The company’s Chief Actuary, Hui Teng, said the need for comprehensive risk management in the insurance industry. He highlighted the limitations of traditional methods that rely on manual screening and advocated for a systematic, digitally powered solution.
The existing insurance risk management model faces challenges due to the increasing complexity of specialized insurance plans for individuals with pre-existing conditions or specific diseases. The shift towards online sales and customer interactions has also diversified insurance services delivery channels, leading to a surge in risks throughout the insurance product lifecycle.
Waterdrop has developed a comprehensive risk management solution that categorizes risks into six main types, including underwriting, arbitrage, claim fraud, customer experience, customer complaint, and service quality. This solution leverages digital intelligence technologies and includes 287 risk control features. It can identify user emotion and intentions in real-time and execute risk control strategies promptly.
The company’s digital intelligence-powered risk management approach covers the entire insurance process, from online transactions to claim services. It has achieved a 100% coverage rate for service scenario risk monitoring and has successfully identified risks over 5.05 million times in the past three months.
Waterdrop’s solution not only aids in cost control and loss reduction for insurer partners but also fosters innovation in product supply through early risk management strategy implementation. It provides a basis for product design and pricing, enabling the development of more innovative insurance plans.
The company has also recognised that the lack of suitable insurance options contributes to excessive insurance risk. Therefore, their risk management solution delivers personalised recommendations based on customers’ unique circumstances and needs, effectively preventing potential claim disputes.
Waterdrop’s advanced digital risk management solution marks a significant step forward in the insurance industry, enhancing the industry’s ability to manage risks and provide more comprehensive and tailored insurance products to customers.