On November 27, the second Waterdrop Insurance Service Ecosystem Conference, themed "Gathering Momentum for Shared Prosperity," was successfully held. During the event, Waterdrop Insurance, in collaboration with China Financial Media and the Insurance and Economic Development Research Center of the Chinese Academy of Social Sciences, released the *2025 Innovative Research Report on Insurance for Pre-existing Conditions*. The report provides an in-depth analysis of the current protection status and unmet needs of individuals with pre-existing medical conditions in China.
Additionally, Waterdrop Insurance partnered with 18 insurance companies to establish the "Inclusive Product Alliance." This initiative aims to address the protection needs of underserved groups, including individuals with pre-existing conditions, elderly populations, and mothers and infants, by leveraging AI and collaborative product development to promote inclusive insurance services. The alliance embodies the development philosophy of "driving new supply with new demand and creating new demand through new supply."
The conference was attended by prominent figures such as Zhou Yanli, former Vice Chairman of the China Insurance Regulatory Commission; Li Li, Assistant Secretary-General of the Beijing Insurance Association; Wei Chenyang, Director of the China Insurance and Pension Research Center at Tsinghua University's PBC School of Finance; Guo Jinlong, Director of the Insurance and Economic Development Research Center at the Chinese Academy of Social Sciences; Shen Peng, Founder and CEO of Waterdrop; Ran Wei, General Manager of Waterdrop Insurance; and Guo Aidi, Vice President of Waterdrop, alongside representatives from partner insurers, users, and media.
**Annual Medical Costs for Pre-existing Conditions Near ¥90,000, Highlighting Protection Gap** Zhou Yanli emphasized in his keynote speech that advancing insurance for pre-existing conditions aligns with China's 15th Five-Year Plan principle of "putting people first and pursuing high-quality development." It also represents a critical step for the insurance industry to expand coverage and serve social welfare. Innovations in this sector are not just about product enhancement but also about building a more inclusive and precise protection system. The industry must leverage AI and big data to improve underwriting, pricing, and health management, enabling more accurate risk assessment and timely services.
Li Li noted that as demographic shifts and rising chronic disease management needs reshape consumer demands, insurance services must evolve beyond solving immediate problems. The industry should integrate into the new development paradigm, improving accessibility, coverage, and satisfaction while adhering to its mission of "finance for the people." She urged insurers to collaborate, fostering a robust, open, and compassionate insurance ecosystem.
**Waterdrop’s Commitment to Underserved Groups** Shen Peng highlighted Waterdrop’s nine-year focus on leveraging technology to provide accessible healthcare coverage for marginalized groups, including the elderly, individuals with pre-existing conditions, and mothers and infants. AI, he stressed, is not just an efficiency tool but the driving force behind making insurance universally accessible.
The *2025 Innovative Research Report on Insurance for Pre-existing Conditions* revealed that average annual medical expenses for this group reach ¥87,000—2.1 times the average disposable income—with over 60% of critical illness patients paying over ¥100,000 out-of-pocket. The report also identified key pain points: limited product options, high premiums, insufficient coverage, and widespread rejection due to health disclosures (30%) or lack of awareness (20%).
**AI-Driven "Three-Good Service" Upgrades and the Inclusive Product Alliance** In 2024, Waterdrop Insurance launched its "Three-Good Service" framework—focusing on "good products," "good service," and "good claims." By 2025, AI advancements have further streamlined these processes. Ran Wei detailed innovations like "Kan Bing Bao" (the industry’s first five-year guaranteed-renewal medical insurance without health declarations) and "Jie Hao Yun" (a pioneering no-declaration maternity insurance). AI-powered tools, such as the smart assistant "Bao Xiao Hui" (with 1.5-second response times) and underwriting expert "KEYI.AI" (reducing processing time by 80%), have significantly enhanced efficiency and user experience. Claims handling, aided by AI-human collaboration, saw a 43.3% reduction in processing time.
The newly formed "Inclusive Product Alliance" expands Waterdrop’s 2024 "Three-Good Service Alliance" from 14 to 18 insurers, including industry leaders like Ping An, PICC, and ZhongAn. The alliance aims to co-develop affordable, accessible insurance products, reinforcing the industry’s foundational role in social protection. More partners are encouraged to join this collaborative effort.
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