BEIJING, Oct. 14, 2022 /PRNewswire/ -- Insgeek, a leading insurtech startup in China, announced the completion of its Series D round of financing, during which it raised several hundred million yuan on September 22, 2022. The investment was led by HR Tech Investments, LLC and China SME Development Fund Co.,Ltd, followed by existing shareholders Huaxing Growth Capital and SIG Asia Investment, LLLP. Previously, the company has closed several rounds of financing, raising approximately 400 million yuan in total. At the same time, Insgeek also launched its Group Insurance Digital Exchange ("GIDE") platform in a move to facilitate the digital transformation of the group insurance sector.
GIDE: A Comprehensive Group Insurance Solution that Empowers the Industry
"We will continue to increase our investment in products and technologies to enhance our leading position in the group insurance field," said Daniel Ren, founder and CEO of Insgeek. "The release of the GIDE system will provide new impetus for technology empowerment and the build out of a group insurance ecosystem, while opening the door to the exploration of further possibilities through continuous technological innovation based on the digitalization of group insurance."
Following more than 10 years of rapid development, China's individual health insurance market has started to experience declining growth rates, while group health insurance packages for employees have been gaining momentum and are entering a stage of rapid growth. In recent years, China's corporate group insurance segment has grown year by year to now account for 30% of the health insurance market and is expected to approach 500 billion yuan by 2026. Data shows that the U.S. commercial health insurance market increased nearly 200 times to US$867.5 billion from 1960 to 2017, of which 80% was contributed by group insurance.
Despite the rapid development, there are still many pain points that need to be addressed through technology. The inherent complexity of group insurance makes technological innovation more difficult. The newly released GIDE will provide an open market place that will greatly reduce the entry threshold for brokers, agencies. and insurers. Powered by cutting-edge technologies in GIDE system, Insgeek also provides industry leading services and capabilities to eliminate the need for insurer to build such service infrastructure, and to ensure that end customer enjoys highest-standard service.
Insgeek also released a white paper on group insurance digital interfaces, setting a series of technical and data standards for industry players going digital. With this white paper as reference, insurers, brokers, agencies, human resource firms and other business entities throughout the whole industry chain can quickly connect to GIDE system, develop new business lines or upgrade their existing operations by providing fully digitalized group insurance solutions to their clients as well as quickly strengthen their group insurance service and technical capabilities. Insgeek's partner said that "the deployment of GIDE marks a milestone in the development of China's group insurance market, which, in turn, will greatly accelerate the digital transformation of the industry".
Founded in 2014, the Beijing-based Insgeek, through its nearly 20 locations countrywide, has served more than 1.6 million employees and their families at over 10,000 companies and organizations across a wide range of sectors including IT, Internet, high-end manufacturing, new consumption, healthcare and corporate services. With its excellent market performance, Insgeek has secured abundant capital, making it one of the fastest growing insurtech companies in the world.
By leveraging its digital capabilities to empower industry partners, Insgeek has collaborated with dozens of leading insurers and healthcare institutions, as well as with more than 100 insurance brokers, agencies, and human resources firms in China.
For more information please visit Insgeek.
Media Contact: [Insgeek], [bpr@insgeek.com]
