WeSure Launches Industry-First Comprehensive Anti-Cancer Solution and Files IPO Prospectus
On November 28, the WeSure team released its “performance report” marking two years since launch. After two years of development, WeSure has amassed over 55 million registered users and provided insurance services to more than 25 million users. The average premium per user exceeds RMB 1,000, and the policy renewal rate reaches as high as 40%.
Meanwhile, CHINAVBAO also launched the industry’s first end-to-end anti-cancer solution covering both healthy and diagnosed populations. By collaborating with partners in the insurance and healthcare pharmaceutical sectors, it has integrated the entire cancer care continuum—prevention, coverage, treatment, and payment—to achieve comprehensive anti-cancer protection for everyone, from healthy individuals to those diagnosed with cancer.
Liu Jiaming, CEO of WeSure, stated, “As an insurance agency platform under Tencent, WeSure adheres to Tencent’s core values of ‘user-centricity and tech for social good,’ striving to create a universal, inclusive, and benevolent Tencent-style insurance ecosystem. Our vision is to become a trusted protection platform for hundreds of millions of Chinese families, safeguarding users through different life stages and enabling a more secure lifestyle. This reflects not only the responsibility of insurance enterprises in China’s internet era but also embodies Tencent’s corporate responsibility and social value within the insurance industry.”
Over the two years of CHINAVBAO’s development, we have witnessed the tremendous impetus that internet-driven forces have provided to the growth of the insurance industry. Taking the viral “Million Medical Coverage” products as an example, China achieved an 8% penetration rate within three years, with the number of insured users growing from 630,000 in 2016 to a projected nearly 100 million in 2019. However, alongside the industry’s rapid expansion, many pain points persist, including low insurance penetration, narrow coverage scope, and widespread consumer distrust of insurance services.
“Universal” Good Insurance: Making Everyone’s Life More Secure
Guided by the principle of “universal accessibility,” WeSure is committed to developing insurance products that are accessible to everyone. In the health sector, WeSure pioneered “Yaoshenbao·Patient Protection Plan,” an anti-cancer insurance policy available even to cancer patients. By collaborating with partners in the insurance, pharmaceutical, and financial industries, and integrating features such as installment payments, discounts, donations, and treatment efficacy guarantees, the plan provides the most practical protection for cancer patients when they need it most.
Furthermore, targeting tens of millions of small business users on WeChat Pay, WeSure has partnered with WeChat Pay and PICC to develop dozens of insurance plans tailored to the operational realities and low insurance coverage rates of small and medium-sized merchants. These offerings include the WeChat Secure Payment Plan, Comprehensive Merchant Insurance, Fire Insurance, Merchant Liability Insurance, and Store Insurance. To date, WeSure has provided financial, asset, and personal safety protection to over 3 million small and medium-sized merchants.
In addition, WeSure’s insurance services have already covered multiple scenarios, including Tencent mobile top-ups, medical payments, and transit QR codes. The monthly active users across Tencent’s ecosystem have reached 400 million. In the future, coverage will expand to include ETC and Tencent Health, among other service scenarios, creating a “protected” lifestyle for WeChat users.
Rigorously Selected Quality Products, “Inclusive” Affordable Prices
Excessively high premiums, lack of understanding of insurance companies, and distrust are significant barriers preventing users from purchasing insurance. Adhering to the principle of "financial inclusion," WeSure rigorously selects partners and products, collaborating with the top 15% of insurers in the market to offer carefully curated insurance solutions. Meanwhile, by reducing premium costs and innovating payment methods, WeSure lowers the barrier to entry for policyholders, truly ensuring that everyone can afford, choose wisely, and benefit from quality insurance coverage.
Insurance partners collaborating with WeSure include renowned insurers such as PICC, China Pacific Insurance, Taiping General Insurance, Taikang Online, and Ping An Property & Casualty Insurance, providing users with high-quality, low-threshold insurance products and services.
Building a “Kind” Product Experience Through Service and Trust
In March 2019, WeSure launched the “WeSure Steward” service, providing users with end-to-end, one-on-one personalized assistance from policy purchase to claims settlement. By managing the entire claims process and refusing to adopt a hands-off approach, WeSure has truly transformed insurance from a mere contract into a comprehensive, considerate, and transparent service. Data shows that 65% of users have received claims assistance through WeSure Stewards, securing millions in claim payouts for policyholders.
In terms of product experience, WeSure has also rolled out features such as “Smart Recommendations,” “One-Click Policy Cancellation,” and a “Purchase Cooling-off Period” to deliver personalized experiences, helping users make informed and suitable insurance purchases.
Xie Bangjie, General Manager & COO of CHINAVBAO
In China, more than 10,000 people are diagnosed with cancer each day on average, equating to seven new cases every minute. The National Cancer Report 2019, released by the National Cancer Center, indicates that malignant tumors (cancer) account for 23.91% of all causes of death among residents and have shown a continuous upward trend over the past decade.
China ranks 74th globally in cancer incidence, yet its cancer mortality rate ranks 29th worldwide. To address the “four major pain points” in China’s cancer landscape—high incidence, high misdiagnosis rates, high mortality, and heavy treatment burden for patients—WeSure, in collaboration with partners including Meinian Onehealth Healthcare, Vodiag, Taikang Online, and Medbanks Health, has launched a “Comprehensive End-to-End Cancer Care Solution.”
Under this initiative, CHINAVBAO has partnered with Wodikang to provide 1,500 complimentary international “second medical opinion” consultations for cancer patients. Additionally, in collaboration with Meinian Onehealth, it is offering 100,000 free slots for early cancer screening, delivering cumulative “health benefits” valued at over RMB 100 million to users. The details are as follows:
I. Partnering with Meinian Onehealth to Provide Targeted Early Cancer Screening Services
“Early detection and early treatment” are paramount to winning the battle against cancer. In recent years, the continuously rising cancer incidence data has intensified public fear of the disease; however, cancer can indeed be managed through “early intervention and early treatment” via early screening. Taking the seven most common malignant tumors—lung, colorectal, liver, gastric, breast, cervical, and prostate cancers—as examples, medical science currently possesses the corresponding technologies to enable their early detection.
Early diagnosis and treatment can significantly improve cure rates and patient survival outcomes. However, China has yet to establish a comprehensive system for early cancer screening, with persistent issues such as low uptake of health check-ups, limited public awareness, and non-standardized cancer-prevention screenings.
Given that cancer screening in China is not yet covered by basic medical insurance, requiring patients to pay out-of-pocket for related clinical examinations, the high cost of screening has deterred many ordinary citizens. In response, CHINAVBAO has added “heavy-duty” early detection health checkups to its “Full-Course Cancer Care Solution.”Announced a partnership with Meinian Onehealth to gift “Premium Exclusive Health Checkup Vouchers” to 100,000 WeSure users. Carefully selected six high-value, practical health screening items., including early screening for high-incidence cancers in men and women (lung cancer/breast cancer), shifting the “health management” chain upstream.
II. Enhance Commercial Insurance Coverage to Alleviate the Financial Burden of Treatment and Specialty Drugs
To address the challenges faced by patients in China regarding the affordability, accessibility, and sustainability of specialized anti-cancer drugs, WeSure launched its first internet-based specialized anti-cancer drug insurance product, “Yao Shen Bao (Health Edition),” in April this year. The basic plan, priced at RMB 1 per month, covers all 12 high-cost specialized anti-cancer drugs currently excluded from the social security reimbursement list. The upgraded plan, starting at RMB 6 per month, covers all specialized anti-cancer drugs approved for marketing in China, with coverage scope automatically updated to align with expansions in the national list of approved specialized drugs.
In May, WeSure’s popular inclusive product, “Weiyibao · Million Medical Insurance,” also upgraded its special drug coverage. In addition to covering anti-cancer specialty drugs, it offers optional riders for designated disease special needs medical benefits and overseas medical insurance for malignant tumors, providing robust risk protection for the general public in cancer treatment.
III. Scientific Diagnosis and Precision Oncology: Providing High-Quality International Second Opinions for Patients
According to data from the World Health Organization, more than 138 million patients are harmed by medical errors annually, resulting in 2.6 million deaths. Domestic statistical data indicate that the misdiagnosis rate is approximately 50% for outpatient services and around 30% for inpatient care. Furthermore, the medical resources at major tertiary hospitals in China struggle to meet the demand from patients across the country, frequently leading to situations where securing an appointment is extremely difficult.
Amid the current imbalance in the distribution of oncology care resources, CHINAVBAO has announced a partnership with Vodicon, a leading international provider of second-opinion services, to offer free international second-opinion consultations to 1,500 cancer patients across China. By leveraging the expertise of U.S. medical specialists, this initiative aims to provide cancer patients with scientific and cutting-edge diagnostic and treatment recommendations.
Ji Zhenhua, Deputy Director of the Academic Department, China Cancer Foundation
Cancer patients who successfully secure a pro bono slot for an international second opinion may receive free in-person consultations at designated clinics in 10 cities across China.
Following the review of submitted documents, the Second Opinion Service Case Manager will assist patients in gathering the required materials for an “International Second Opinion” and submit them to experts at top-tier (Grade 3A) hospitals in China, including Peking Union Medical College Hospital, for evaluation. After expert review, the patient’s medical records will be translated into professional English and provided to physicians at leading U.S. hospitals for second-opinion consultation.
Physicians from institutions including the Mayo Clinic and Massachusetts General Hospital of Harvard University will conduct joint consultations based on this information and issue a second-opinion report officially recognized by U.S. hospitals. Experts from renowned Chinese tertiary Grade-A hospitals will help patients interpret these U.S.-based second-opinion reports, providing guidance on subsequent treatment and rehabilitation plans. Patients can access high-quality American medical resources without traveling abroad, enjoying these services while remaining in China.
IV. Enabling Cancer Patients to Purchase Insurance: The Patient Edition of Yaoshenbao Addresses the Financial Payment Challenges for Specialty Anti-Cancer Drugs
Following the launch of the “MediGuard·Specialty Anti-Cancer Drug Coverage Plan” in April 2019, WeSure announced in September the introduction of its first comprehensive solution for anti-cancer coverage and payment, the “MediGuard·Patient Protection Plan,” specifically designed for cancer patients who have already been diagnosed.
By partnering with drug supply platforms, insurance companies, and banks, and leveraging discounts and interest-free installment payment options, the “MediGuard·Patient Protection Plan” significantly alleviates patients’ financial burden for medications and lowers the threshold for accessing affordable treatments. To date, the “MediGuard·Patient Protection Plan” covers dozens of cancer types and nearly 60 specialty drugs, serving patient populations across more than 20 provinces in China.
This marks the first time in the industry that a comprehensive coverage solution has been extended to both healthy individuals and cancer patients, providing all-around protection across four key areas: healthcare, insurance coverage, treatment, and payment. Specific offerings include early cancer screening services, insurance coverage for treatments and specialty drugs, international second-opinion services for cancer patients, and financial payment solutions for the purchase of specialty oncology medications.
The launch of this “end-to-end cancer care solution” signifies that CHINAVBAO has ventured into the uncharted territory of insurance for cancer patients, building a bridge between healthy individuals and those diagnosed with cancer.
Xie Bangjie, General Manager and COO of WeSure, stated: “Upholding Tencent’s core values of ‘User First, Tech for Good,’ WeSure fosters integrated innovation in healthcare and insurance services through collaborations with pharmaceutical companies, banks, insurers, and leading medical enterprises. We are committed to promoting the well-being of healthy individuals, supporting cancer patients, and helping people in China prevent and avoid the burden of cancer.”
Over the past two years, CHINAVBAO has continuously innovated in collaboration with its partners, venturing into the “no-man’s-land” of traditional insurance. It has turned products deemed “difficult to develop,” “unwillingly undertaken,” and “impossible to realize” into reality, delivering affordable and reliable insurance services to users.
Wei Chenyang, Deputy Dean of the Institute for Fintech Research at Tsinghua University, commented on WeSure: “Leveraging its inherent strengths and fully playing the role of a ‘connector,’ WeSure has pooled existing resources from all sectors of society. Through model innovation, it has made beneficial attempts and innovations toward building a multi-tiered medical security system.”
Xu Xian, Director of the China InsurTech Laboratory at Fudan University, stated: “Leveraging Tencent’s WeSure, it has emerged as a vital force in China’s insurtech innovation, an active explorer in enhancing insurance services for social welfare and public livelihood, a key player in the new insurance ecosystem, and a trendsetter shaping the future development of the insurance industry.”