Alan Lau, CEO of Tencent’s insurance platform WeSure, recently announced that research has revealed the COVID-19 pandemic unexpectedly raised the sense of urgency in insurance purchase in China. Lau notably referred to the latest research Tencent WeSure conducted in partnership with Shanghai-based Fudan University, which showed a string of demographic changes among insurance buyers as a result of the pandemic.
“For instance, women have become more risk conscious, with the ratio of the number of men and women purchasing insurance on WeSure slashing from 2:1 to 1:1. The highest jump in user numbers was witnessed among those in their 30s, a population segment perceived to bear the most family responsibilities. Also, by geographical breakdown, residents from the likes of Beijing and Guangdong, who have relatively stronger memories of SARS in 2003, experienced a noticeable pickup in insurance demand.”
Lau further stated:
“People often say that insurance is important but not urgent. But the pandemic did create quite a large group of what I would call ‘half-ready’ users, whose risk appetite or sensitivity to risk have grown but aren’t quite ready to buy.”
Founded in 2017, WeSure uses Tencent’s “strengths” of data-driven and social connection to provide users with insurance services. Users are able to make insurance purchases, inquiries, and claims directly through WeSure’s instant messaging and platform.