Tencent’s WeSure Forms Partnerships with 20 Insurance Companiesby Company Announcement November 20, 2018
WeSure, Tencent’s insurance platform, has widened its line of products and formed partnerships with 20 insurance and reinsurance companies.
The “data-driven” and “social connection” features of WeChat, as Alan Lau, Chairman & CEO of WeSure, mentioned in a recent CNBC interview, will help WeSure recommend more suitable products to users, while partnerships with more insurance companies will continue to diversify the platform’s offerings.
“So far we have formed partnerships with more than 20 insurance companies, including Taikang, Pacific Insurance, PICC, Ping An, MetLife, and more. We will continue to widen our offerings and take a user angle to pre-select and customize products. We aim to make insurance far more user-centric than before – transparent terms, easy purchase process, affordable prices, and fun experience, so it is easier for users to access, understand and choose the right insurance product on WeSure.”
Hosted in the WeChat Mini Program ecosystem, a platform that most people in China access every day, WeSure can better leverage its social feature.
“Insurance is complicated and hard to experience, so a friend endorsement goes a long way. We have a product referral rate of 50%, and those that receive referrals are twice as likely to buy,”
Rolled out in November 2017, WeSure ranks No.1 among insurance Mini Programs on WeChat. The easy-to-understand insurance products on the platform have earned it more than 20 million monthly active users and won high customer satisfaction from 95.7% of users who purchased on the platform. WeSure strategically selects new insurance products and works with partners to customize them. On average it takes 1.5 to 2 months to go through 6 to 8 iterations before a product is launched on the platform. Products launched so far cover health, auto, life, and travel.
Tencent’s 2018 third-quarter results were better-than-expected, with profit attributable to equity holders for the quarter at RMB19,710 million (USD2,865 million), representing an increase of 15% YoY. Leveraging on its large-scale payment platform and core technologies, Tencent has expanded its FinTech services to the area of insurance, benefitting more WeSure users.
Featured image credit: wesure.cn