WeSure, Tencent’s insurance platform, has released a report, Making Insurance Better On the Firm’s First Anniversary, while rolling out Risk Quotient (RQ) concept for the first time.
20 Million MAUs indicates awareness of, and demand for, insurance is growing in China
WeSure disclosed some unexpected yet positive findings in the report:
- 70% of WeSure users make their first policy payment via Wechat Pay, while 48% of users revisited WeSure after purchasing. On average, each user holds 3.5 policies, with one individual having bought 15.
- Insurance is becoming a new way to show affection for family members. The report reveals that 36% users choose to insure their families, while more than 40% male users procure coverage for their spouses.
- First-time insurance buyers are getting younger and younger. Nearly 40% of internet users under the age of 24 have bought their first insurance policy. Of these, 80% form part of the post-80 and post-90 generations, with the youngest to have bought insurance being 18 years old.
- A simple, convenient and user-friendly purchase experience enables potential users to make a decision on whether to purchase much more quickly. 68% of visitors to complete their purchase on first visit to WeSure, while the remainder do so after 2.9 average visits to the site, after getting a better understanding of the products.
- An increasing number of people choose online platforms such as WeSure due to the ease of use and convenience. Users can purchase and claim by simply accessing WeChat Wallet.
Strategically selected and customized products help to enhance national RQ
WeSure Chairman & CEO Alan Lau said, “Since rolling out the business one year ago, WeSure has been committed to providing better products and has collaborated with over 20 partners to launch products featuring simplicity, multi-scenario adaptivity, and user-friendly to enhance national RQ, while making insurance products simpler, and easier to understand, with coverage that is wider in scope than what has traditionally been available.”
By strategically selecting new products and working with partners to customize them, offering risk assessment to help users making their insurance plan, WeSure simplifies both insurance products and the decision-making process. On average, it takes 1.5 to 2 months to go through 6 to 8 iterations before a product is launched. 95.7% of users who purchased on WeSure show high customer satisfaction. More friend referrals, which increases the purchase rate 2.5 times and doubled the insurance rate.
One-stop management dashboard on WeSure, users can easily manage their purchased products and claims. WeSure’s fast claims settlement via special hotlines and direct payment claims to WeChat Pay also creates efficiency experience. 79% of users receive their medical reimbursement within one day and travel insurance received reimbursement upon the arrival of their delayed flights.
WeSure also offers several reimbursement options to users, including various methods for direct and immediate settlement of claims, which is a first in the industry.
The group customization and monthly installment plans that WeSure offers lower the threshold to purchase and make insurance more universal. Its national health insurance product customized for the working class offers maximum coverage of RMB 500,000 with a minimum payment of RMB 5 per month.
WeSure also integrates insurance services into daily routines on the WeChat platform by providing insurance incentives to WeChat Pay users and adding features linked to social insurance. Its incentive of free hospitalization ranked among the top 3 of all incentives that WeChat Pay offered to its users. The feature linked to social insurance brings a twice as high user conversion rate.
To make insurance fun, WeSure has launched a variety of eye-catching online campaigns such as insurance-based “red-envelopes” (the Chinese equivalent of a Christmas or holiday present), cash rewards for getting oneself into good physical shape, complimentary critical care insurance and more. This increases its products’ visibility and allows to experience prior to making decision. More than one million users have participated in, sharing about RMB 8 million and accumulating more than 3.5 trillion steps, which is equivalent to walking around the Earth 70,000 times.
WeSure, a vital part of Tencent’s financial ecosystem
Tencent noted in its 2018 third quarter results that it plans to expand its fintech services to the wealth management, micro-lending and insurance sectors with Tencent’s comprehensive payment platform and core technologies. WeSure, a key player in the internet insurance segment, will play a vital role.
Tencent President Martin Lau said, “WeSure has been providing high-quality, affordable products coupled with a convenient purchase experience for insurance buyers for a year, and thanks to Tencent’s advantages in scenarios and social networks, more and more users are starting to acquire insurance policies. Looking forward, Tencent aims to enable access to WeSure’s simple, user-friendly and practical insurance services to all who are interested in insurance for themselves and their loved ones.”