Waterdrop is a Chinese online insurance broker and healthcare services platform. Its core business is selling health and life insurance products to Chinese consumers through its Waterdrop Insurance Marketplace, operating via mobile apps and WeChat. Waterdrop does not underwrite insurance — it earns commissions from insurance carriers when consumers purchase policies through its platform, with commission calculated as a percentage of premiums paid. Waterdrop targets underserved segments: residents of lower-tier cities, younger internet users, and consumers with pre-existing conditions who struggle to access coverage through traditional channels. Insurance commissions account for roughly 90% of revenue. A secondary business, E-Find, recruits patients for pharmaceutical clinical trials, charging a fixed fee per successful enrollment. Waterdrop also operates a medical crowdfunding platform, where patients with serious illness raise funds from their social networks — this platform serves as a key insurance customer acquisition funnel, since donors and patients exposed to healthcare costs become more receptive to purchasing insurance. Waterdrop has embedded AI across its sales and service workflow, including lead scoring, product recommendations, AI voice agents for pre-sales consultation, and underwriting eligibility assessment. In 2025, Waterdrop launched Sea.AI, a low-code platform for building insurance-specific AI agents, which it is also opening to external industry partners. Waterdrop co-develops exclusive insurance products with carrier partners, particularly for pre-existing conditions, maternity, and disability coverage.