Water drop Cui Chen: Open core capabilities to empower the whole chain of the insurance industry

Recently, the "2021 Molecular Wuzhen Insurance Technology Festival" opened. It is understood that the droplet insurance brokers under the water drop company were selected into the list of the "2021 China Insurance Technology Top 100". Cui Chen, assistant general manager of Waterdrop Insurance Brokers and head of Waterdrop Open Platform, was invited to attend the meeting and delivered a keynote speech.

Cui Chen, assistant general manager of Waterdrop Insurance Brokers and head of Waterdrop Open Platform. Courtesy of respondents

Cui Chen introduced that Waterdrop has been thinking about how to use technology to improve the operational efficiency of the insurance industry chain, at present, the company is building a digital open platform, hoping to be able to accumulate in the past marketing, operation, intelligence and systematization and other capabilities, with partners to share, open win-win, expand the growth market.

"In the past few years, Waterdrop has made many attempts to improve the efficiency of Internet insurance operations. In terms of overall operational ideas, the company adheres to the user as the core, and strives to establish long-term connections and continuous communication with users. Cui Chen said that not only to provide insurance products, the company also helps users improve their awareness of insurance protection and user stickiness through knowledge popularization and health services. In addition, Waterdrop strives to provide users with full-cycle services and form a complete service closed loop.

In terms of refined operation, Waterdrop will focus on user layering and life cycle, and continue to polish at multiple levels such as product collocation, page visual interaction, user service, content, and scenes, so that the granularity of operation is getting finer and finer, so as to more comprehensively and meticulously understand the needs and preferences of users. "'When to recommend which insurance products for users?' 'Do users have multiple protection needs?' ’...... Through the accumulation of data, water droplets have a clearer understanding of these problems. Cui Chen said.

It is understood that Shuidi launched the Shuidi Open Platform in 2018, aiming to transform its rich experience in online customer acquisition, traffic conversion, user services, etc., into efficient operational tools, empower partners, boost the digital and intelligent upgrading of the insurance industry, and expand the incremental market. The Waterdrop Open Platform has now developed to the 2.0 stage, providing partners with customer-centric, data-based "online + offline" refined operation strategies and technology empowerment solutions. Since the beginning of this year, more than 150 new service partners have been added to the Waterdrop Open Platform.

Cui Chen said that the Waterdrop Open Platform can output two major solutions for partners: First, sales support solutions, providing online and offline integration of marketing solutions. On the one hand, it helps traditional insurance institutions to improve their online customer acquisition capabilities and service capabilities, on the other hand, it establishes matching, trusting and connecting channels between online users and offline agents to achieve a more efficient balance between supply and demand. Second, industry empowerment solutions, the water drop open platform can package and output the products, marketing, operation, risk control, claims, big data and other capabilities of the water drop to partners in need. Based on the professional SAAS system, the Waterdrop Open Platform can be accessed in a lightweight manner, which is convenient for partners to access or launch at any time.

Cui Chen introduced that the core of the water drop open platform is agile strategic capabilities, and the underlying capabilities are inseparable from the support of insurtech. Since the beginning of this year, Waterdrop has continuously improved operational efficiency through technology and relied on intelligent marketing systems to increase conversion rates. In the second quarter of this year, 4.2 million users insured through the waterdrop platform, an increase of 53% year-on-year, the first year of premiums increased by 94.1% year-on-year, and the cumulative service users of the platform reached 102 million.