By integrating innovative technology with traditional insurance with the help of Moore MS Advisory. New insurtech models It promises to improve affordability and access to insurance. and change the ecosystem of the industry One of the most prominent players in this space is WeSure, Tencent’s insurance agency platform. WeSure partners with major domestic insurance companies to allow users to purchase insurance, make inquiries, and submit claims through WeChat, an application. Messaging social media and payment that is widely used in China
Play video
video
Violet Chung, Partner at McKinsey’s Hong Kong office, recently had an in-depth conversation with Ren Huichuan, Senior Consultant at Tencent Group. They discussed WeSure’s values and business philosophy, the thinking behind its ‘moat’ or key competitive advantage. and various challenges that both digital and traditional insurance companies face
This article is part of McKinsey’s series of interviews with insurance industry leaders and Shapers, and has been edited for clarity.
Creating an innovative and customer-centric insurance platform
McKinsey: How would you describe WeSure’s core values?
Ren Huichuan: WeSure has been Tencent’s insurance platform since its founding about four years ago. We have made major forays into online insurance.
I think our first core value is our business philosophy: We are an insurance service platform powered by our users. In other words We are an insurance service platform designed to help users buy insurance. It is not a platform designed to serve insurance companies. We adhere to the philosophy of putting user value first, which Tencent has always supported. The company hopes to help users freely choose and purchase the insurance product that suits them best in a quick and easy way. Instead of selling and marketing products
part
Sidebar
About the interviewee
The second core value proposition is exploring insurtech. WeSure’s engineering team is actually quite large. with hundreds of employees About half work in technology. And many of them have worked at Tencent, we have made great use of high-tech efforts in exploring situations, data and services, and as a result We have created many innovative products.
For example, in terms of product, WeSure is working with insurance companies to create a risk management platform focused on risk identification. anti-fraud and helps insurance companies reduce risk in all business activities related to insurance applications. Underwriting and claims In terms of our services, WeSure coordinates claims and service interfaces with insurance companies. Make the process easier and simplify to provide users with high-quality and convenient insurance services. We also explore different ways. to respond to COVID-19 better and serve small businesses as well.
In short, WeSure is a platform company with a customer-centric philosophy. It is designed to help customers find the right insurance product or service for them. We connect both sides of the market. It connects customers on one side and insurance companies on the other. But our philosophy is customer-focused.
Develop 3 main canals
Popular insights
Women in the workplace 2023
The economic potential of generative AI: the next manufacturing frontier
Global Banking Annual Review 2023: Banking’s Big Change
What is tokenization?
What is Web3?
McKinsey: Compared to other insurance technology companies What competitive advantages does your company have?
Ren Huichuan: Every enterprise wants to build its own canal. But the canal is always moving. Even though you now have a moat But competitors were able to overcome them later. This will reduce your advantage. For this reason, building new canals is a continuous process.
When WeSure was first founded, WeSure was a new member of the Tencent family, so our first opportunity was based on the good brand reputation and rich ecosystem established by Tencent as our major shareholder. We are an insurance service platform based on the WeChat ecosystem. We have a special portal on the WeChat network called “Insurance Service”, which provides a very fast and convenient channel.