Shuidi Insurance Mall Reports 2019 Premiums Surpass RMB 6 Billion, Up Nearly 600% Year-over-Year

On January 6, Shuidi Insurance Mall, a leading online health insurance selection platform, released its 2019 performance report. The data showed that the annualized premium of new policies on Shuidi Insurance Mall exceeded RMB 6 billion in 2019, representing a year-on-year growth of nearly 600%. The cumulative number of insured users surpassed 40 million, more than tripling the figure at the beginning of 2019. Shen Peng, founder and CEO of Shuidi Inc., stated that in 2020, Shuidi Insurance Mall would work with its partners to continue expanding the incremental market for domestic health insurance and develop more competitive insurance products tailored to its target customers.

Shuidi Insurance Mall is an online insurance brokerage platform launched by Shuidi Inc. in May 2017, having been in operation for just over two years. By building an insurance protection ecosystem that integrates “online mutual aid, insurance brokerage, and critical illness fundraising,” Shuidi Inc. has promoted scenario-based insurance user education, enabling Shuidi Insurance Mall to rapidly grow into one of the leading platforms for online health insurance.

As of the end of December 2019, Shuidi Insurance Mall’s insured users covered 2,988 cities and counties across China. The provinces with the largest user bases were, in order, Sichuan, Henan, Shandong, Jiangsu, and Hunan. The three most popular types of insurance products among users were million-yuan medical insurance, million-yuan accident insurance, and outpatient insurance.

Among the more than 40 million insured users currently on Shuidi Insurance Mall, individuals aged 36–59 account for 65.9%, and 76% of users come from third-tier cities and below. Over 90% of users completed their first-ever online insurance purchase through Shuidi Insurance Mall. This demonstrates that Shuidi Insurance Mall has fully leveraged the advantages of its online platform to reach users in smaller cities and even township-level areas, thereby expanding the domestic insurance industry’s user base by tens of millions.

In addition to having a large number of new policyholders and users from smaller cities, Shuidi Insurance Mall is also characterized by a high proportion of married users with children. Married users account for 95% of its customer base, while users with two or more children make up 46%. These figures indicate that married individuals with children have a stronger awareness of insurance coverage than their unmarried counterparts.

Data also shows that the growth of Shuidi Insurance Mall in third-tier cities and below has surpassed that in first- and second-tier cities: In 2019, the number of users in third-tier cities and below increased by over 310%, while the increase in first- and second-tier cities reached 300%; premium growth in third-tier cities and below exceeded sixfold, whereas that in first- and second-tier cities rose by more than fivefold.

Notably, in March 2019, Shuidi Insurance Marketplace, in partnership with insurance companies, launched China’s first million-yuan medical insurance product for seniors, which accepts applicants up to age 80 and is renewable until age 100, thereby filling a gap in the domestic senior health insurance market. Reportedly, the product sold nearly 100,000 policies in 2019, setting a positive example in the Chinese insurance market and prompting multiple insurers to follow suit by introducing medical insurance products tailored for individuals aged 60 and above.

Shuidi Insurance Mall has always adhered to the service philosophy of “helping users select high-cost-performance insurance products.” Yang Guang, Partner at Shuidi Company and General Manager of Shuidi Insurance Mall, stated that insurance possesses financial, fiscal, service, and social attributes. Shuidi Insurance Mall will continue to foster industry collaboration, achieve complementary advantages and resource sharing, and consistently promote the return of insurance to its core protective function.