China Pacific Insurance Group has made an undisclosed investment in B3i, the blockchain consortium made up of 38 leading insurers.
With the latest investment, China Pacific Insurance joins the league of insurers such as AXA, Munich Re, SCOR and Swiss Re which are shareholders of B3i.
As part of the investment, Li Hao of China Pacific Insurance will become a member of the B3i board.
China Pacific Property Insurance chairman GU Yue said: “We hope that the strategic cooperation with B3i will give us more insight in the leading practice in blockchain technology standards, protocol design and network building.
“Together with other important market players, we will actively employ the implementation of blockchain technology in the insurance industry to help upgrade market practice and reducing cost, and further enhance insurance services to our clients.”
In March this year, B3i announced that it has raised $16m and again secured investment from Mapfre Re, Deutsche Rück, and VIG Re in April.
B3i’s founding shareholders include Achmea, Aegon, Ageas, Allianz, AXA, Generali, Hannover Re, Liberty Mutual, Munich Re, SCOR, Swiss Re, Tokio Marine, and Zurich Insurance Group.
B3i enable insurers to achieve efficiency and security by leveraging R3 Corda’s distributed ledger technology (DLT).
B3i, which specialises in developing insurance transaction platform, is testing its first excess of loss reinsurance product with a number of insurers, reinsurers and brokers.
China Pacific Insurance offers, wealth planning and asset management services to over 126 million customers in China.
- XL Group leads $16.5m funding in maritime risk start-up Windward
- XL Innovate leads $17m financing for AI-driven Cape Analytics
US-based data and analytics firm Zendrive has raised $37 million in its Series B funding led by AXA XL’s insurtech venture capital fund XL Innovate.
AXA XL, Zendrive, XL Innovate, Funds, Data and analytics, InsurTech, Insurance, Reinsurance, Jonathan Matus, North America
Becomes leading health insurtech platform in Asia
SHANGHAI, Aug. 22, 2019 /PRNewswire/ — The CareVoice, an international health insurtech company based in China, announced today that it has successfully raised an eight-figure USD Series A funding round. The round was led by a global investment group, LUN Partners Group, and a global investment manager specializing in financial services. DNA Capital, a global healthcare fund, as well as returning investors SOSV and Artesian Capital, also joined the round.
Private health insurance is booming in China yet insurers face growing customer demand to provide better and more effective digital solutions to manage their health. The CareVoice’s core product is a data-driven mobile-based SaaS solution that digitizes the healthcare and insurance journey with the consumer in mind. The product has been adopted in Mainland China and Hong Kong by 15 local and international insurance companies, including Ping An and AXA. It has demonstrated a positive impact on insurance sales, customer retention and savings.
Additionally, The CareVoice has recently released its latest product innovation, CareVoiceOSTM, the first healthcare “Operating System” for insurers. The platform provides an end-to-end technology solution that insurers can use to design and bring more tailored, compelling, and efficient insurance plans, while also tapping into an ecosystem of connected healthcare services.
“This funding will accelerate our vision to become the leading health insurtech platform in Asia, making health insurance digital and more human! Thanks to our new breakthrough CareVoiceOSTM platform, we will continue growing fast the number of insurers using our services while penetrating new geographic markets, with the aim to change how millions of insurance members experience healthcare insurance.” Sebastien Gaudin, co-founder & CEO of The CareVoice said. “We are so glad to be backed by great investors who can significantly help us achieve our ambition.”
The CareVoice plans to scale the team by three folds and pursue three main goals:
- Invest in R&D and continuously upgrade the CareVoiceOS end-to-end digital healthcare and insurance experience, balancing core platform development with integration of leading healthtech and insurtech services;
- Expand its sales and customer success teams as well as international business development efforts;
- Accelerate the launch of 10 new health insurance products, in partnership with insurers, focusing on health prevention and change of behavior.
“We foresee that insurance will be the next sector to experience the highest growth of digitalization and innovation as well as the arrival of new fintech unicorn companies.” Mr. Peilung Li, Founder and Chairman of LUN Partners Group, further explained, “CareVoice is driving digitalization and innovation for insurance companies, and we are very confident about its development in the Greater China market. To further aid the Company’s growth, LUN Partners will help CareVoice extend its proven digitalization solutions to overseas insurance marketplaces in Japan, Southeast Asia, and other regions.”
Luiz Henrique Noronha, Partner at DNA Capital said: “The CareVoice business model really tackles the pain points of health insurance companies that we know particularly well, considering our various investments in this sector. We are thrilled to help The CareVoice tap into this massive growth opportunity in China and other geographies. We foresee The CareVoice will keep innovating thanks to its recently launched CareVoiceOSTM platform, which is critical in allowing insurers to bring consumer-centric and efficient health plans!”
Moreover, as part of this Series A round, StartupCare, the recent venture launched by The CareVoice, has been spun off. The first health benefits for entrepreneurs and their teams now have the financial means to accelerate further its uptake in Mainland China and Hong Kong.
About The CareVoice
The CareVoice is a health Insurtech company transforming healthcare experiences to be more consumer-centric. It provides a digital platform that unleashes value for insurance companies, allowing them to become true health partners of their insurance members, reach the cutting edge of innovation, get closer to their customers, and drive down costs.
Founded in Shanghai in 2014, The CareVoice has won multiple awards such as Best Foreign Startup by TechNode / TechCrunch China, and Front Runner Up at The Digital Insurer’s Asian Startup Insurtech Award. The CareVoice successfully completed the Chinaccelerator program in 2017 and the Ping An Cloud Accelerator program in 2018. To learn more about The CareVoice, visit www.thecarevoice.com
About LUN Partners Group
Established in Hong Kong, LUN Partners Group is a global investment group, with offices in Shanghai and Tokyo. The Group’s primary businesses are investment management and financial services. The Group currently manages multiple venture capital and private equity funds, and operates several financial services companies.