Waterdrop Stock Price, News & Analysis
Company Description
Waterdrop Inc. American Depositary Shares (each representing the right to receive 10 Class A Ordinary Shares) (NYSE: WDH) is described as a technology platform dedicated to insurance and healthcare service. The company operates as an independent third-party insurance platform and focuses on combining insurance distribution, healthcare-related services, and technology-driven tools to support users, patients, and institutional partners.
According to available information, Waterdrop’s main businesses include an insurance marketplace, medical crowdfunding, and mutual aid. Through its insurance marketplace, Waterdrop collaborates with insurance carriers to offer health and life insurance products and aims to support users throughout the process from underwriting to claim services. Its medical crowdfunding business enables people facing significant medical costs to seek financial support through online campaigns, while the mutual aid business is also identified as one of its key activities.
Insurance marketplace and insurance-related services
The company’s insurance-related activities are organized under an Insurance segment, which mainly includes insurance brokerage service and technical service. Insurance brokerage income represents brokerage commissions earned from insurance companies. Technical service income is derived from providing services such as analytics and intelligent recommendation service, risk assessment technical service, customer relationship maintenance, customer complaint management, claim assistance and investigation service, user referral services, and other related support to insurance companies, insurance brokers, and agency companies, as described in its financial disclosures.
Waterdrop states that it leverages multi-dimensional consumer insights to deliver analytics and intelligent recommendation services, helping match policyholders with suitable products and improving sales efficiency. Its risk assessment services are based on analysis of potential insureds’ information, providing results that help insurers refine their risk analysis capabilities. These activities position Waterdrop as a technology-enabled intermediary between insurance providers and end users.
Medical crowdfunding platform
Waterdrop operates the Waterdrop Medical Crowdfunding platform, which it describes as enabling patients with significant medical bills to seek help through the internet. The company’s role is to provide medical crowdfunding services that include technical and internet support, managing, reviewing and supervising crowdfunding campaigns, providing risk management and anti-fraud measures, and facilitating the collection and transfer of funds when patients successfully withdraw proceeds from campaigns.
In multiple disclosures, Waterdrop emphasizes a mission of “saving lives” and notes that hundreds of millions of people have cumulatively donated to millions of patients through Waterdrop Medical Crowdfunding. The platform has also been used to implement enhanced case risk control measures and advanced analytics to improve identification of high-risk scenarios and reduce fraud, as well as donor evaluation systems to increase transparency, rationality, and traceability of fund distribution.
Digital clinical trial solution and E-Find Platform
Beyond insurance and crowdfunding, Waterdrop reports an “Others” segment that includes a digital clinical trial solution. This business generates revenue by matching qualified and suitable patients for enrollment in clinical trials for customers that mainly include biopharmaceutical companies and biotechnology companies. Waterdrop typically charges a fixed unit price per successful match.
The company operates the E-Find Platform for patient recruitment into clinical trial programs. Disclosures state that Waterdrop has cumulatively enrolled thousands of patients into more than a thousand clinical trial programs, and that it collaborates with numerous pharmaceutical and contract research organizations. The E-Find Platform is described as expanding collaboration networks, initiating services for new programs, and using digital capabilities and large-scale model technology in doctor–patient service scenarios.
AI-powered operations and applications
Waterdrop repeatedly highlights the use of artificial intelligence (AI) across its business lines. In its insurance business, the company refers to an “AI Medical Insurance Expert” that facilitates premiums, a “KEYI.AI” underwriting assistant that streamlines underwriting workflows and reduces processing time, and an “AI Customer Service Agent” that independently handles large volumes of customer inquiries. It also mentions the Waterdrop Guardian AI Application Suite, which interacts directly with end users or supports online consultants, and tools such as “Life Planner Copilot” and an AI Service Quality Copilot that are used to enhance productivity and service quality.
According to a business case description, Waterdrop has built a comprehensive AI application framework for insurance scenarios and holds numerous technology patents. AI models are applied to sales assistance, customer service, underwriting, and quality control, and are also used to strengthen risk assessment and quality inspection across communication channels.
Business segments and revenue sources
Waterdrop organizes and reports its business in three operating segments:
- Insurance – mainly includes insurance brokerage service and technical service.
- Crowdfunding – mainly includes crowdfunding service through Waterdrop Medical Crowdfunding.
- Others – includes the digital clinical trial solution and other activities that do not individually meet quantitative and qualitative thresholds to be separately reportable.
Net operating revenue is reported across these segments, with insurance-related income consisting of brokerage commissions and technical service income, crowdfunding service fees earned when patients withdraw proceeds from campaigns, and digital clinical trial solution income based on successful patient matches.
Capital markets and corporate information
Waterdrop Inc. trades on the New York Stock Exchange under the ticker symbol WDH. The company has filed current reports on Form 6-K under the Securities Exchange Act of 1934 as a foreign private issuer, and it references the use of American Depositary Shares (ADSs), each representing the right to receive 10 Class A ordinary shares. The company has also disclosed multiple share repurchase programs and cash dividends in its public announcements, indicating active capital management for its listed equity.
Social impact and recognition
In its public communications, Waterdrop describes itself as a technology platform dedicated to insurance and healthcare services with a positive social impact. It emphasizes its mission of assisting families in medical distress through Waterdrop Medical Crowdfunding and raising awareness about health protection through its insurance marketplace. The company notes that its business innovation case, titled “Waterdrop: AI-Powered Insurance and Healthcare,” has been included in the Harvard Business School Case Collection, where it is presented as an insurtech and healthcare platform focused on health protection solutions and a diversified health protection ecosystem.
Risk management and ESG-related practices
Waterdrop reports ongoing work to strengthen risk control and anti-fraud capabilities, particularly in medical crowdfunding. It references the use of advanced analytics, large-language-model engines, and verification platforms to improve campaign validation, detect high-risk scenarios, and enhance donor confidence. The company also mentions releasing an ESG report and optimizing its ESG governance structure and data management capabilities, as well as cooperating with public charity organizations on public welfare projects through the Waterdrop Charity platform.
Position within insurance agencies and brokerages
Within the broader Insurance Agencies and Brokerages industry in the Finance and Insurance sector, Waterdrop’s disclosures highlight its role as an independent third-party insurance platform that combines brokerage, technical services, crowdfunding, and digital clinical trial solutions. Its focus on AI applications, medical crowdfunding, and clinical trial patient recruitment differentiates its model from traditional insurance agencies that may focus solely on policy distribution.