage safety extra inclusive and accessible to the general public, and convey insurance coverage and healthcare service to billions”. Going ahead, Waterdrop will proceed to co-develop extra inclusive insurance coverage merchandise with extra business companions to fulfill the safety wants of extra folks.
About Waterdrop Inc.
Waterdrop Inc. (NYSE: WDH) is a number one know-how platform devoted to insurance coverage and healthcare service with a constructive social affect. Based in 2016, with the great protection of Waterdrop Insurance coverage Market and Waterdrop Medical Crowdfunding, Waterdrop goals to carry insurance coverage and healthcare service to billions by way of know-how. For extra info, please go to www.waterdrop-inc.com.
Secure Harbor Assertion
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For buyers inquiries, please contact:
Mr. Eric Yuan
E-mail: [email protected]
Ms. Linda Bergkamp
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SOURCE Waterdrop Inc.