Insurtech The CareVoice Completes $2 Million Investment Roundby Company Announcement January 26, 2018
The CareVoice, a consumer-centric health insurtech start-up redefining healthcare and the insurance experience for people in China, announced it has raised over $2 million USD in early growth capital.
The investment will be used to fuel its insurance business lines, accelerate technology development, consolidate its leadership in China’s major cities and expand to Southeast Asia.
The funding round has been co-led by two China- and US-based VCs, Haitao Capital and SOSV, and involved local Chinese and Southeast Asian healthcare investors.
“The 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.
We believe the start-up’s vision of building an inclusive business ecosystem is going to set the tone for the health insurance industry in years to come. In just a couple of months, 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%,”
said Geoffrey Handley, General Partner at Haitao Capital.
In 2018, The CareVoice will focus 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.
“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,”
said Sebastien Gaudin, CEO of The CareVoice.
“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,”
said Jan Velich, CBO of The CareVoice.
In 2018, with the newly-recruited VP of Engineering, Joshua Chi, heading a growing Tech team, The CareVoice will continue to upgrade its SaaS platform solution for insurance members through in-house development and collaboration with third-party administrators and other innovative tech companies. Its value proposition to all stakeholders will notably be enhanced in the fields of claim management, AIbased health services and preventive health.
Featured image via CareVoice Facebook page