Insurtech company Waterdrop is performing actively to improve the ESG governance structure
Waterdrop Inc. (WDH:NYSE), a Tencent-backed Chinese online Insurtech company, as well as a crowdfunding platform released the Environmental, Social and Governance (ESG) Report 2022 (hereinafter referred to as the "report") on August 23. The report comprehensively describes the ESG performance and management initiatives of Waterdrop and its affiliates for the year 2022, and systematically demonstrates Waterdrop's explorations and concrete achievements in the areas of establishing and improving the ESG governance structure, participating in the construction of a multi-level healthcare insurance system, adhering to scientific and technological innovation, and adhering to low-carbon development, among other areas.
Shen Peng, founder, chairman, and CEO of Waterdrop, said that in 2022, while developing its business, Waterdrop actively undertook corporate citizenship, established an ESG governance structure, implemented the concept of sustainable development, and promoted the harmonious coexistence of business, society and the environment with practical actions. Looking ahead, driven by its mission and values, Waterdrop will continue to responsibly and sustainably take the initiative to solve social problems, and with the power of science and technology, it will safeguard the company's sound development, drive the social economy and employment, and make unremitting eff, orts to build a better society.
As a member of the United Nations Global Compact (UNGC) and a practitioner of the concept of sustainable development, Waterdrop has taken the mission of "using Internet technology to help the general public have access to medical care and to protect hundreds of millions of families", and has integrated ESG concepts into all aspects of its operations, environmental protection, talent development, community investment, and so on. Waterdrop has established a top-down ESG governance structure by formulating and publishing the "Waterdrop Environmental, Social, and Governance Management Measures" to promote the high-quality and sustainable development of the company.
As a leading insurance technology and healthcare platform in China, Waterdrop responds to the needs of the times based on the advantages of digital intelligence, promotes the development of new business models in the digital economy, actively participates in the construction of a multi-level healthcare insurance system, and plays a complementary role as a social force. Not only that, Waterdrop also relies on the platforms of Waterdrop Fundraising, Waterdrop Insurance and Waterdrop Public Welfare to provide supplemental protection for patients with high medical expenses or those who still have out-of-pocket medical burdens after undergoing basic medical insurance, major medical insurance and medical assistance, so as to reduce the incidence of poverty and expenditure-type difficulties due to illness, and to make assistance for major illnesses more accurate and efficient, and to help the common wealth.
The data disclosed in the report shows that by the end of 2022, Waterdrop Insurance, a subsidiary of Waterdrop Company, has cumulatively served about CNY 113 million insurance customers, Waterdrop Fundraising has cumulatively helped 2.77 million patients with serious illnesses to raise about CNY 56.9 billion in medical funds, and the Waterdrop Public Welfare Platform has cumulatively partnered with 108 public charitable organizations, and has 1,244 public weldings online throughout the year, with annual fundraising amounting to CNY 87.66 million.
According to the report disclosure, Waterdrop's R&D investment in 2022 reached CNY 291 million. To build a communication platform to absorb more outstanding science and technology workers, serving the development of the company's scientific and technological work and the transformation of the results of the majority of scientific and technological workers, Waterdrop in November 2022 set up a science and technology association.
In the face of global climate change, Waterdrop actively responds to the United Nations Sustainable Development Goals and the national strategy of carbon neutrality, and does its best to reduce the impact of its operations on the environment using environmental management, green office and awareness promotion.
In Waterdrop's prospectus, it is disclosed that the main competitors are Ant Insurance Agency, which is a subsidiary of Ant Group, and so on. Insurance brokers or agents such as Fanhua, Everpro,and D.Tong are also competitors of Waterdrop, only that these are based on the offline service model and do not directly generate competition. As of press time, Waterdrop closed at USD 1.59 apiece, with a market cap of USD 5.99 billion.