Waterdrop: Using crowdfunding and social media to disrupt health insurance

China

6 min read

Feb 24, 2020

By Li Yuan

Image: Shutterstock

Insurtech startup Waterdrop helps families in China who cannot afford medical treatment to raise money via online mutual aid and crowdfunding, while selling insurance plans too

In October 2018, two-year-old Wang Chenchen was diagnosed with retinoblastoma, throwing his family into a panic. Like many Chinese, the Wangs did not have private insurance. Though the national basic healthcare insurance program is available to 98% of the country's population, it only covers a small proportion of treatment fees. In the case of the Wangs, retinoblastoma was not an illness covered by public health insurance until nearly a year later, in August 2019.
To give Chenchen the best medical resources – available usually only in the biggest cities – his p...

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Edited by Celine Lim, Wang Xiao'e

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