WeSure, Tencent's insurance platform, launched several insurance plans designed to protect against the risk of the coronavirus epidemic.
On 29 January, WeSure offered its first Covid-19 coverage, free of charge, to front-line medical workers providing up to 600,000 yuan ($86,000) upon Covid-19 diagnosis. Medical workers may submit a claim for up to 100,000 yuan on Covid-19 diagnosis, and families of medical workers may submit a claim for up to 500,000 yuan following the death of the latter caused by Covid-19.
«During these critical times, WeSure remains more committed than ever to protecting China's medical workers and the broader public. Our full support is behind the fight against Covid-19. In a crisis like this one, the Internet has a bigger role to play than ever,» said Alan Lau, CEO of WeSure in a statement.
First of Its Kind
Launched on January 29 together with AXA and DingXiangYuan, WeSure's Covid-19 medical worker insurance plan is the first in the market that pays cash compensation upon diagnosis.
Medical workers at specified primary and secondary public hospitals, treatment centers, and pharmacies are eligible to sign up for WeSure's Covid-19 coverage for free. Over 100,000 medical professionals across China signed up for the plan within just one week and 50 claims have been settled with cash compensation made to diagnosed doctors and nurses.
Aiding small business owners
On February 3, WeSure and WeChat Pay introduced a Covid-19 insurance plan that offers financial aid to small business owners affected by the novel coronavirus. Underwritten by PICC, users can apply for the aid from the «Gift Upon Payment» program within WeChat Pay. If the owner or his/her spouse is diagnosed with Covid-19 and admitted for inpatient treatment, they can claim a cash compensation of 1,000 yuan per day for up to 30 days.
The 50 million small-business WeChat Pay users make up a crucial part of China's economy. With people cutting down significantly on outdoor activities, small business owners are among the hardest hit, the company notes. «Over a million users have signed up for this insurance plan within a week. We hope that our coverage will help partly offset business disruption for small business owners due to Covid-19,» said Lau.
Coverage For WeChat Users
WeSure also launched the Covid-19 coverage to all WeChat users with a minimum 10,000 yuan cash compensation. Users can sign up for the universal insurance for free by accessing WeSure's service within WeChat. Through WeSure's Mini-Program on WeChat, the insured users can submit claims online.
Separately, WeSure also expanded coverage of all its existing medical policies to include cash of 100 to 150 yuan per day for confirmed Covid-19 patients for hospitalization costs. Across all these insurance plans, WeSure has provided Covid-19 coverage for 15m users in China in under two weeks.
