Waterdrop’s AI-powered Conversational Platform Clinches Top Prize at 2023 Inslab Insurance Technology Innovation Competition

BEIJING, Aug. 15, 2023 /PRNewswire/ — Waterdrop Inc. (“Waterdrop”, the “Company”) (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare service with a positive social impact, recently triumphed at Inslab’s 2023 Insurance Technology Innovation Competition, garnering the prize for excellence with its pioneering AI-powered conversational platform project.

The final of the Insurance Technology Innovation Competition was organized by Inslab as part of the 2023 Insurance Technology Festival. The competition, now in its third edition, has become one of the most closely followed events in China’s burgeoning insurance technology sector, attracting participation from nearly 300 insurtech firms and insurance organizations.

Waterdrop, with six years of operation under its belt, now caters to over 110 million policyholders. It has amassed significant unique data assets, all while adhering to pertinent laws and regulations.

Constructed on Waterdrop’s extensive anonymized insurance data, the award-winning AI-powered conversational platform communicates with customers using voice, text, and other mediums. It enhances various stages of the insurance service process. Over the course of its research and development journey, the company achieved 11 innovation milestones and filed dozens of technical patents. Waterdrop also pioneered one of the industry’s first technical applications, in addition to three other groundbreaking applications.

Among its innovations, Waterdrop has advanced a dialogue reversal algorithm that converts data into substantial trainable samples, solidifying its edge in large application model deployment. At present, Waterdrop’s AI Intelligent Dialogue Robot can mimic the voice of a real person, accurately identify customer intent, and engage in context-based coherent conversations.

In the past, the average duration of conversations between Waterdrop’s AI-powered robot and customers was roughly two minutes. Today, it can extend to nearly 20 minutes, surpassing the service efficiency of entry-level personnel, with a 97% intent recognition rate and over 80% problem resolution rate. The combination of intelligent dialogue robots and human interaction is significantly boosting industry efficiency.

Leveraging diverse business scenarios and customer behavioral data, Waterdrop has developed a sophisticated intelligent distribution system. This system utilizes algorithmic capabilities to intelligently recommend the most optimal insurance products tailored to customers’ health status and insurance needs. Additionally, in some key scenarios, the intelligent lead allocation system significantly reduces customer churn due to manpower shortages.

Moreover, in terms of risk control and quality inspection, the AI-empowered intelligent risk control system aggregates 287 risk control features, rapidly identifying service quality issues during conversations, making determinations regarding attitude violations, and ensuring service quality and customer experience. Based on risk control models and algorithms, it can also recognize customer emotions and intent in real-time, detecting potential risks.