Chinese insurtech player Insgeek gets $25m Series C
SIG and China Renaissance New Economy Fund have co-led a $25 million Series C round for Insgeek, a Chinese insurance technology specialist.
The deal, which closed in January, takes the company's overall funding to RMB400 million ($57 million). In 2016, it received nearly RMB100 million across two Series A tranches from Fosun RZ Capital, THG Ventures, Legend Star, and TusStar. In 2018，National SME Development Fund and Legend Holdings provided a RMB100 million Series B.
Founded in 2014, Insgeek is one of the earliest players in the insurtech space. It provides intelligent employee insurance and health management solutions for more than 6,000 enterprises, according to a statement. The company aims to fully cover first-tier cities in China and expand into second-tier locations this year. It is currently headquartered in Beijing with a presence in Shenzhen and Guangzhou.
Ren Bin, Insgeek's founder and CEO, said that the application of big data and artificial intelligence technology is critical to the company's development. Risk control models, pricing systems, product innovation and service upgrades are all data-driven.
In 2016, Insgeek launched a mobile claims service enabling employees to use WeChat to upload photos to achieve quick claims. This represents the first use of “paperless claims” in China’s insurance industry. In 2019, it collaborated with online health service providers to extend insurance services into the medical sphere and create a closed-loop of health data.
According to Willis Towers Watson, insurtech investments globally are accelerating at pace. In the fourth quarter of 2019, they reached an all-time high of almost US$2 billion. Over the full 12 months, investment rose 33.9% year-on-year, while the number of rounds exceeding $40 million rose 90%.
Earlier this year, Chinese health insurance platform Nuanwa Technology received a RMB100 million Series A led by Longfor Capital, a unit of real estate developer Longfor Group. Meanwhile, Huize Holding, a Shanghai-based insurance platform backed by SAIF Partners, raised about $55 million in a US IPO.
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