Insgeek Completes Several Hundred Million Yuan Series D Round Funding, Focusing on Digital Solutions for Group Insurance - PR Newswire APAC
Summary
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. "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. 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. 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. Insgeeks partner said that "the deployment of GIDE marks a milestone in the development of Chinas 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.
Funding
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