financial services sector technology spending in china

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The China-based health insurtech is preparing for an IPO in the US next quarter at a potential valuation in the tens of billions according to sources close to the company, cited by Jiemian News. Waterdrop raised $230 million last August at a $2 billion valuation with 120 million policyholders, and an additional $150 million from backer Tencent in November.

Insider Intelligence believes Waterdrop’s mutual aid and crowdfunding model is striking a chord among low-income consumers, showcasing the insurtech’s fast growth ahead of its IPO.

The insurtech offers a cheap alternative to conventional insurers. Users contribute small amounts—starting at half a cent—monthly toward the mutual aid scheme, which is then used to cover medical expenses of up to ¥300,000 ($43,465) for a list of 106 conditions. Waterdrop also operates a crowdfunding platform for healthcare costs and an insurance arm, where members make monthly payments of as little as ¥4 ($0.58) for more traditional health insurance. By contrast, traditional monthly coverage ranges between ¥3,000 ($435) and ¥30,000 ($4,346), making Waterdrop’s model much more accessible to 600 million Chinese consumers that earn less than $141 per month.
And this should help it capitalize on China’s …read more


Source:: Businessinsider – Finance

      

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