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Waterdrop Inc. Released 2023 ESG Report: Adhere to both Sci-tech Innovation and Social Responsibility
BEIJING, Oct. 11, 2024 /PRNewswire/ — Waterdrop Inc. released its Environmental, Social and Governance (ESG) Report 2023 (“the Report”) in October. The Report details Waterdrop Inc.’s efforts in a number of key areas such as corporate governance, technology and innovation, inclusive protection and social responsibility, showcasing its ESG achievements in 2023 to the public. Due to its progress in ESG management, practices and information disclosures in 2023, the ESG rating score jumped to “A”, placing it among the industry leaders for the first time.
Over the past year, Waterdrop Inc. has innovated and explored various ESG areas. In terms of sci-tech innovation, the company continued to explore the application of big data, AI and blockchain technologies in the industry value chain. Regarding social responsibility, Waterdrop Inc. focused on critical illness relief and continued to support the elderly, rare disease patients and other special groups, and leveraged its product and technological advantages to help build an inclusive society. In environmental protection, the company actively responded to the “dual carbon” strategy, advocated green offices, reduced operational carbon emissions, and became a member of the Private Enterprises Green and Low Carbon Development Alliance. “Waterdrop Inc. is committed to providing the public with quality and inclusive insurance and health service solutions, actively practicing the concept of sustainable development, and continuously deepening the integration of corporate strategy and social responsibility. These commitments and actions are the top priorities of our ESG practice.” Shen Peng, Founder and Chief Executive Officer (CEO) of Waterdrop Inc., emphasized this in the Report.
Commitment to Sci-tech Innovation: RMB 299 Million Invested in R&D in 2023.
“Developing new quality productive forces is an intrinsic requirement and an important focus of promoting high-quality development, and we need to continue to well leverage innovation to speed up the development of new quality productive forces.” The Report reveals that the R&D investment of Waterdrop Inc. reached RMB 299 million in 2023. The company aims to apply emerging digital technologies to its products and services, continuously improving efficiency and providing users with higher-quality service.
In 2023, Waterdrop Inc. deployed the “Waterdrop Guardian” large language model, specifically designed for the insurance sector. This model covers a variety of business scenarios, including consulting, underwriting, and claims settlement. To enable autonomous real-time communication with users and improve interaction efficiency, Waterdrop Inc. also developed an “AI Insurance Consultant”. Additionally, the company developed Waterdrop Insurance Marketplace claims service system “Waterdrop Insurance Marketplace•Bangbang”, creating a comprehensive claims assistance framework that helps users with “online claim applications, claim material reviews, notification and conclusion interpretations, and claim dispute mediation.” As of 31 December 2023, the coverage rate of claims interpretation using “AI + manpower” function reached 99%.
Waterdrop Inc. places high importance on the application and protection of innovation outcomes. The company strictly adheres to relevant laws and regulations such as the Patent Law of the People’s Republic of China, and the Trademark Law of the People’s Republic of China, continually improving the Group’s intellectual property management system. In 2023, Waterdrop Inc. obtained 38 authorized patents, 132 registered trademarks and completed 20 copyright registrations. The company also successfully passed the qualification review of “National Intellectual Property Advantage Enterprise” and was included in Beijing’s first batch of “Demonstration Base for Trade Secret Protection”.
Embracing Social Responsibilities: Contributing to the Multi-tiered Medical Protection System
To address critical illness assistance challenges, Waterdrop Inc. leverages its industry insights and product and technology advantages to innovate and explore solutions in this field. Utilizing multiple platforms such as Waterdrop Medical Crowdfunding and Waterdrop Charity Platform, the company collaborates with social forces to help improve the multi-tiered medical protection system and promote high-quality development of medical security.
In 2023, as a member organization, Waterdrop Inc. actively participated in the construction of multi-tiered medical protection systems such as “Jin Qing Bang” and “Hai Hui Bang”. By the end of 2023, 1,003 patients had applied for assistance through the “Hai Hui Bang” platform, with the total amount of multi-level medical assistance reaching RMB 13.663 million. The “Jin Qing Bang” application achieved medical service usage monitoring for the entire population within Jinyun County, Zhejiang Province. It conducted 5.2 million automatic screenings, identified 13,000 patients with high out-of-pocket medical expenses, and facilitated social participation in relief funds totaling RMB 11.676 million. Waterdrop Inc.’s involvement in the multi-tiered medical protection system was featured as an exemplary case in the Blue Book of Medical Protection (2023) and won the 2023 Public Welfare Project of the 8th China Public Welfare Annual Meeting, among other accolades, providing valuable insights for the development of national multi-tiered medical protection system.
Waterdrop Inc. continues to expand the availability of the Rural Revitalization Insurance. In June 2023, the company donated Waterdrop Rural Revitalization Insurance to 1,471 villagers in Zhongtanbao Village, Yingxiu Town, Wenchuan County, Sichuan Province, with a total sum insured of RMB 280 million. Furthermore, by the end of 2023, the “Waterdrop Rural Clinics” initiative had established 139 rural clinics across 12 provinces, including Xinjiang, Sichuan, Shandong, Fujian, Guizhou, Yunnan, etc., benefiting more than 500,000 people.
In 2023, as charity-related laws and regulations continued to improve, the Waterdrop Inc., designated as an internet-based public fundraising information platform by the Ministry of Civil Affairs, collaborated with 41 charitable organizations and launched 322 public welfare projects. The platform actively works to create a more transparent, efficient, and targeted internet charity ecosystem, valuing and protecting every act of kindness from hundreds of millions of philanthropists.
Since its establishment, Waterdrop Inc. has placed a high emphasis on fulfilling its social responsibility and integrating sustainable development into the company’s corporate genes. Over the past year, while developing its business, Waterdrop Inc. has actively assumed corporate social responsibilities, implemented the principle of sustainable development, and taken practical actions to foster harmonious coexistence among the enterprise, society, and the environment. Looking ahead, Waterdrop Inc. will continue to uphold its entrepreneurial spirit and pursue high-quality development, giving back to society and aligning its growth with national strategies and the industry’s progress.
CONTACT: Bin Hou, [email protected]
The information provided in this article was created by Cision PR Newswire, our news partner. The author's opinions and the content shared on this page are their own and may not necessarily represent the perspectives of Thailand Business News.
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