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Tencent WeSure CEO: COVID-19 spurs insurance demand in China

Published : Friday, 5 June, 2020 at 11:25 PM  Count : 165

Tencent WeSure CEO: COVID-19 spurs insurance demand in China

Tencent WeSure CEO: COVID-19 spurs insurance demand in China

The COVID-19 pandemic has unexpectedly aroused the urgency of insurance purchases in China and paved the way for industry players to take advantage of technology through a portfolio of graduate portfolios and user farming, especially for semi-ready users, said Tencent WeSure CEO Alan Lau.

In a bid to educate the underprivileged masses, build trust among users and employ technology for pricing, thus gaining access to China's vast but low-penetration insurance market, Three Thrusts, Lau addressed a high-profile webinar on China's innovative insurance system on Tuesday.

The event, organized online by Digital Insurer this year due to the coronavirus novel, was organized by Digital Insurer, a business group focused on accelerating the digital transformation of insurance. Joined,  where panelists elaborated on the role of technology from China’s ecosystem-driven insurance landscape.

"People often say that insurance is urgent but not urgent. But the epidemic has created a huge group of 'half-prepared' users, what I would say, who have increased appetite or sensitivity to risk but are not ready to buy," Lau said.

This outbreak confirms the notion that a major public health event could, to some extent, stimulate insurance demand. With Uhan's lockdown at the height of the outbreak on January 23, insurance demand has skyrocketed as the newly confirmed COVID-19 case has skyrocketed.

With the development of the infection, the total number of newly added policyholders, the number of visits to Wesor's mini-program site, a critical indicator determining the requirements for potential insurers as well as annual health insurance premiums - have all expanded, with a significant number already registered in 2019.-Internet


Related Topics

Insurance   Loans   China  

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