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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 Inc. (NYSE: WDH) announced its Q3 2022 financial results, showing a robust revenue growth of 10.1% quarter-over-quarter, reaching RMB772.2 million (US$108.6 million). The company's first-year premiums also grew to RMB1,785.3 million (US$251.0 million), an increase of 8.4%. Waterdrop achieved a net profit of RMB169.6 million (US$23.8 million), continuing its profitability trend. Operating costs decreased by 50.5% year-over-year, and cash balance rose to RMB3,588.6 million (US$504.5 million), indicating effective cost control and positive cash flow.
Waterdrop Inc. (NYSE: WDH) announced it will report its unaudited financial results for Q3 2022 on December 6, 2022, before U.S. market open. The management will hold a conference call at 7:00 AM Eastern Time to discuss these results. Investors can access the call via dial-in or through the Company's investor relations website for live and archived webcasts. Waterdrop is focused on leveraging technology in insurance and healthcare services, aiming to impact billions positively.
On November 16, Yao Hu, co-founder of Waterdrop, highlighted advancements in pharmaceutical innovation at the Jiemian Big Health Forum 2022. Waterdrop, founded in 2016, has served over 110 million customers with health insurance and raised RMB53.3 billion for 2.58 million patients through its Medical Crowdfunding platform. The company has developed three key platforms in pharmaceutical innovation: Waterdrop Patient Platform, Digital Marketing Platform, and E-find. Hu emphasized a commitment to accelerate drug R&D and strategic collaborations with pharmaceutical firms for better service delivery.
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Waterdrop has introduced an innovative insurance policy aimed at protecting against breast cancer recurrence, addressing significant patient concerns highlighted in NCI's SEER statistics. This policy is available for individuals aged 18 to 65, with coverage extending to 75 upon renewal. Key features include a low threshold for coverage (Stages 0-III), up to RMB 300,000 in benefits for recurrence, healthcare, and wonder drugs, and no deductibles for anti-cancer medications. Additional services like psychological counseling are also provided to support patients during treatment.
Waterdrop has launched its first independent personal insurance agent-based community outlet in Shenzhen, aimed at integrating insurance services with community healthcare. This initiative aligns with Shenzhen's plan to enhance healthcare accessibility. The outlet will offer family insurance risk management services within a 500-meter radius, focusing on understanding customer needs through the WFind system for personalized insurance solutions. Since 2021, Waterdrop has expanded its offline brokerage efforts, establishing teams in nearly ten cities. This move is part of its strategy to contribute to community healthcare systems.
Waterdrop is advancing its offline brokerage operations to integrate online and offline insurance services effectively. Since launching its offline model in 2021, it has introduced community outlets and a new system, WFind, aimed at enhancing brokers' professionalism and customer relations. As of September, the company reported a per capita production capacity of RMB43,000. The strategy focuses on utilizing technology to streamline lead matching and improve customer service, exemplifying Waterdrop's commitment to enhancing the insurance industry's operational efficiency.
On October 7, 2022, Waterdrop's CEO Shen Peng addressed the Future China Global Forum 2022 via video link, discussing the company's operations in Singapore. Waterdrop has positioned Singapore as a management center under the Belt and Road Initiative, leveraging its strategic location and resources. Since 2019, the company has collaborated with local organizations for medical crowdfunding efforts. The forum featured notable speakers, including Singapore's Finance Minister, highlighting Waterdrop's active role in Southeast Asia's development.
Waterdrop Inc. (NYSE: WDH) has introduced the "Waterdrop Family Insurance Needs Diagnosis" (WFind) system, aimed at helping insurance brokers assess customer insurance requirements. WFind employs a six-step process to analyze family financials and identify coverage gaps, offering tailored insurance solutions based on comprehensive data analysis. In addition, Waterdrop launched a product comparison tool covering nearly 2,000 offerings, enhancing brokers' ability to provide informed recommendations. These innovations aim to streamline brokerage work and elevate professional standards in the insurance industry.
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