No contrast, no harm


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By Gong Jinhui
Source: Gong jinhui2
As the head player of “crowdfunding + mutual aid + insurance” track, relaxed group and shuidi company are compared by the outside world from time to time. At the same time, due to the fierce competition between the two sides, the news of grassroots push personnel fighting has been hot searched more than once.
Through comparison, it is not difficult to find that easy chip, easy insurance yanxuan (hereinafter referred to as “easy insurance”) and shuidi chip, shuidi insurance Mall (hereinafter referred to as “shuidi insurance”) are the two core products of easy group and shuidi company respectively, which can be regarded as the important foundation for their respective business models. In other words, the business models of the two are highly similar, and their playing methods are similar.
Easy chip / water drop chip accumulates traffic through social scenes, gathers a large number of users, and then obtains revenue by selling insurance and charging platform management fees, among which easy insurance / water drop insurance is cash cow. It is not difficult to see that as a serious illness fund-raising platform, easy fund-raising / water drop fund-raising plays a drainage role, and then realizes flow realization through easy fund-raising / water drop fund-raising and easy mutual fund-raising / water drop mutual fund-raising.
No comparison, no harm. After years of development, from all dimensions, the early start of easy group lost to the latecomer shuidi company, and the gap is more than a little. I’ll list three dimensions. You can feel the huge gap between the two sides.
1、 Financing
Since its establishment in September 2014, the group has completed four rounds of financing. The latest round of financing also dates back to July 2017. At that time, Xi raised US $28 million in round C financing. The investors included IDG’s growth fund, Detong capital, Tencent investment and Tongdao capital, with an estimated value of US $400 million.
In the next two years, there was little news about the financing of the group. It was not until the end of 2019 that sunshine insurance planned to invest $80 million in the group. Zhang Ke, then CEO of the group, once served as the strategic planning director of sunshine insurance, led the financing negotiation. However, the news did not follow later.
In July 2020, according to the news released by Bloomberg, easy group is seeking a new round of financing, with the amount of financing about 50 million-100 million US dollars, and the company’s valuation will reach 1 billion US dollars. Unfortunately, this rumor has not been confirmed in the end. Two months later, a recruitment message of relaxed group attracted the attention of the outside world. It plans to seek a public relations director with a monthly salary of 25000-50000 yuan. The job requirement clearly mentions “fully participate in the public relations work of listing preparation”.
For a while, rumors about the easy group seeking to be listed are all around, and the outside world is very concerned about the follow-up progress. Unfortunately, four months later, the group has not taken any further substantive action or even any sign in promoting the listing. I don’t know if you’ve found it. It’s been passed around that no matter whether it’s financing or listing, the relaxed group has brought no surprise to the outside world. Up to now, it has been three and a half years and did not like to propose a new round of financing.
In contrast, shuidi company, which was established in 2016, has always been the favorite of the capital market. Not only the amount of financing far exceeds that of easy group, but also the rounds of financing are better than that of easy group. In August last year, shuidi company completed round D financing of 230 million US dollars, setting the highest financing record in the global insurance technology field in 2020, with an estimated value of about 2 billion US dollars, which is five times the estimated value of easy group three years ago. At the same time, in addition to the seed round, Tencent has been on the list of investors of shuidi company since Angel round, while only round B + and round C financing of easy group are favored by Tencent.
It is not difficult to see that Tencent, a heavyweight shareholder, has proved to be more optimistic about shuidi company than easy group with practical actions. In addition, rumors about the listing of shuidi company have never stopped. In July, October and November of last year, news of the listing came out three times in succession, with a valuation of US $4 billion to US $6 billion. Although shuidi company has always maintained a noncommittal attitude, it seems to be well prepared. A real hammer is that the management personnel structure required for listing has basically taken shape: CEO Shen Peng, CFO Shi Kangping, CTO Qiu Hui.
2、 Team
Whether it is for financing or seeking listing, it is particularly important for start-ups to maintain the stability of the core team. Obviously, the performance of easy group is inferior to that of shuidi company. The former lost two core executives in three months, while the latter recruited two generals in three months, showing a sharp contrast.
In April and September 2019, Zhongcheng and Zhangke joined the Internet insurance platform easy group from traditional insurance companies. However, in October of last year and January of this year, Zhang Ke, CEO of easy group, and Zhong Cheng, CO CEO of easy group, left their posts one after another. At this time, it is only one year before joining easy group.
In 2019, easy group will recruit two insurance veterans one after another to show its ambition of seizing the Internet insurance outlet and accelerate the relevant strategic layout. In view of the fact that the realization of easy group is to sell insurance products to users in a targeted way through grid sales, senior executives of the company are required to have experience in insurance sales, especially familiar with Internet sales. However, looking at the resumes of Zhong Cheng and Zhang Ke, they do not have insurance sales experience.
Therefore, when Zhong Cheng and Zhang Ke turn from traditional insurance companies to easy group, they are unavoidably acclimatized due to the huge differences in platform business models. They are not competent for important positions and can not help the insurance business to a higher level. In addition, they are willing to focus on short-term insurance products with low unit value, and they are willing to develop high unit value Only when the demands of long-term protection of the products are contrary to each other, will they leave.
In contrast, Li Jia, vice president of shuidi insurance, is a master of life insurance e-marketing. He once served as deputy general manager of MetLife and head of E-marketing channel. At the same time, shuidi company is constantly improving its top management structure and continuously introducing CTO and CFO. In August last year, Qiu Hui, the former co-founder and CTO of Youxin group, joined shuidi company as a partner and CTO. Three months later, Shi Kangping, the former cat’s eye CFO, joined shuidi company as CFO, or prepared for listing in the United States in 2021.

With the arrival of CTO and CFO, the management structure of shuidi company has gradually become clear. On the other hand, in the selection of CEO successor, Yang Yin, chairman of relaxed group, was not introduced from the outside nor promoted from the inside. This may be a helpless move. The reason behind it is that we can’t find a suitable person for a while, so we can only let the founder personally preside over the overall situation.
3、 Business
In business operation, there is also a visible gap between easy group and water drop company. According to the “white paper on public welfare” released by easy fundraising, the amount of easy fundraising in the first half of 2020 is 330 million yuan. In contrast, the latest love data released in September last year showed that the first eight months of 2020 raised more than 6.7 billion yuan, far more than easy to raise. At the same time, there is a big gap between them.
Easy group has publicly announced that in the first two months of 2020, the premium income of its insurance business increased nearly 10 times compared with the same period of last year, and continued to occupy the market with a growth rate of 50%. However, this data is highly questionable. As early as October 2018, easy insurance announced that the monthly premium exceeded 300 million yuan. Even if there is no growth in the next few months, it can be inferred that the monthly premium income of easy insurance will exceed 3 billion yuan from January to February in 2020, which is obviously unreasonable.
You know, in January 2020, the premium income of Zhongan insurance was less than 1.5 billion yuan, ant insurance ranked first on the Internet insurance platform was only more than 10 billion yuan in 2019, and pan China, the first listed insurance agency in China, had a premium income of only 2.08 billion yuan in the third quarter of 2019. Can easy insurance, which has been involved in insurance business for more than three years, surpass the three players mentioned above? With all due respect, the possibility is very small, otherwise it would have been known to all.
It is worth noting that Shen Peng, the head of shuidi company, once actively revealed a set of core data of the investment circle in the chat group. Data show that in the first two months of 2020, the annual premium income of shuidi insurance is 2.4 billion yuan, and that of easy insurance is 280 million yuan, accounting for only 1 / 9 of shuidi insurance. In this regard, Shen Peng joked that because the gap between the size of competitors and that of shuidi insurance is too large, we can only find the positioning of “growth first” in the same period.
Since then, Shen Peng disclosed the company’s latest performance, saying that in the first half of 2020, the monthly annualized premium will reach about 1 billion yuan, making shuidi company profitable in April and may this year. It can be seen that shuidi company is ahead of easy group in terms of premium scale and profit performance. No wonder Tencent will continue to take a heavy position in this enterprise with unlimited potential.
In addition, easy group also faces a trademark dispute with dream company, which sued dream company, but was rejected by the court. In the case of pursuing dream company suing easy group, easy group lost first and then won. Regardless of which is right and which is wrong, behind the trademark dispute between the two sides, it reveals that entrepreneurs’ trademark awareness is weak at the beginning of entrepreneurship, which is not only easy to cause public misunderstanding, but also not beneficial to each other. On the other hand, water drop company does not have this problem at all.
In the “crowdfunding + mutual aid + insurance” track, easy financing is the front wave, and water drop company is the back wave. In the long-term competition, they vividly interpret “the back wave of the Yangtze River pushes the front wave, and the front wave is on the beach”. Considering that the financing of easy group has been stagnant for three and a half years, and there has been a major personnel change when the CEO leaves office, it is difficult to be optimistic about its current situation. In contrast, the core team of shuidi company is stable, sought after by capital, and its business is steadily advancing. Whether it is listed or not, shuidi company has sufficient space for strategic maneuver. The status quo and future of the two companies are superior to each other.
(statement: This article only represents the author’s point of view, not Sina’s position.)