Waterdrop Inc. (“Waterdrop”, the “Company” or “we”) (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare service with a positive social impact, recently announced that it officially launched its first digital employee “Waterdrop Assistant”. “Waterdrop Assistant” is a human-like virtual employee that was developed based on Waterdrop’s business processes and is powered by multiple technologies, including robotic process automation (RPA) and artificial intelligence (AI). “Waterdrop Assistant” can help the online insurance service team with numerous tasks, including data processing and analysis, online user management, and customer services, thus improving the response time, quality, and scope of the Company’s customer service team.
Mr. Mingxing Huang, Head of AI at Waterdrop, commented, “The introduction of digital employees is our latest exploration to continue promoting the digital transformation of the insurance industry, to reduce operating costs, and improve the efficiency of insurance services. Specifically in our case, ‘Waterdrop Assistant’ has helped shorten the response time, lower operating costs, and unleash the potential of our staff. Our analysis shows that since its launch, ‘Waterdrop Assistant’ has processed 86% of the user sessions with a 97% accuracy rate for intention recognition, helping free up 37% of the customer service manpower and effectively increase the policy renewal rate. Currently, ‘Waterdrop Assistant’ is responsible for highly repetitive and labor-intensive tasks, however, it has also undergone constant system iterations and architecture upgrades through ongoing machine learning. For example, in the fourth quarter of 2021, Waterdrop Assistant completed 20-plus system iterations and 3 architecture upgrades accumulatively. Our next goal is to enable ‘Waterdrop Assistant’ to independently complete tasks for more complex and interactive scenarios and play a bigger role in the process of sales inquiry, underwriting review, risk control, and claim settlement.”
Mr. Huang added, Waterdrop Assistant is positioned as an “assistant” to insurance service staff. Through its intelligent dialogue robot technology, “Waterdrop Assistant” has completed the training related to speech, sentiment recognition, semantic analysis, and other capabilities, enabling it to conduct simple communication with customers, record and collate their protection needs, intention to purchase insurance, and classify them into different groups. This will help the Company’s online services team develop timelier, professional, and customized insurance plans for different customers. In terms of online user management, “Waterdrop Assistant” has significantly improved the operation refinement and efficiency of its insurance service staff and has been capable of interacting with customer communities and maintaining customer relationships independently. For example, “Waterdrop Assistant” can identify customer needs according to the keywords sent by customers, send personalized push notifications, reminder of policy expirations and birthday greetings to customers in time.
In addition, “Waterdrop Assistant” has been well-acquainted with over 100 insurance products equipped from Waterdrop’s sophisticated data library, including the product profile, insurance coverage, policy renewal, and claims settlement process. Based on its semantic understanding capability, “Waterdrop Assistant” can recommend answers for our insurance service staff in real-time so they can provide quick and accurate responses to customers more easily. During its interaction with customers, “Waterdrop Assistant” can detect and understand customer sentiment immediately and assists the service staff in comforting the customers at proper times, thereby improving user experience and satisfaction.
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