On November 6, Waterdrop Insurance e-Mall, a leading Internet platform of health insurance in China, officially signed an agreement with AXA Insurance for comprehensive and strategic cooperation at the
National Exhibition Hall of the 2nd CIIE. In the future, Waterdrop Insurance e-Mall and AXA Insurance will jointly launch a special working group with further discussion on general cooperation, exclusive product development, as well as the formulation and implementation of bilateral business policies, cooperation modes and operation plans.
Continuing the headline of “New Era, Shared Future”, the 2nd CIIE saw new headway in China-France comprehensive strategic partnership. The strategic cooperation reached between Waterdrop Insurance Mall and AXA Insurance marks a pilot of cooperation between an AXA affiliated enterprise an Internet-based insurance enterprise in China. Both sides will work together to bring in more advanced business philosophies and more diversified insurance products, so as to enhance the market vitality of the insurance market in China, provide better services to the entity economy and strengthen the people-to-people cooperation on finance between China and France.
Yang Guang, co-founder of Waterdrop and General Manager of Waterdrop Insurance E-Mall, Xavier Veyry, CEO of AXA China and Chairman of the Board and Interim CEO of AXA Insurance, Xu Jian, co-founder, secretary of the Party committee and general legal counsel of Waterdrop, and Jiang Ying, General Manager of AXA Insurance retail business, all attended the signing ceremony. Talking of the prospects for cooperation, Yang Guang said: “The strategic cooperation between the two Waterdrop and AXA both have unique advantages and positioning in insurance industry, this strategic cooperation betweenthe two companies can help create an “open innovation” business ecosystem with complementary advantages and win-win results. It will also contribute to growth of both companies and at the mean time, provide Chinese customers with greater diversity in the choices of health insurance products and services.”
Xavier Veyry is also cheerful about the bilateral operation with Waterdrop, saying, “I’m glad to lay the first cornerstone for our partnership with Waterdrop at CIIE. Waterdrop has always been a trustworthy partner in the health field. Relying on our global experience in medical care, claims settlement and services and areextensive outlet networks in China, I believe our cooperation with Waterdrop will surely present better and more innovative solutions to customers.”
Featuring “helping users select more cost-effective insurance products”, Waterdrop Insurance E-Mall is an Internet-based health insurance platform launched by Waterdrop in May 2017, as well as a national insurance brokerage company officially approved by China Banking Regulatory Commission. By far, it has become a domestically leading Internet-based health insurance platform by corporating with over 60 famous insurance companies in China and launched over 80 cost-effective insurance products, with its written premium grows over RMB750 million each month. Meanwhile, it has insured nearly 20 million users and more than 13 million families from 2,988 cities/counties in 34 provinces nationwide.
As shown in research report, 90% of the users have already purchased their first online insurance on Waterdrop Insurance E-Mall, and 73% of users have intention of repurchasing insurance on Waterdrop. It seems that Waterdrop Insurance Mall has become the first choice of people who want to buy insurance.
AXA entered Chinese market in 1999. Originally named AXA Tianping, which was a provider of innovative automobile insurance products, AXA Insurance was a property insurance company launched by AXA in China. Since 2014, when the joint venture AXA Tianping was corporated in China, it has set up 25 branches and 93 sub-branches in 20 provinces. It was granted the “AA” rating by China Banking Regulatory Commission in 2019. In November 2018, AXA announced the acquisition of the remaining shares of AXA Tianping, after which AXA Insurance is expected to become the biggest wholly-owned foreign property insurance company in China. With the full support of AXA, AXA Insurance will open a new chapter on serving Chinese customers.
2019 marks the 55th anniversary of the establishment of the China-France diplomatic ties. Over the past decades, there have been increasingly diverse exchanges and cooperation, constantly growing connotation of cooperation, continued institutional improvements and gradual diversification of participants. The cooperation between Waterdrop Insurance Mall and AXA Insurance not only shows China’s firm attitude in encouraging material cooperation between foreign-funded financial enterprises and Chinese Internet enterprises, but also demonstrates China’s strong confidence in creating a new landscape of opening the financial sector to the outside world.