Chinese insurtech WeSure launches free coverage for Coronavirus Covid-19

Chinese conglomerate Tencent's insurance platform, WeSure, has launched several insurance plans designed to protect China's medical workers, SME business owners and the general public who may have been affected by coronavirus (Covid-19).

Launched on January 29 together with AXA and DingXiangYuan, WeSure offered its first Covid-19 coverage free of charge to front-line medical workers providing up to 600,000 CNY (approx. $86,000) upon Covid-19 diagnosis. Medical workers may submit a claim for up to 100,000 CNY after Covid-19 diagnosis, and families of medical workers may submit a claim for up to 500,000 CNY following death caused by the virus.

"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," said Alan Lau, CEO of WeSure.

The company has also partnered with popular Chinese messaging platform WeChat to provide insurance targeting small and medium business owners affected by Covid-19. Under the plan, any merchants who have been diagnosed with Covid-19 will receive 1,000 CNY a day to offset losses from business disruption.

The plan has recently been expanded to offer all WeChat users with a minimum cash compensation of 10,000 CNY. Users can sign up for the universal insurance for free by accessing WeSure's service within WeChat.

"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.

He added: "Our team worked non-stop, many from remote locations while on leave outside of Shenzhen during the Chinese New Year break, to respond with products and services that meet the needs of medical workers, patients and the broader public. In a crisis like this one, Internet has a bigger role to play than ever. Social distancing is critical to curbing Covid-19 spread. With a smartphone in hand, users can sign up for our insurance plans by accessing our Mini-Program inside WeChat, 24/7, wherever they are."

Across all insurance plans, WeSure claims to have provided Covid-19 coverage for 15 million users in China in just under two weeks since the outbreak began.