Shanghai-based insurtech startup The CareVoice announces the launch of its mobile platform into Hong Kong, the company’s first major move outside of mainland China.
Hong Kong’s insurtech scene is one of the hot tickets lately, with the total amount of revenue premiums in long-term in-force business being $441.5 billion in 2017—a 9.5% increase from values in 2016.
The total amount of revenue premiums of long-term in-force business was $441.5 billion in 2017, increased by 9.5% over 2016.
The Hong Kong platform incorporates the company’s offerings that helped it stake a claim in the Chinese market, such as an AI voice-based virtual health assistant that draws information from Mayo Clinic—with the goal of making healthcare more accessible and transparent.
The company will continue to focus on Hong Kong in order to work on the core platform experience, all while building up data and forming partnerships to produce a more varied product. To this end, the company has partnered with Inter Partner Assistance Hong Kong Ltd. to produce an integrated platform adaptable to different environments, even a WeChat account, and operational in multiple languages.
A More Customer-Centric Insurance
Insurtech has always been an area ripe for disruption in nations across the globe, with its high levels of bureaucracy and serving middlemen interests. The CareVoice brings artificial intelligence to the table, while also administering a layman-friendly explanation of medical coverage and benefits.
This has been a trend that has been observed across the globe—digitising and automating insurance, then collecting and analysing data from these digital interactions to personalise insurance plans to the right consumers. This particular startup claims that it is even able to collect actionable insights and analytics from data it has to figure out anonymised customer usage behaviour and post-claim surveys.
The CareVoice enters an increasingly saturated market in Hong Kong, with players like ZhongAn International, AIA, Manulife, Prudential, and a plethora of other Insurtech or insurance companies each offering their own unique take to the market, and all incorporating their own iteration of artificial intelligence.
“The launch of Hong Kong is a significant milestone for our start-up. Hong Kong represents our first step into a mature healthcare insurance marketplace.” said Sebastien Gaudin, Co-founder and CEO at The CareVoice.
BJ Park, VP for Asia in The CareVoice further added:
I see artificial intelligence and technology filling in gaps for shortage of doctors and other health professionals. Now, patients and healthy people can access to information and personalized guidance, 24/7, making such digital platform an indispensable tool, while being complementary to medical providers and doctors’ missions.”
