WeSure, Tencent’s insurance platform has been named in the 2020 edition of The Fintech Power 50 (“TFP50”).
TFP50 is an exclusive annual program that recognizes the 40 most innovative companies and ten most trusted leaders in the industry every year. WeSure was one of only three Asian companies in the 2020 cohort, along with another two fintech service companies OneConnect and Wing Money.
“WeSure is honored to be recognized amongst this exclusive list of transformative financial companies. We are committed to harnessing technology as part of our customer-first approach to make insurance affordable, accessible and relatable in a market where penetration is low, and healthcare is difficult to access,” said Alan Lau, CEO of WeSure. “WeSure has the opportunity to protect over 1 billion people and provide help when they need it most. We will continue working towards our vision to offer greater protection for hundreds of millions across China.”
Providing accessible, innovative insurance within Tencent’s financial ecosystem
The giant behind WeChat, China’s largest social media app, Tencent is one of the world’s largest tech companies and the first Asian tech firm valued over USD500 billion. WeChat is regarded as “the app for everything” with comprehensive functionalities including instant messaging, online shopping, mobile banking — and now, insurance services. After two years of operation, WeSure has a user base over 55 million and has insured 25 million users, with an average premium exceeding RMB1,000 and a 40% renewal rate. Based on the powerful data and social capabilities of Tencent and WeChat, WeSure has provided their insurance industry partners with vital insurance-related technologies, including anti-fraud, risk identification, and precision marketing.
In addition, WeSure recently pioneered the industry’s first anti-cancer total solution covering cancer prevention with early screenings, insurance plans, international secondary diagnosis opinions and patient installment payment plans. Through partnerships with insurance firms and healthcare providers, WeSure offers full coverage for a broad spectrum of users from healthy people to cancer patients.
A customer-centric approach optimizing quality over range
WeSure is strategically selective with partners and products, choosing only to work with the top 15% of Chinese insurance companies, including PICC, Ping An Insurance and Taikang Insurance Group. By working with a curated list of providers, WeSure offers best-value products, while simultaneously offering lower premiums, innovative payment via WeChat Pay, and a lower entry barrier for insurance services.
Reimagining the insurance industry with Fintech capabilities
With 1 billion active users and 600 million daily transactions, WeChat is the ideal springboard for Chinese people to research and purchase insurance. Recognizing the limited time online users have, WeSure simplifies insurance products and the decision-making process within Tencent’s existing ecosystem.
In addition to highly selective and customized products, WeSure harnesses big data to match appropriate insurance for different user scenarios, presenting two to three options that are tailored to a user’s needs and lifestyle. Within Tencent’s ecosystem, WeSure has established a one-stop-shop for research, coverage and claims, improving efficiency and customer satisfaction.
Furthermore, WeSure combines accessibility, risk identification and digital payment with the financial knowledge and service capabilities offered by traditional insurance companies to revolutionize industry operational methods. For example, WeSure’s AI technology has assisted insurance providers in 34% of suspected identity fraud cases, resulting in a 30% increase in payment speed for premium holders. Backed by the well-developed product experiences and strong fintech capabilities, WeSure has handled 280,000 claims worth RMB680 million since November 2017.