Shen Peng, a water drop company, participated in the 2021 Hong Kong FinTech Week to talk about insurtech

Recently, the "Hong Kong FinTech Week 2021" was held at the Hong Kong Convention and Exhibition Centre, and a number of representatives from government and regulatory agencies joined the industry to discuss how to promote innovative regulation. During the event, Shen Peng, founder and CEO of Waterdrop (nyse:wdh), was interviewed by Nina Xiang, editor-in-chief of China Money Net Work (cmn), in the form of a video, to talk about insurtech.

Hong Kong FinTech Week is Asia's leading international fintech event, and for the first time this year's event was conducted in a hybrid of live and online. From 1 November to 5 November, it attracted more than 250 speakers, 400 exhibitors and 30 delegations from 100 economies.

Shen Peng said in an interview that as a leading insurance and health service technology platform in China, Waterdrop Company has clearly defined its mission from the first day of its establishment, "using Internet technology to help the broad masses of people have insurance and medical treatment, and protect hundreds of millions of families", of which an important part of Internet technology is insurance technology.

At present, the insurance technology business of Waterdrop is mainly undertaken by Waterdrop Insurance, which is an insurance technology platform established on the basis of insurance brokerage licenses. Based on the scale of the first year's premium, Waterdrop Insurance is the largest independent insurance technology platform in China.

Shen Peng introduced that Waterdrop Insurance mainly cooperates with insurance companies to customize cost-effective commercial insurance, and then sells insurance products to users through online means. In addition, Waterdrop Insurance also conducts user mining and user education through the Internet, and provides users with insurance consultation, 1-to-1 insurance scheme design, security and claim settlement after insurance application.

"This whole process of online is inseparable from the help of insurtech." Shen Peng said that since its birth, Waterdrop Insurance has been the platform and business model of insurance technology, and after several years of investment in big data, artificial intelligence and other technologies, it has gradually upgraded from networking to intelligence.

According to the data, taking the insurance claims process as an example, water drop insurance can greatly improve the efficiency of claims settlement. Waterdrop's intelligent claim system, which can identify the image information uploaded by users, has now supported more than 90% of the municipal public hospital documents in the country, which can verify and classify the validity of more than 100 kinds of materials, and the material integrity audit rate reaches 95%; in the review and calculation link, according to the risk control label and machine learning model factors, and then according to a large number of historical compensation data, the model is calculated, and the system automatically gives the compensation conclusion. From the beginning of the model calculation, to the final payment conclusion can be completed in milliseconds, the accuracy rate of the claim has reached more than 99.7%.

Shen Peng said that the outbreak of the new crown epidemic in 2020 has caused great challenges to the offline business of the insurance industry, and Internet insurance, which relies more on insurance technology, has maintained rapid development.

According to the previous financial report released by Waterdrop, in 2020, the first-year premium generated by Waterdrop Insurance exceeded 14.4 billion yuan, more than double that of 2019. In the first half of this year, the first-year premium generated by Waterdrop Insurance was close to 10 billion yuan, which still maintained rapid growth.

Shen Peng pointed out that in order to maintain the company's leading position in the field of insurance technology, the company has increased its R&D investment on the one hand, and on the other hand, it has made efforts in the introduction of talents, and in recent years, it has attracted many outstanding talents from large Internet companies and insurance companies.

The second quarterly report released by Waterdrop Company not long ago shows that the R& D investment in the second quarter has exceeded 100 million, accounting for more than 10% of the operating income in the second quarter; the team size of the company's R & D system has exceeded 600 people.

Shen Peng stressed that in addition to the leading nature of insurtech, the landing of technology or the ability to solve problems is also very important. "The technical advantage of Waterdrop is not to create top-notch new technologies, but to effectively use technology to solve user pain points and industry pain points, and export technology to industry partners to promote the development of the industry."

According to reports, Waterdrop Insurance will line the entire commercial health insurance industry chain, from the upstream actuarial and product design, to the user education at the sales end, user growth and operation, user services, and then to the downstream quality inspection, claims, valuation surveys and other links, as well as other value-added services related to health insurance, such as health consultation, physical examination, medical assistance, rehabilitation guidance, etc. After these businesses are online, they can be more efficient, lower cost and better user experience than the original model.

In addition, Shui Di Bao has built a number of intelligent business middle platforms, including smart insurance, intelligent marketing, intelligent customer service, intelligent underwriting and intelligent claims, etc., and has accumulated a large number of cases and experience in scene marketing, online customer acquisition, risk control, channel expansion, intelligent services and other aspects.

"Through these business middle offices, we hope to help partners in the insurance industry improve service capabilities, traffic conversion, and premium output, while reducing customer acquisition costs, operation and maintenance costs, and manpower investment." Shen Peng said.

Shen Peng predicts that in the future, the "new four modernizations" of the insurance industry: product online, young users, marketing scenarios, and intelligent services will become more and more obvious, and Waterdrop will make good use of its own insurance technology advantages to continue to help the industry.

This article originated from the Financial Circle Network