Chinese InsurTech firm WeSure partners with 20 re/insurers
23rd November 2018 – Author: Matt Sheehan
WeSure, the insurance platform owned by Chinese investment conglomerate Tencent, has expanded its line of products and formed partnerships with 20 insurance and reinsurance companies.
The firm’s platform is hosted in the WeChat Mini Program ecosystem, part of Tencent’s Chinese multi-purpose messaging application that has more than one billion monthly users.
WeSure said it plans to further build on the data-driven and social connection features of the WeChat application to recommend more suitable insurance products to users, while the new re/insurance partnerships will help it to continue to diversify its 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,” explained Alan Lau, Chairman & Chief Executive Officer (CEO) of WeSure.
“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,” Lau continued.
WeSure has more than 20 million monthly active users on the WeChat platform and has launched products in the health, auto, life and travel spaces, using partnerships to help develop new products in just 1.5 to 2 months, on average.
The firms said it intends to continue to develop further simple and customisable products for its portfolio, supported by the large-scale payment platform and core technologies of Tencent.
Tencent recently released its third quarter results, posting profit attributable to equity holders of RMB 19,710 million (US $2,865 million), representing an increase of 15% year-on-year.