The CareVoice, a Shanghai-based health insurance software startup with ambitions to expand throughout Asia, announced today that it has raised about $10 million in Series A funding.
The investment was led by LUN Partners Group and an undisclosed global investment manager that specializes in financial services, with participation from DNA Capital and returning investors SOSV and Artesian Capital. It will be used on research and development and to grow The CareVoice’s business in Hong Kong, which it entered last year. After that, the company plans to expand into other markets in Asia.
Founded in 2014, The CareVoice started as an app that let patients leave reviews about medical providers before focusing on software like its flagship product, an SaaS solution that makes healthcare and insurance products more accessible to customers on mobile, with the goal of increasing sales and retention. There are several other startups in China focused on simplifying the process of buying health insurance, like Instony, Datebao, eBaoTech and Bowtie, but a representative for The CareVoice says it focuses less on sales tools and is instead building an end-to-end platform for insurers that can integrate with their existing solutions.
The startup is currently used by 15 insurance providers in China and Hong Kong, including Ping An and AXA. While The CareVoice’s focus has been on improving the enrollment process, customer experience and how claims are processed, it is currently developing 10 new insurance products tailored for segmented consumer groups with health insurance partners, which the company’s founders believe will “revolutionize the way products are designed.”
The CareVoice also recently released a platform for insurers called CareVoiceOS, designed to enable insurers to create more customized plans and connect to other online healthcare services, and launched a new unit called StartupCare that allows startups to give founders and employees health benefits.