Chinese Insurtech Startup Insgeek Raises US$25M in Series C Funding

The investment was led by SIG and Huaxing New Economic Fund

Chinese insurtech startup Insgeek raised US$25 million in a Series C round of funding, according to a company statement released on March 18. The investment was led by global proprietary trading & broker-dealer firm Susquehanna International Group (SIG) and Huaxing New Economic Fund. According to China Renaissance, this is the highest investment in any insurtech company in recent years.

The latest funds will be used for market expansion, talent introduction and cooperative ecological construction of insurance and healthcare, according to Insgeek.

In 2018, Insgeek raised $14 million in a Series B funding round from Ministry of Finance’s National Small and Medium Enterprises Development Fund (NSDF) and existing investor Legend Holdings, following from a $7 million Series A+ round in 2016. Insgeek’s other investors include Fosun Kunzhong Capital and Guozhong Venture Capital Management. It is backed by NSDF and managed by Beijing Jingguan Technology Company Limited.

Insgeek is a B2B group insurance provider that built a Software-as-a-Service (SaaS) platform to provide comprehensive health insurance packages for employees in the corporate sector. The platform also offers fast settlement and reimbursement services to employees of enterprises that buy policies from Insgeek; the average time for claim settlement is five working days. Insgeek incorporates cloud computing, artificial intelligence, and big data into its innovative insurance solutions.

In 2020, Insgeek aims to expand its business to first-tier cities. It also aims to include pre-diagnosis health management, online diagnosis, chronic disease management, rehabilitation treatment, and more to its range of services.

Small and medium enterprises (SMEs) are usually forced to pay more for group insurance by large insurance providers. This has created an market opportunity for insurtech startups like Insgeek to penetrate the Chinese group insurance market. Established in 2014, Insgeek has provided employee insurance policies to more than 6,000 companies, mostly startups, and covered hundreds of thousands of employees. The company currently has offices in more than nine Chinese cities, and is headquartered in Beijing.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Top Must-Follow Productivity Influencers in 2023

Top Must-Follow Productivity Influencers in 2023

Productivity is a key aspect of success in today’s fast-paced world. Being productive enables individuals to balance their work and personal lives effectively while accomplishing their goals efficiently. To help you stay on track and reach your full potential, we’ve identified top influential productivity experts who provide valuable insights to maximize your efficiency in 2023.

What Can Drones Be Used For, and Do They Have a Future?

What Can Drones Be Used For, and Do They Have a Future?

In January 2023, Australian soldiers used drones to search for a missing woman. The drones helped them reach areas that might have been too challenging for a human to enter. For the past few years, the drone economy has been booming. Global investments in the industry amount to US$1.15 billion, with China leading the market.

2022 FIFA World Cup

The Most Controversial VAR Decisions at the 2022 FIFA World Cup

The footballing world has welcomed many new technological developments in recent times. Its goal is to make decision-making more accurate and provide a better experience for players and fans alike. These technologies include the video assistant referee (VAR), semi-automated offside technology (SAOT) and sensor-equipped footballs, all used extensively during the 2022 FIFA World Cup in Qatar.

Self-funding Your Startup? Follow These Expert Tips from Proven Entrepreneurs

Self-funding Your Startup? Follow These Expert Tips from Proven Entrepreneurs

Starting a new business can be an exciting and challenging endeavor, with securing funding being one of the biggest obstacles. Traditional funding options, such as venture capital and angel investing, can be time-consuming, especially for new and untested businesses. In such cases, self-funding, or “bootstrapping”, might be a viable option.

Navigating Ghost Job Postings: How to Avoid Them

Navigating Ghost Job Postings: How to Avoid Them

Job searching can be a daunting task, especially with the risk of encountering scams or fraudulent job postings. Ghost job postings, which refer to open job positions that are not actively being filled, are a common issue that jobseekers should be aware of. According to a survey by New York-based financial consultancy Clarify Capital.

Can AI Help You Flirt Better

Can AI Help You Flirt Better?

“Excuse me, but I think you dropped something: my jaw.” This is the pick-up line the famous artificial intelligence (AI) chatbot ChatGPT dished out when we asked for some viable options. Not the most original, sure, but not bad for a trained algorithm.