Tencent’s WeSure Launches WeFit Program
WeSure , Tencent’s insurance platform, has moved into the health management sector with the launch of “WeFit” Health Plan, a discount-reward scheme inviting WeChat’s 1.1b monthly active users to save money and have fun while getting fit.
The WeFit Health Management Plan is designed as a fun and interactive way to address the traditionally low penetration rate for insurance schemes in China and incentivize users to live healthy lives. Participants are encouraged to engage in friendly competition with family, friends and co-workers to receive benefits such as reduced rates on insurance packages, free medical check-ups, discounts on gym membership and sports apparel. The more active a user is, the more they save.
“Insurance is a sector the government is open to actively developing. While China has very broad social coverage, insurance penetration is still relatively low. Therefore, the more we can increase this number, the better it will be financially for the individuals’ health and peace of mind” – Chairman and CEO of WeSure Insurance, Alan Lau.
The WeFit Health Management Plan is open to all mainland China citizens and has been co-developed with WeSure’s insurance industry partners in a bid to widen insurance product offerings and make them more accessible to individuals. To date, WeSure has partnered with over 20 insurance companies to co-develop the plan as a user-centric, transparent, affordable and fun experience. Hosted in the WeChat program ecosystem, WeSure’s latest campaign will leverage Tencent’s social features by encouraging users to share their achievements, brand endorsements and product ratings.
Benefits are awarded according to how active users are; the more active a user is, the more benefits they can receive. Additionally, registered members can be offered an insurance premium of 0.1 yuan for the first month or 10% off their annual premium for the year depending on the number of steps taken within 30 days. If users purchase insurance via WeSure, they will be entitled to a further 30% off their annual premium if they can complete a 30-day step target.
“Our data shows that individuals who are frequently active have insurance loss rates of 5-10% less. As the scheme is underpinned by achievement and social interaction, it is much more than a reward program. If users are regularly active, they have the potential not only to improve their health but also to save hundreds of renminbi a year on insurance premiums and have fun while doing it. WeFit is good for everyone,” Lau added.