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Waterdrop Inc. (NYSE: WDH) is a pioneering technology platform dedicated to insurance and healthcare services, delivering a significant social impact. Established in 2016, Waterdrop leverages advanced technology to provide comprehensive insurance solutions and medical crowdfunding services, aimed at bringing insurance and healthcare to billions. The platform's main components include the Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, offering a wide range of services to its users.
In recent financial highlights for the first quarter of 2024, Waterdrop reported impressive results, achieving a net profit attributable to ordinary shareholders of RMB 80.6 million, marking a 36.5% quarter-over-quarter growth. This denotes the ninth consecutive quarter of profitability. The company's operating revenue increased by 16.3% year-over-year to RMB 704.7 million, demonstrating robust growth and sustained operational efficiency.
The Waterdrop Insurance Marketplace continues to excel, with first-year premiums (FYPs) reaching RMB 1.755 billion. Notably, life insurance accounted for 56.4% of the long-term insurance product mix, underlining the company's strong presence in the insurance sector. Waterdrop's innovative use of AI technology, through its proprietary ShuishouGPT platform, has significantly enhanced its service offerings, providing autonomous user interactions and achieving over 90% accuracy in insurance-related inquiries.
Waterdrop Medical Crowdfunding upheld its mission of saving lives by raising RMB 63.8 billion for over 3.17 million patients. The platform's Guardian Program ensures the efficiency, security, and transparency of fundraising activities. Waterdrop's healthcare-related services have also seen substantial growth, with revenues of approximately RMB 25.3 million, representing a year-on-year growth of 7.3%.
In addition to its core businesses, Waterdrop has ventured into digital clinical trial solutions, partnering with numerous pharmaceutical companies and Contract Research Organizations (CROs). By the end of the first quarter of 2024, Waterdrop had collaborated with 179 pharmaceuticals and CROs, enrolling approximately 7,800 patients and signing 88 new projects.
Waterdrop's commitment to technological innovation, customer-centric approach, and robust financial performance underscore its position as a leader in the insurance and healthcare sectors. The company's strategic acquisitions, such as Shenlanbao, and its continuous investment in AI and big data technologies, highlight its dedication to providing high-quality, customized insurance and healthcare solutions.
Waterdrop, recognized by over 10 million US families, has partnered with pet brand Pawaii to launch the Caremi Mobile Smart Pet Water Fountain. This innovative product combines Waterdrop's water purification expertise with smart technology, ensuring pets receive safe, purified water. Its features include a proprietary app to monitor pets' water intake and NSF-certified multi-stage filtration. The Caremi fountain is available for crowdfunding on Indiegogo from February 14 to April 8, 2023, with early bird discounts of up to 55% for participants. This initiative aligns with Waterdrop's mission to enhance family health.
On February 9, 2023, Peng Shen, Founder and CEO of Waterdrop (NYSE: WDH), was elected to the School Affairs Council of HKU Business School following alumni nominations and voting. Established in 2001, HKU Business School ranks 18th globally in the UTD Top 100 Business School Research Rankings, making it a leading institution in Asia. Peng Shen, a notable figure with various accolades such as Forbes 30 Under 30 Asia, founded Waterdrop in 2016, launching initiatives like Waterdrop Medical Crowdfunding. His participation in the council emphasizes Waterdrop's commitment to positive social impact in insurance and healthcare.
WILMINGTON, Del., Feb. 13, 2023 /PRNewswire/ -- Pawaii announces the launch of its Caremi Mobile Smart Pet Water Fountain, the first NSF-certified pet fountain, debuting on Indiegogo from February 14 to April 8, 2023. This innovative product, developed in collaboration with Waterdrop, features a proprietary app to track pet hydration and includes a multi-stage filtration system for clean water. Pawaii aims to enhance the quality of life for pets and their owners with user-friendly designs. Early bird backers can enjoy discounts of up to 51%. The company is committed to elevating pet care standards through quality products.
Waterdrop Inc. (NYSE: WDH) announced on Feb. 8, 2023, that it is internally testing a ChatGPT-like application for enhancing its insurance marketing and services. Head of AI business, Huang Mingxing, highlighted that the chatbot aims to improve efficiency by handling customer inquiries and introducing insurance products using voice or text. While the technology is inspired by ChatGPT, Waterdrop plans to utilize a smaller model with dedicated data training to optimize performance for its specific needs. This initiative follows the launch of the 'Waterdrop Assistant' in 2022, which also aimed to augment service worker efficiency.
Waterdrop has unveiled its latest product, the G3P600, a tankless reverse osmosis water filtration system aimed at enhancing water quality for consumers. This innovative system provides an impressive filtration capacity of 600 gallons per day and features an eight-stage filtration process that effectively reduces various contaminants, including chlorine, fluoride, and PFAs. The G3P600 is designed for convenience, with a stylish tankless design that saves up to 70% of under-sink space and comes with a smart display faucet for real-time monitoring.
This product meets various safety standards, ensuring reliability and effectiveness in delivering clean drinking water.
Waterdrop and Jemincare have announced a collaboration to launch a Digital Service Platform for CKD Patients. This platform aims to provide integrated chronic disease management services, enhancing patient experiences through online and offline modules. The Waterdrop Patient Platform will offer one-on-one Q&A services, drug use guidance, and lifestyle support for CKD patients. As of September 2022, the platform has served over 3 million patients and established nearly 1,600 communities. The partnership signifies a step toward improving patient care and service efficiency in the CKD treatment landscape.
At the 2022 China Insurance and Aged Healthcare Forum, Hui Teng, Chief Actuary of Waterdrop, emphasized the importance of innovation in the health insurance sector. He identified key challenges such as product homogeneity and high premiums. Waterdrop's initiatives include launching customized critical illness insurance and enhancing claims services with online-offline connections. Hui proposed expanding customer coverage, disease types, and services while lowering thresholds and prices to improve accessibility and satisfaction.
Waterdrop Inc. announced that its Founder and CEO, Peng Shen, received the Top 10 Charitable Entrepreneurs award at the For Good Awards 2022 for his contributions to social enterprise.
Through its "Insurance + Healthcare" model, Waterdrop has facilitated over RMB55.4 billion in medical crowdfunding for critical illnesses, benefiting 2.69 million patients. The company’s charity initiatives have raised over RMB1 billion through 14,500 campaigns.
Waterdrop continues to focus on technological advancements to improve healthcare accessibility.
On December 3, 2022, the Alumni Association of Zhejiang University-The Hong Kong Polytechnic University Joint Center held its second member representative conference, where new council members, including Peng Shen, Founder and CEO of Waterdrop, were elected. Peng Shen was appointed as Vice Chairman. Waterdrop, founded in 2016, is notable for its insurance and healthcare technology services. The press release emphasizes the partnership between Zhejiang University and the Hong Kong Polytechnic University, enhancing collaborative efforts in education and research.
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