eBan Partners with Wukong Insurance to Launch Innovative Comprehensive Elderly Insurance
VCBeat has learned exclusively that YiBan Technology, a smart hardware company leading the industry in human behavior recognition technology, recently launched its first customized comprehensive insurance protection service for the elderly. The insurance program partners include Wukong Bao, an expert in customizing internet-based insurance products, and Starr Insurance, a global insurance and financial services institution providing innovative risk management solutions. To this end, VCBeat promptly contacted Wan Yong, Co-Founder and Chief Operating Officer of eBan, to reveal the full story behind eBan Insurance.
According to Wan Yong, eBan’s first customized comprehensive insurance package for the elderly includes two service components. The first is medical coverage for accidental fractures among the elderly, covering fracture-related medical expenses, accidental injury insurance benefits, traffic accident insurance benefits, out-of-town visitation allowances, telephone doctor consultations, and emergency rescue services. The second is comprehensive coverage for elderly persons who go missing, including compensation for costs incurred during disappearance and assistance in locating missing individuals.
Compared with similar insurance products on the market, the eBan Comprehensive Insurance Coverage Service for the Elderly has three features:
(1) Broader age range. The service is designed for Chinese seniors aged 50 to 80, offering the widest age coverage among similar insurance products currently available on the market. According to Wan Yong, the average age of eBan users is 75. This broad age range was established with the aim of serving a larger number of eBan seniors.
(2) More Human-Centric Care. In its medical accident coverage for accidental fractures among the elderly, eBan innovatively introduces an out-of-area visitation allowance, reimbursing expenses incurred by children who travel to visit and care for their elderly parents. Additionally, within its comprehensive coverage for missing elderly individuals, eBan has added offline assistance in search efforts, ensuring that insurance protection goes beyond mere cold financial compensation.
(3) More affordable pricing. The price of the eBan comprehensive insurance coverage service for the elderly is less than half that of similar products on the market. This is because eBan leverages its self-developed human behavior recognition technology, integrated with the eBan Xiaoxin smart terminal, to monitor seniors’ behavioral patterns in real time, analyze abnormal behaviors, and predict potential risks. This enables insurers to effectively control risk exposure, thereby allowing for lower prices for consumers.
When asked why he decided to enter the insurance sector, Wan Yong told VCBeat, “Anything that puts children at ease and brings joy to their parents is ultimately what eBan is committed to doing. Undoubtedly, a high-quality insurance protection service for the elderly can provide greater peace of mind for their children, making it a natural and ideal choice for eBan. Moreover, having worked in the insurance industry for many years, transforming eBan into an insurance product has also been my own relentless pursuit.”
It is reported that the insurance partners for this e-Ban initiative are Wukong Insurance and Starr Insurance. Wukong Insurance is an emerging internet insurance company that recently completed a RMB 100 million Pre-A financing round in May this year. It has already provided customized insurance products for ten major vertical internet industries, including housing, automotive, and O2O services. Starr Insurance, a partner of Wukong Insurance, is a global insurance and financial services institution headquartered in the United States.