Chinese insurance tech player raises $14m Series A
Chinese health insurance platform Nuanwa Technology has raised a RMB100 million ($14 million) Series A round led by Longfor Capital, a unit of real estate developer Longfor Group.
Other investors include Lighthouse Capital and Sequoia Capital China. Previously, Nuanwa had closed RMB100 million round funding from Sequoia Capital China and healthcare-focused Kuanping Capital in August 2019.
Incubated in 2018 by Hong Kong-listed Zhong An Online Property & Casualty Insurance, Nuanwa covers online sales, risk control, claim settlement and health data management. Between the fourth quarter of 2019 to this month, it claims to have provided services to more than 10 insurers, including traditional health insurers and property insurers looking to expand into the health insurance sector.
Additional activity includes strategic partnerships with state-owned Bohai Property & Casualty Insurance and Kunming-headquartered Champion Property & Casualty Insurance. Nuanwa will provide them with a closed-loop service that incudes product customization and operations and system maintenance.
Nuanwa’s competitors include Miaojiankang, which provides health data tracking, management, and analysis services through an online platform that raised RMB500 million ($74 million) in a Series C round from China Pacific Insurance and Xiran Capital in 2019. Meanwhile, Hong Kong-based OneDegree, a consumer-facing insurance start-up, has raised over $30 million in a Series A led by financial technology-focused investor BitRock Capital.
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