Waterdrop Insurance Mall

Waterdrop Insurance Mall (水滴保险商城) is the internet-based health insurance distribution platform of Waterdrop Inc., founded in 2016 by former Meituan executive Shen Peng . Originally launched as "Shuidi Bao" (水滴保) before a 2019 rebrand, it operates under a national insurance brokerage license and functions as the company's core commercial arm alongside its social-good modules like medical crowdfunding .

The platform built its early position through a "traffic + scenario" model embedded mainly within WeChat's ecosystem, targeting lower-tier cities and first-time online insurance buyers—per Gaorong Ventures, 90% of users completed their first online policy purchase through the platform, with a 73% repurchase intention rate . By mid-2020 it had partnered with over 60 insurers, covered nearly 6,000 million households across 2,988 counties, and generated annualized signed premiums approaching RMB 6 billion in the first half of 2020 alone . The company listed on the NYSE in May 2021 as the exchange's first "InsurTech stock," with commission income from the insurance platform accounting for 89.1% of its 2020 net revenue .