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With 120 million enrollees today, Waterdrop Insurance Mall expects to reach a record written premium of $2 billion this year, representing over 100 percent year-on-year growth.
FREMONT, CA: Waterdrop, China’s leading online InsurTech platform, raised $230 million in its Series D financing round during its 2020 Waterdrop Global Partner Conference. This may be the world’s most significant financing round in the online InsurTech industry this year.
This round of financing was jointly led by Swiss Re Group and Tencent, while the company’s existing investors, including IDG Capital and Wisdom Choice Global Fund, also participated. Waterdrop is the first online InsurTech Company in China in which Swiss Re has invested. Tencent has been a long-term supporter for Waterdrop, since the company’s angel round.
“We are excited about the huge growth potential that lies ahead of us,” Waterdrop founder and CEO ShenPeng said. “Our long-term goal is to become a leading online healthcare platform in China with an ecosystem that includes insurers, pharmaceutical companies, hospitals and drug stores, as well as nursing institutions and rehabilitation institutions. We are committed to not only helping users with financing issues but also providing them with integrated healthcare services along the way.”
Founded in 2016, the Beijing-based start-up has three primary businesses: Waterdrop Insurance Mall, Waterdrop Crowdfunding, and Waterdrop Mutual.
Waterdrop said that the latest funding would be used to leverage artificial intelligence and big data to empower the supply of high-quality insurance products and services. During the conference call, the company said that it would further upgrade InsurTech industry infrastructure as online data migration in China continues to rise.
“As a leading online insurtech company, Waterdrop is well-positioned to tackle the pain points of traditional insurance and pave the way for future breakthroughs in the industry, such as the accelerated technological innovation and digitalization of the industry worldwide that we have witnessed during the COVID-19 situation,” said Ning Zhou, Head of Principal Investment and Acquisition for Swiss Re, Asia.