BEIJING, Nov. 4, 2022 /PRNewswire/ -- At the recent 2022 Summit on China's Financial Development and the 13th China Jinding (Finance) Awards organized by the National Business Daily(NBD), a nationwide Chinese financial and economic daily newspaper published in Mainland China, Waterdrop won the"Annual Insurtech Progress Award" for its outstanding performance recognized across the industry.
As a leading technology platform dedicated to insurance and healthcare service in China, Waterdrop has attached importance to technology since its inception and has continued to increase investment in technological innovation to facilitate its business, improve its operating efficiency and expand the extensiveness and depth of its inclusive insurance services, which have benefited more than 100 million customers.
Optimizing Product and Service Quality
Waterdrop has been vigorously committed to technological development for better products, services, and consumption experiences to customers. Based on its understanding of the healthcare industry, Waterdrop proposed the ABDC (AI+Blockchain+Data=Construction) strategy through which it expects to generate multiple intelligent solutions with the help of big data and AI. For instance, the personified digital employee "Waterdrop Assistant" based on robotic process automation (RPA) and artificial intelligence (AI) has been embedded in such links from sales to operation and claim settlement. This leads to one pioneering technological application in the industry and three pioneering applications in the insurance industry, with an intention recognition accuracy of 97% and a problem resolution rate of higher an 80%.
According to Mr. Shen Peng, founder, and CEO of Waterdrop, the technological edge of Waterdrop is not creating state-of-the-art new technologies but rather using technologies to solve sore points for customers and the industry and exporting technologies to industry partners to promote the progress of the entire industry. In 2021, Waterdrop reported RMB 0.24 billion of income from exporting Technical services.
Pursuing High-quality Development
Waterdrop's net operating revenue for Q2 2022 was RMB 701.4 million which represented an increase of 8.1% quarter over quarter, and the net profit attributable to Waterdrop for Q2 2022 was RMB 206.9 million, an increase of 97.2% quarter over quarter, and profitability for three consecutive quarters.
Waterdrop began to upgrade its business model and adjust its product supply and customer acquisition modes in Q3 2021. It transforms the model from pursuing rapid growth in customers and revenue to seeking higher-quality development and devoting more energy to product polishing and service upgrading.
Waterdrop's high-quality development strategy includes two parts: first, it will cast aside the unsustainable mode of exchanging input for growth, try to improve efficiency through innovation in management and technology, and win customers with products and services rather than through marketing; second, it will increase investment in technological innovation to make technology barriers to competition, and open its capacity to cooperation partners and platforms to promote cost reduction and efficiency improvement in the insurance industry.
Shen Peng commented, "We will continue to optimize the structure and quality of business growth, thereby achieving healthy and sustainable profitability of our established businesses for the full year."
About Waterdrop Inc.
Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare service with a positive social impact. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service to billions through technology. For more information, please visit www.waterdrop-inc.com.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Statements that are not historical facts, including statements about Waterdrop's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Waterdrop's filings with the SEC. All information provided in this press release is as of the date of this press release, and Waterdrop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
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