Waterdrop Launches Industry’s First Customized Critical Illness Insurance Product with Waiver on Health Declarations

BEIJING, July 21, 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, today announced that it has partnered with China United Property Insurance Company Limited (“CIC”) and Yong An Insurance (“Yong An“) to launch “Waterdrop Blue Ocean”, a series of customized and cost-effective critical illness products with a waiver on health declarations, further expanding its user group beyond healthy customers to cover customers with pre-existing medical conditions. 

The waiver on health declaration is a breakthrough in critical illness insurance

In October 2021, China Banking and Insurance Regulatory Commission (“CBIRC”) unveiled a directive guidance on further enriching health insurance product supply, in which the regulator encourages insurance companies to appropriately relax the threshold requirements for insurance applicants, and provide reasonable coverage for the elderly with pre-existing conditions and chronic diseases.

Currently, typical health insurance products in China mainly target healthy customers while products available for customers with pre-existing conditions only cover certain categories of illnesses, or partially lower their thresholds on insurance purchase. Although people with pre-existing conditions have a stronger needs of insurance protections, their growing demand has been notably unattended. 

Mr. Wei Ran, a partner of Waterdrop, commented, “To address this issue, we have been collaborating closely with our insurance partners to promote product innovation, including insurance products to customers with pre-existing conditions. Today, we are pleased to jointly launch the ‘Waterdrop Blue Ocean’ with CIC and Yong An, a series of cost-effective customized critical illness product with a waiver on health declarations, dedicated to customers with pre-existing medical conditions.”

Mr. Shangjun Nie, vice president of China United Property Insurance and general manager of its Beijing branch, commented, “As the first of its kind in the industry, the launch of the ‘Waterdrop Blue Ocean’ series is a pioneering initiative and adds great significance to the development of the entire online health insurance sector.”

Mr. Xiong Liu, executive vice president of Yong An, commented, “Many elderly and consumers with chronic diseases were hesitant to purchase health insurance products as they worried about an incomplete disclosure of their health conditions to the insurance company would adversely affect their future insurance claims. ‘Waterdrop Blue Ocean’ has waived the health declaration of customers, allowing them to enjoy a more convenient and intelligent insurance service.”

The waiver on health declaration will not result in tougher claim criteria  

During the development phase, Waterdrop, CIC, and Yong An Insurance have listened to users’ opinions extensively. The launch of “Waterdrop Blue Ocean” has waived the health declaration of customers but ensure the risks are controllable at the same time.

Mr. Hui Teng, chief actuary of Waterdrop, commented, “The underwriting risk for consumers with pre-existing conditions could be relatively higher. However, through the expansion of the underwriting population, and the strengthening of our claims review capabilities and our actuarial estimation of insurance claims, we are capable of diversifying and minimizing the underwriting risks.”

The “Waterdrop Blue Ocean” critical illness product series is available for any insured person ranging from 30 days after birth to 60 years old, and it is on a yearly renewable basis up to the age of 80. It provides extensive coverage for a total of 193 mild, moderate, and critical illnesses with a maximum of two claims on critical illnesses in the first year, and offers extended coverage such as optional benefits for ICU inpatient treatment, specific organ transplants, ECMO treatment, and off-site medical referrals. In regards to insurance claims, the criteria of the “Waterdrop Blue Ocean” series are in line with those of other critical illness products that require health declarations and the claim process remains as efficient as other critical illness products.

In terms of insurance premium, for instance, a 40-year-old male can purchase “Waterdrop Blue Ocean No. 1” at an annual premium of RMB679, with maximum benefits of RMB150,000 on critical illnesses and a maximum of two claims in the first year. Similarly, a 40-year-old female can purchase “Waterdrop Blue Ocean No.2” at an annual premium of RMB1,452, with maximum benefits of RMB300,000 on critical illnesses and a maximum of two claims in the first year.

Mr. Ran said, the launch of the new product showcases Waterdrop’s commitment to the mission of “leveraging internet technologies to make insurance protection more inclusive and accessible to the public, and bring insurance and healthcare service to billions”. Going forward, Waterdrop will continue co-developing more inclusive insurance products with more industry partners to satisfy the protection needs of more people.

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.

For investor inquiries, please contact:

Waterdrop Inc.
Xiaojiao Cui
[email protected]

In China
Mr. Eric Yuan
Phone: +86-1380-111-0739
E-mail: [email protected]

Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]