Waterdrop Insurance Marketplace Opens Its First Agency Outlet in Wuhan

Rhea-AI Summary

Waterdrop Inc. (NYSE: WDH) has officially opened its first agency outlet in Wuhan, aiming to enhance local insurance service delivery. This outlet offers customized insurance services, including risk assessments and policy consulting. The move aligns with the China Banking and Insurance Regulatory Commission's policy encouraging insurance outlets in urban areas. Waterdrop is focusing on integrating online and offline operations while recruiting independent agents to improve service quality. The company plans to expand the outlet model based on operational success, enhancing community insurance awareness.

Positive

• Launch of the first agency outlet in Wuhan, enhancing local service delivery.
• Alignment with government policies promoting insurance outlets in urban areas.
• Focus on integrating online and offline services, potentially increasing customer reach.
• Recruitment of independent agents to improve service quality and agent retention.

Negative

• None.

BEIJING, Aug. 17, 2022 /PRNewswire/ -- Waterdrop Inc. ("Waterdrop", the "Company" or "we") (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare service with a positive social impact, recently opened its first agency outlet in Wuhan. It will provide local residents with a range of specialized insurance services, such as insurance customization, security risk assessment, policy consulting, and entrusted policy management.

At the end of 2020, China Banking and Insurance Regulatory Commission ("CBIRC") released relevant policies, encouraging insurance practitioners to open outlets in urban communities, counties, and towns.

Over the past few years, Waterdrop Insurance Marketplace has kept exploring the new path that combines online and offline presence. In March 2022, Waterdrop kicked off the recruitment of independent insurance agents nationwide, with the aim to cultivate professional elites who are proficient in digital operations.

Aiming at our independent insurance agents, Waterdrop earlier launched exclusive rules with industry-leading income allocation methods, thereby improving our agent retention rate and providing customers with more professional and qualified services.

Besides, by delving into local communities, Waterdrop's agency outlets in community learn more about customer needs, improve customers' recognition of insurance products, including the product features, the processes for insurance application and claims settlement, as well as the meanings of health declaration and other relevant clauses, thereby assuring customers in purchases.

Li Jia, Waterdrop Vice President in Insurance, said, "the Wuhan agency outlet is one of the first pilot outlets set up by Waterdrop; after the sustainable operation capability is proven, Waterdrop will expand the model into more cities and communities."

Shen Peng, our Founder, Chairman and CEO, commented, "Waterdrop will build a highly-specialized and well-trained professional team, so as to provide clients with customized insurance services through efficient online and deep-going offline operations. The agency outlets in community will enhance the stability and professionalism of insurance practioners, raise the awareness of compliant operation, improve the industry's overall image, and facilitate the high-quality development of the industry."

About Waterdrop Inc.

Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare service with a positive social impact. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service to billions 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 pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Statements that are not historical facts, including statements about Waterdrop's 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 Waterdrop's filings with the SEC. All information provided in this press release is as of the date of this press release, and Waterdrop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

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SOURCE Waterdrop Inc.

FAQ

What is Waterdrop Inc.'s recent development in Wuhan?

Waterdrop Inc. has opened its first agency outlet in Wuhan, providing specialized insurance services to local residents.

How does the new agency outlet in Wuhan benefit customers?

The outlet offers customized insurance services, including security risk assessments and policy consulting.

What is the aim of Waterdrop's agency outlet strategy?

The strategy aims to enhance the integration of online and offline services, increasing customer awareness and accessibility to insurance products.

What does Waterdrop plan to do after the Wuhan outlet's success?

Waterdrop plans to expand its agency outlet model to more cities and communities based on operational success.

What are the services provided by the new agency outlet?

The outlet provides insurance customization, security risk assessment, policy consulting, and entrusted policy management.