Water Drop
Connecting people to insurance and healthcare through technology in China and beyond
Overview
Waterdrop Inc. is a technology-driven platform dedicated to insurance and healthcare services in China and expanding internationally. Founded in 2016 and headquartered in Beijing, the company operates the largest independent third-party insurance platform in China by life and health insurance first-year premiums. Waterdrop combines online insurance brokerage, medical crowdfunding, and pharmaceutical clinical trial patient recruitment under one umbrella, leveraging AI and data to improve access to healthcare and insurance products.
The company went public on the New York Stock Exchange in May 2021 under the ticker WDH, raising USD 360M in its IPO. Backed by major investors including Tencent and Swiss Re, Waterdrop has built a platform that by end of 2025 had connected approximately 490 million cumulative donors to 3.68 million patients through its medical crowdfunding service. Its AI capabilities include a proprietary Guardian AI Insurance Expert large language model and the CDOT AI platform. In 2025, Harvard Business School included a Waterdrop case study in its collection, and the company's insurance segment revenue grew 45% year-over-year in Q3 2025.
Products & Services
Waterdrop Insurance Marketplace
An internet insurance brokerage platform operated by Shuidi Insurance Brokerage Co., Ltd., a national brokerage company approved by Chinese insurance regulators. Launched in May 2017, the marketplace covers medical, serious illness, accident, life insurance, annuity, and other product types, including products designed for customers with substandard risk profiles. As of 2025, the platform has launched 242 customized insurance products across more than 100 partner insurance companies.
Key Features
- Inclusive insurance product catalogue covering diverse risk profiles
- AI-powered product matching and comparison
- Guardian AI Insurance Expert LLM for customer guidance
- Comprehensive claims assistance and policy management
Target Users: Individual consumers, insurance carriers
Waterdrop Medical Crowdfunding
China's leading online personal help-seeking service platform for patients with serious illnesses. Officially designated by China's Ministry of Civil Affairs in December 2024, the platform enables patients and their families to publish and share fundraising campaigns through social media including WeChat. By end of 2025, approximately 490 million people had cumulatively donated CNY 72.3 billion to support 3.68 million patients.
Key Features
- Mobile-first crowdfunding for medical expenses
- Social sharing via WeChat and other platforms
- Verification and review of patient cases
- Transparent disbursement of funds
Target Users: Patients with serious illnesses, donors, healthcare networks
E-Find Patient Recruitment
A clinical trial patient recruitment platform that leverages Waterdrop's patient base and an intelligent matching system to connect patients with pharmaceutical clinical trials. Primarily focused on oncology, the platform partners with 216 globally leading pharmaceutical enterprises and contract research organizations (CROs) to accelerate innovative drug R&D.
Key Features
- Intelligent patient-to-trial matching
- Large oncology patient database
- Partnerships with global pharmaceutical firms and CROs
- End-to-end recruitment workflow management
Target Users: Pharmaceutical companies, CROs, clinical trial sponsors
Waterdrop Financial
Established in 2023 and based in Hong Kong, Waterdrop Financial operates as a licensed insurance brokerage company offering comprehensive financial services. Services include professional insurance brokerage, wealth management planning, Mandatory Provident Fund (MPF) management, and risk management for individual and corporate customers.
Key Features
- Licensed insurance brokerage in Hong Kong
- Wealth and retirement planning services
- MPF management
Target Users: Individuals and corporate customers in Hong Kong and Greater China
Shenlanbao
A leading insurance evaluation and comparison platform in China that provides one-stop services from front-end risk assessment and product comparison through to back-end claims assistance and policy management. Shenlanbao holds a national insurance brokerage license from China's National Financial Regulatory Administration (NFRA) and has been operating for more than nine years.
Key Features
- Insurance product comparison and ranking
- Risk assessment tools
- 1-on-1 claims assistance
- Policy management services
Target Users: Individual insurance buyers seeking transparent product comparisons
Lugo Visa
A life service platform focused on Hong Kong and overseas markets that provides end-to-end solutions in identity planning, corporate globalization, and children's education. As of end of 2024, Lugo Visa had established five regional service centers across the Chinese mainland and Hong Kong.
Key Features
- Identity and immigration planning
- Corporate globalization services
- Children's education solutions
- Regional service centers
Target Users: Individuals and families in Hong Kong and Greater China
At a Glance
- Founded
- 2016
- Headquarters
- Beijing, China
- Employees
- 5001-10000
- Funding
- Public (NYSE: WDH)
Category & Focus
- Category
- Marketplace
- Subcategories
- Distribution & Aggregation Patient Services Clinical Research
- Insurance Verticals
- Health Life & Annuity
- Target Customers
- Consumers, Insurance Carriers, Pharmaceutical Companies
Customers
- 100+ insurance companies on the Waterdrop Insurance Marketplace
- 216 global pharmaceutical enterprises and CROs (E-Find platform)
- Tencent (strategic investor and platform integration partner)
- Swiss Re (Series D co-investor and reinsurance industry partner)
- 490 million cumulative crowdfunding donors (end of 2025)
- 3.68 million patients supported through medical crowdfunding
- 242 customized insurance products launched as of 2025
Last updated: 2026-05-18