By Ashley Galina Dudarenok China was one of the first countries to contain the COVID-19 epidemic with relative success, and the economy is better for it. The National Statistics Bureau reported 4.9% growth in China’s Q3 GDP year-on-year, showing improvement against both its 3.2% growth in Q2, and [...]
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.