Qingsong Health Group’s insurance platform, a scenario-based health insurance agency, ranks third amid a growing trend of scenario-based digital insurance purchases

September 22 04:11 2020

21 September, 2020 – SHANGHAI – Hurun Report, a leading provider of high-quality lists and research, released Hurun China Digital Insurance Agencies 2020 on 16 September, 2020. The report, first of its kind by Hurun Report, lists 10 highest-rated digital insurance agencies in China based on their business performance and innovation abilities in the past two years.  

Digital insurance refers to a business model supported by the internet, mobile communication networks and other technologies, which sees the insurer and the insured signing contracts and providing services though insurer-owned online platforms or third-party purchasing platforms.

With a long industry chain and diversified products, the insurance sector is highly integrated with other industries. Hence, various platform business models have emerged in the digital insurance sector.

It is worth noting that the list in this report focuses on internet and tech enterprises that hold stake in, invest in or set up online insurance agencies with individual customers and insurance agents as targets. Insurance agencies targeting corporate clients are excluded from the list. In addition, research in this report only covered private businesses in the Chinese mainland. 

The post-pandemic era has seen health becoming one of the hottest topics and diversified insurance products, said Rupert Hoogewerf, the chairman and chief researcher of Hurun Report. Quoting statistics from Insurance Association of China, Hoogewerf said Chinese insurers’ premium income increased by 6.5 percent year on year to 2.7 trillion yuan in the first half of the year.

Insurance agencies have played a crucial part in insurance purchases, whose premium income has accounted for over 80% of the total premium income for the past consecutive years, Hoogewerf noted, adding that the practice of independent service providing and marketing has shaped the insurance sector, and, at present, near 70% of China’s 700 national insurance agencies are eligible to market online.

Digital insurance in China has enjoyed leap-forward development in the past years, Hoogewerf said. He further explained that, besides internet giants Baidu, Alibaba, Tencent and JD.com, Ctrip, Didi, Meituan and other platforms have rolled out insurance services. Relying on massive active users and taking advantages of big data and cloud computing technologies, those companies have designed insurance products in accordance with the consumption scenarios of their original platforms, including entertainment, shopping, travelling and mutual health aid, to meet the insurance needs of different customer groups, said Hoogewerf. For instance, Hoogewerf added, Ant Insurance provides shipping insurance for online shopping and Ctrip offers insurance for flight accidents and delay.

In digital insurance business, there are other companies that worth gaining people’s attention, such as scenario-based health insurance marketing agencies represented by Qingsong Health Group’s insurance platform, and China’s earliest online platforms that obtained online insurance brokerage licenses represented by Huize Insurance, said Hoogewerf.

As insurtech embraces a new development era in both China and global market, multiple business players have been competing for the position of industry leaders, Hoogewerf noted. He said the prospects of Chinese digital insurance agencies are promising, given the trend of independent service providing and marketing in insurance industry as well as the rapid development of internet technology.

Top 10 of Hurun China Digital Insurance Agencies 2020:

 

Agency

Affiliated enterprise

Headquarters location

1

WeSure

Tencent Holdings Ltd

Shenzhen

2

Ant Insurance

ANT Group Co., Ltd

Hangzhou

3

Qingsong Health Group

Qingsongchou Network Technology Co. Ltd

Beijing

4

Huize.com

Huize Holding Ltd

Shenzhen

5

Shuidibao

Beijing Zongqing Xiangqian Science and Technology Co., Ltd. 

Beijing

6

Jingdong Insurance

Beijing Jingdong Financial Technology Holding Co., Ltd

Beijing

7

Suning Insurance

Suning Financial Services (Shanghai) Co., Ltd

Shanghai

8

Ctrip Insurance Services

Shanghai Ctrip Business Co., Ltd

Shanghai

9

WeiEase Tech App

Hangzhou WeiEase Tech Co., Ltd.

Hangzhou

10

Duxiaoman Insurance

Beijing Duxiaoman Technology Co., Ltd.

Beijing

Source: Hurun Report

Brief introduction of examples of agencies on the List

WeSure, an example of digital insurance agencies affiliated to the internet giants

In 2017, Tencent officially launched its online insurance subsidiary WeSure in its WeChat Pay service, aiming to connect potential insurance clients with different insurance scenarios by capitalizing on the high engagement rate of WeChat and other social media networks under Tencent. WeSure enables consumers to buy various insurance products, inquire and settle claims online via WeChat and QQ. So far, WeSure has established cooperative relations with around 20 insurers including Taikang Online and PICC. In 2018, the platform introduced Insurance Hongbao, a stimulus of certain amount of money that encouraged WeSure users enrolling their WeChat contacts as new users and therefore targeted potential clients. In July 2020, WeSure, along with media and a dozen of insurers, launched China’s first insurance festival which saw the participation of 148 million users. WeSure data showed its total compensation in 2019 exceeded 330 million yuan, seven times of that of 2018.

Insurance platform of Qingsong Health Group, an example of digital insurance agencies affiliated to online crowdfunding platforms

Established as a crowdfunding platform for serious illness treatment, Qingsong Health Group has helped cultivating users’ awareness to insurance. It then started its insurance agency catering to the needs of its user group and insurance clients. Based on users of Qingsong Health Group, the insurance platform interacted with the group’s other subsidiaries, such as the crowdfunding and public benefit platforms. After its upgradation in 2020, the insurance platform, collaborating with insurers CPIC and Zhongan, launched a marketing campaign targeting users in their 20s and 30s. By measures of allowing using daily steps to deduct premiums and encouraging payment by instalments, the campaign had made it easier for young users buying insurance.   

Huize Insurance, an example of professional digital insurance agencies

Founded in 2006, Huize.com was among the earliest few platforms in the country obtaining online insurance brokerage licenses. Its establishment marked the birth of China’s first Internet insurance “supermarket” that integrated insurance purchase and product comparison. Being an early bird and hence benefiting from advantages in attracting users and partners as well as technological supporting, Huize.com has reshaped the insurance sector through offering clients one-stop integrated insurance solutions. In regard of brand marketing, the platform cooperates with 17,000 media marketing entities, covering WeChat, Zhihu, Sina Weibo and other leading social media communities. The marketing contents targeting individual users focuses on insurance knowledge introduction, product comparison and evaluation. The comprehensive marketing strategies have brought significant and constant attention to the platform. Through online customer support and call center service, Huize.com achieves efficient communication with users and conducts purchases. Insurance premiums of Huize Insurance in 2019 exceeded 2 billion yuan, an year-on-year increase of 110%. In February 2020, Huize Holding Limited successfully listed and commenced trading on Nasdaq Global Market.

About list compilation:

This list was compiled via qualitative and quantitative comprehensive research methods. Firstly, basing on recommendations by industry experts and published information, Hurun Report selected nearly 150 corporates with digital insurance operations and conducted a preliminarily screening (including confirming basic information such as headquarters locations, founding date, insurance brokerage qualification, etc.). Then, researchers made a thorough study on 40 enterprises with satisfying performance. Through in-depth analysis of overall information of the targeted companies (including profile, shareholder structure, public relations, partnership relations, enterprise value and financing information, number of users, reputation, marketing strategy, etc.), Hurun Report rated the companies by 12 indicators of 4 dimensions with the quantitative method. The top 10 platforms were selected based on comprehensive ratings. 

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