China’s Health Insurance Startup Carevoice After Raising US$2 Million, Plans Offices In Thailand, Cambodia, And Philippines
China’s CareVoice, health insurtech start-up after raising US$2 million in a series A funding co-led by Haitao Capital and SOSV, will use the investment to fuel its insurance business lines, accelerate technology development, consolidate its leadership in China’s major cities and expand to Southeast Asia including countries like Thailand, Cambodia, Malaysia end even Philippines.
The company is also planning a stage B funding before the end of 2019.
CareVoice’s offering is well-timed with the exploding demand for mid-to-high health plans in China. It is a powerful solution for the insurance industry in terms of customer engagement, giving people what they really want: access to transparent, high-quality and personalized services to improve their health, including but not limited to insurance. The startup’s vision is of building an inclusive business ecosystem is going to set the tone for the health insurance industry in years to come. Despite having a so called basic universal healthcare package provided by the government, it does not cover serious illnesses or even long term stays at hospitals and good healthcare costs is expensive in China.
Key players such as AXA, Ping’An and Chubb became customers of The CareVoice, and the onboarding rate of newly-insured members has increased 10 times, reaching more than 50%.The company has focused its efforts on accelerating the development of its mobile platform and SaaS solutions for insurance incumbents, which enables them to undergo the critical digital transformation of health plans expected by mobile-savvy Chinese affluent consumers. The start-up works closely with high-quality healthcare service providers in China’s major cities to deliver personalized and integrated healthcare and insurance experiences. This empowers consumers to find first-class health and wellness providers, and ease the usage of their insurance benefits, while generating valuable data, supporting client retention, and driving cost-savings for insurance companies and employers.
The platform empowers the insurees to make the best healthcare decisions considering their insurance policy; it helps them search for top-quality healthcare services, drives them towards the most cost-efficient medical centers and eases the usage of insurance benefits by digitalizing claims and benefits balance checking.
Sebastien Gaudin, CEO of The CareVoice commented in a telephone interview with Thailand Startup news . “This investment comes as a great recognition of what The CareVoice has accomplished since our shift towards health insurtech a year ago. We are delighted that our new investors have come together not just with capital support but with a commitment to help us create an engaging ecosystem, which puts people at the center of the fast-growing health insurance sector in China and Southeast Asia. Considering our current growth and pipeline, we aim to provide half a million individual policyholders and 200 corporate accounts across over 10 insurance companies with our service within the next twelve months and enter other South-east Asian markets and double those amounts.’
To date, CareVoice has won multiple awards such as Best Foreign Startup by TechNode - TechCrunch China and Front Runner at The Digital Insurer’s Asian Startup Insurtech Awards.