News Life and Health13 May 2019

China:Tencent affiliate to deliver more inclusive insurance plans

| 13 May 2019

Tencent's affiliate insurance platform, WeSure, aims to make insurance more holistic by offering cancer-ridden policyholders ancillary services rather than offering mere pay-outs.

“We aim to bring more hope and more chance of recovery to people suffering from cancer, instead of just giving them money,” said WeSure chairman and CEO Alan Lau who was speaking at an event in Shanghai, as reported by local publication SHINE News.

At the event, WeSure also announced a partnership with startup crowdfunding platform Qschou and seeks to serve policyholders better via the partnership.

Established in November 2017, WeSure Internet Insurance was launched by Tencent which holds a 57.8% controlling stake in the insurance platform. It works with domestic insurers to provide policy sales, inquiries and claims via Tencent's QQ and WeChat social networking apps. The digital insurance provider netted 20m monthly active users by its first anniversary in December last year.

WeSure also offers insurance incentives to WeChat Pay users and has included features linked to China’s national social insurance policies which has in turn doubled the user conversion rate.

In November last year, WeSure expanded its line of products and formed partnerships with 20 insurers and reinsurers including Taikang, Pacific Insurance, PICC, Ping An and MetLife. It also announced plans to be more user-centric and relatable.

WeSure’s latest inclusive insurance policy for cancer patients, called ‘Yao Shen Bao’ in Chinese, was just introduced few weeks ago with two versions at a monthly premium of CNY1 (S0.14) or CNY6. It is said to be the first policy to guarantee that cancer-diagnosed policyholders are able to seek, obtain and take anti-tumour drugs rightfully. The policy was well-received and developed in collaboration with insurer, Taikang Online, and medical payment service provider, MediTrust Health.

Ensuring a regular supply of drugs and treatment for over 10 most common types of cancer such as lung and liver cancer, the policy seeks to complement China’s current basic social basic social insurance cover as well.

It offers access to 12 kinds of special anti-tumour drugs for two years after a diagnosis which are currently not included in the national social security system’s medical list and need to be paid for. These drugs are imported and highly priced which places a significant financial burden on patients and their families.

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