SHENZHEN, China, April 29, 2020 /PRNewswire/ — Tencent’s insurance platform WeSure, launched a new initiative on April 16, following the establishment of the “WeSure Charity Fund”. By embodying the concept of public welfare in the design and implementation of insurance products, the Fund aims to increase philanthropy. Working with Two Sigma, China Guanghua Science And Technology Foundation, the Fund’s latest initiative will provide insurance protection to 2600 cured COVID-19 patients in Wuhan, who are classified as high risk under vast majority of commercial medical insurance policies and cannot be insured within two years following infection.
The initiative follows the release of new guidelines announced on March 5, directed at reforming the country’s medical insurance system. The guidelines aim to ensuring access to basic medical insurance and medical aid, improving treatment insurance mechanisms, and assisting with charitable donations for those less fortunate.
The WeSure Charity Fund will connect Internet users and those in need of assistance with the online insurance, enhancing the capability of social assistance through insurance. The Fund will focus on three areas: assistance programs and funding for individuals with serious illnesses; guardianship programs that provide long-term protection for particular groups, such as children with autism; and caring programs providing rapid assistance for public events.
“Through leveraging the Internet and insurance to increase participation in philanthropy, we can amplify our ability to help those in need, and enhance the effectiveness of insurance as a social stabilizer,” said Alan Lau, CEO of WeSure.
“The COVID-19 pandemic shows the strength of China’s solidarity. Through this charitable act, we hope to build on this solidarity and continue supporting individuals affected in Wuhan,” said Kenny Lam, CEO of Two Sigma Asia.
Since its inception, WeSure has actively explored charitable opportunities through the use of online insurance. The first instance was a special medical assistance plan, which donates 1 CNY to China’s Primary Health Care Foundation every time a user purchases an anti-cancer insurance policy. These funds are then used to support cancer patients in urgent need of specific anti-cancer drugs.
Following this, WeSure expanded its charitable practices during the COVID-19 pandemic.
In the early stages of the outbreak, WeSure and AXA launched an insurance plan that protected more than 100,000 front-line medical staff and pharmacists within 24 hours. It also introduced a COVID-19 insurance plan that offer financial aid to small business owners affected by the outbreak. Meanwhile, partnered with the Ministry of Civil Affairs of the People’s Republic of China and Tencent Foundation, it launched nationwide Public Welfare and Insurance Protection Program. Since then the program has provided coverage for all volunteers, community workers, and social workers who have worked to prevent and control the epidemic nationwide. To date, WeSure has provided coverage for more than 15 million people since the outbreak of COVID-19.
About Tencent WeSure
WeSure Insurance Ltd. is Tencent’s insurance platform. Leveraging Tencent’s strengths of data-driven and social connection, WeSure works with well-known insurance companies to provide users with high-quality insurance services. Users can make insurance purchases, inquiries and claims directly on the firm’s vastly popular instant messaging and lifestyle platform, Tencent WeChat and QQ.
For more information, please visit Tencent WeSure’s LinkedIn page.
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