AI-Powered Insurance and Healthcare: Waterdrop Inc. Included in Harvard Business School Case Collection

"All in AI" Strategy Delivers Tangible Results, with AI Empowering Full Business Lines

The HBS case highlights Waterdrop as a leading insurtech and healthcare platform in China, dedicated to providing health protection solutions. Its ecosystem—spanning Waterdrop Medical Crowdfunding, Waterdrop Insurance Marketplace, E-Find Patient Recruitment, Waterdrop Financial, and Lugo Visa—integrates insurance coverage and health services under a diverse and innovation-driven approach. With an annual R&D investment of nearly 300 million yuan (approx. US$42 million), Waterdrop has built a comprehensive AI application framework for insurance scenarios, backed by over 100 technology patents.

On Waterdrop Medical Crowdfunding, a new medical fundraising campaign is initiated online by a family in need every 53 seconds. To date, 475 million people have supported over 3.47 million patients through the AI-driven platform. This social impact earned widespread recognition, culminating in Waterdrop Medical Crowdfunding's designation by the Ministry of Civil Affairs of the People's Republic of China as one of the government recognized online personal help-seeking service platforms in mainland China.

Waterdrop Insurance Marketplace drives product innovation through technology, offering over 1,000 inclusive and affordable insurance products tailored for pre-existing conditions, seniors, and expectant mothers. It has provided comprehensive insurance planning services to 38,000 families, with customer satisfaction exceeding 95%.

Through the use of AI, E-Find Patient Recruitment has achieved significant operational efficiency improvements, with a over 30% increase in the numbers of strategically aligned projects and partnerships established with 80% of the world's top 10 pharmaceutical companies. The platform has boosted patient enrollment efficiency by 45%, demonstrating Waterdrop's technological contributions to the healthcare sector. With a competitive insurance product and service system in Hong Kong, Waterdrop Financial is expanding rapidly through its robust sales network.

AI as a Growth Engine: Driving Efficiency and Creating Value

By applying advanced AI models, Waterdrop's net profit attributable to shareholders surged nearly 120% in 2024. In 2025, the company will double down on its "All in AI" strategy, integrating AI across all business lines to unlock new growth. Its proprietary LLM, Waterdrop Guardian AI Insurance Expert, now supports end-to-end processes, including sales assistance, customer service, underwriting, and quality control.

The Waterdrop Guardian AI Insurance Expert delivers significant efficiency gains in sales support and process optimization. The AI Agent, equipped with multimodal interaction capabilities, including voice and text, can autonomously handle consultations for insurance products like casualty and medical insurance. The AI, which engages users for up to 50 minutes per session with an average response time of just 2 seconds, outperforms entry-level human agents in service efficiency.

In terms of customer service, Waterdrop launched Baoxiaohui, an AI-powered virtual assistant covering policy inquiries, policy management, and product Q&A, among other key service scenarios. Equipped with cutting-edge LLM capabilities, it accurately detects user emotions, delivers 24/7 real-time responses, and is poised to reduce case escalation rates by 50% annually while improving service efficiency by 50%.

Additionally, Waterdrop's AI-driven quality inspection solution ensures 100% coverage across all communication channels, including voice and enterprise WeChat chat records, while slashing manual review costs by over 50%.

The inclusion in the HBS Case Collection underscores the research value of Waterdrop's pioneering "AI-powered Insurance and Healthcare" business model. Mr. Shen remarked, "The essence of technological innovation lies in leveraging technology-driven efficiency gains and growth momentum to transform socially conscious solutions into actionable, replicable, and sustainable systems that ultimately help deliver meaningful value to users."

For more information about Waterdrop Inc., please visit https://www.waterdrop-inc.com/.

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SOURCE Waterdrop Inc.