Waterdrop: Using crowdfunding and social media to disrupt health insurance

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 

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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 paren...
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Edited by Celine Lim, Wang Xiao'e

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