Hexiang Insurance Brokers, the insurance brokerage division of Yiren Digital, has extended its services to over 100,000 flexible workers, a demographic traditionally underserved by social security due to their unstable employment status.
This milestone underscores the firm’s commitment to social responsibility and sets a benchmark for the industry, says Yiren Digital, an AI-powered platform company providing a comprehensive suite of financial and lifestyle services in China.
The “New Resident Care” project, initiated by Hexiang in mid-2022, aims to support China’s growing flexible workforce. This diverse group includes truck drivers, ride-hailing drivers, couriers, and food delivery riders, all facing high mobility challenges due to the nature of their work. According to the National Bureau of Statistics, China had approximately 200m flexible employees by the end of 2021, a number expected to double to 400m by 2036 based on the Alibaba Research Institute’s estimates. As the group continues to expand, the call for better protection and security for them is becoming increasingly vocal.
Originating in Hubei province, the “New Resident Care” initiative has rapidly gained traction. Hexiang is expanding its services into new regions, including Gansu province, as part of its ongoing commitment to financial inclusion. Currently, the average insurance coverage per capita stands at CNY100,000 ($13,800), providing a robust safety net against unforeseen risks or accidents.
To meet the ballooning demand and to better fulfil its social responsibilities, Hexiang Insurance collaborates with insurers to develop a range of accident and medical insurance solutions tailored to the working conditions of flexible employees. Additionally, Hexiang drove the effort to streamline the insurance application process with a user-friendly one-stop online enrolment service, simplifying procedures and providing convenient claims reporting services.
