Jun 13, 2019 (China Knowledge) - Tencent-backed online Insurance platform Waterdrop has raised more than RMB 1 billion in fresh funds in its latest funding round led by Boyu Capital. Other investors in the round included CICC Capital as well as earlier investors Tencent and Gaorong Capital.
The company which was founded by former Meituan-Dianping executive Shen Peng in 2016 started its operations as a healthcare crowdfunding platform for patients and their families before branching out further to include online insurance sales.
As of May this year, Waterdrop has brokered insurance policies with more than RMB 500 million worth in annual premiums with 90% of its users getting their first online insurance product through the platform.
The new funds will be used by the company to build a professional team in health insurance and to adopt artificial intelligence in its product development and claims handling. Waterdrop now aims to combine insurance products with financial relief through crowdfunding for those with prior conditions, filling a gap in welfare coverage among Chinese families.
China is now the world’s third largest insurance market and the country’s insurance premiums are expected to quadruple to USD 2.36 trillion by 2032 to become the world’s largest insurance market.
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