Shen Peng's entrepreneurial journey is a testament to vision, perseverance, and the power of technology to drive social change. As a senior executive at Meituan in 2016, Shen was deeply moved by the struggles of delivery workers who lacked access to adequate medical care. What began as a company-wide donation drive for an employee's mother soon evolved into something much bigger—his own venture, Waterdrop, which has since transformed China's crowdfunding and insurance industries through award-winning innovation.
From Meituan to Waterdrop: A Leap of Purpose
As a founding member of Meituan Waimai, China's largest food delivery service, Shen had firsthand experience managing thousands of employees. Witnessing their financial hardships, he realized the need for a better system to support those facing high medical expenses. This realization led him to leave Meituan in 2016 and launch Waterdrop, a platform dedicated to medical crowdfunding and insurance solutions that would become a model for business leadership in social impact.
Global Recognition for Sustainable Impact
Within a month, Waterdrop secured RMB50 million (US7.7million) in angel investment .By 2020,it had raised RMB37 billion (US7.7million) in angel investment. By 2020, it had raised RMB37billion (US5.7 billion) through crowdfunding, helping 1.7 million people pay their medical bills with the support of 340 million donors. Meanwhile, Waterdrop Insurance Marketplace, introduced in 2017, has since amassed over 19.2 million paying insurance consumers, addressing China's low private insurance penetration and providing more inclusive healthcare solutions that align with ESG principles.
A Young Leader with Global Recognition
Shen's impact has earned him prestigious accolades. By his late 20s, he had already been featured in Forbes 30 Under 30 Asia and China, as well as the Hurun Report's 30×30 Entrepreneur Leaders list in 2017 and 2018. His recognition only grew in his 30s, making it to the Fortune 40 Under 40 China 2020 list and earning roles such as a member of the Young Entrepreneurs Committee of the All-China Federation of Industry and Commerce and a visiting professor at the Business School of China University of Political Science and Law.
A Personal Journey Shaped by Innovation
Born in Shandong Province in 1987, Shen was introduced to the insurance world early through his father, who worked in the industry. However, it was a childhood accident that sparked his interest in e-commerce. Bedridden for a period, Shen discovered the Internet through his father's laptop—an experience that opened up a world of possibilities and shaped his future in tech-driven entrepreneurship.
Corporate Ascension to Entrepreneurial Vision
After earning his degree from Beijing's Central University of Finance and Economics, Shen joined Meituan in 2010. Under the mentorship of Meituan CEO Wang Xing, he quickly climbed the corporate ranks, playing a crucial role in the company's growth before deciding to carve his own path with Waterdrop - demonstrating the transformational leadership that defines true innovators.
A Vision for the Future of Healthcare
Shen's mission is clear: to provide quality, affordable healthcare and insurance through technology. Acknowledging the challenges ahead, he remains committed to bridging gaps in China's medical system, ensuring better services at lower costs.
At a 2021 graduation ceremony at China University of Political Science and Law, Shen spoke against China's growing "lying flat" mindset—where young people resign themselves to inaction amid societal pressures. His message was simple. Ambition, responsibility, and persistence are the keys to success.
Shanggari Balakrishnan, CEO of MORS Group, believes that the best inspiration for young people is other young people. Shen Peng’s drive to succeed and his noble goal of helping people with their medical bills make him the perfect agent of change in the insurance and healthcare industries.
