36 Krypton has learned that health insurance technology platform Warm Wow Technology has completed a billion yuan angel round of financing, led by Sequoia China and followed by Kuanping Capital. Lu Min, founder and CEO of Warm Wow Technology, said that this round of financing is mainly used to further improve the medical data network, enhance the degree of professionalism in the health field, and provide a more complete service ecology and capabilities for the industry.
Warm Wow Technology was founded in October 2018, incubated by Zhong'an. Positioned in the field of health insurance technology, the company mainly serves insurance companies and Internet platforms, providing solutions such as product customization services, risk control, claims services, system services, etc. for their health insurance business, hoping to integrate the medical ecology and health insurance, and to break through the medical data and information barriers.
In recent years, health insurance has been a popular area in the VC circle. According to the CBIRC data, in the first half of this year, the national health insurance premium income has reached 343.8 billion yuan, an increase of 32%, but at the same time, the growth rate of health insurance claims began to exceed the increase in premiums, an increase of 37%, which also reflects that the current health insurance field from the design of the product to the payout and the risk control links need to be improved - - For example, commercial insurance companies are difficult to effectively control the behavior of patients with irrational medication. For example, it is difficult for commercial insurance companies to effectively control the behavior of patients insured with diseases, irrational use of medication, and over-diagnosis and treatment. On the other hand, commercial insurers are unable to systematically study information such as disease incidence and medical expense rates, and are unable to meet the personalized and differentiated health protection and service needs of users.
Lu Min, founder and CEO of Warm Wow Technology, introduced the company's background to 36 Krypton. As the core business of ZhongAn Insurance, after 5 years of development, the team has rich experience in product design, front-end underwriting, and middle and back-end risk control. In the face of the industry's health insurance risk control ability is weak, claims service experience is poor, the product is highly homogenized and other issues, ZhongAn hopes to rely on the existing experience, to open up the medical and insurance scenarios, and to provide health insurance related services for practitioners with technology.
Lu Min said that the advantages of Warm Wow Technology are:
Service Integrity. Warm Wow Technology is able to provide services ranging from health insurance-related product design, risk control, claims and system, covering both insurance and medical scenarios. On the one hand, it improves the overall capability of insurance companies, and on the other hand, it also channels the flow for medical institutions. At present, Warm Wow Technology has served more than 20 insurance and Internet companies, allowing customers to increase the digital coverage of their business by 15%-20%, and helping customers to reduce losses at the level of 5%-10% on average at the level of risk control.
Data-driven. Both insurance and medical scenarios are inseparable from data. Lu Min said that nationwide, there are no more than 5,000 hospitals with strong ties to insurance, and Warm Wow Technology has already cooperated and docked with more than 1,000 of them.
In addition, Warm Wow Technology applies NLP, big data analysis and deep neural network technologies to integrate medical rules from various regions and many hospitals, forming a medical knowledge graph centered on diseases and radiating medicines, diagnosis and treatment, materials and surgeries, etc. It is able to realize automated dismantling of insurance and medical information, providing accurate and real-time claims data reference for insurance company customers, and at the same time feeding back into the insurance Product design. Currently, Warm Wow's Medical Data Platform (MDP) has helped customers realize the digitization and automated processing of more than 15% claims, with claims payments arriving in as little as 3 minutes.
In terms of customer orientation, Warm Wow Technology will target insurance companies and Internet enterprises - Lu Min said that there are nearly 150 small and medium-sized insurance companies in China, and these companies are the key service targets. In terms of profit model, WarmWow Technology will charge by the number of processed cases, system services, solutions and other modes.
Currently, WarmWow has a team of nearly 80 people, mainly technical, product and sales staff. CEO Lu Min has nearly 20 years of working experience in the field of insurance technology, has worked in well-known insurance technology companies, large-scale Internet enterprises and national insurance platforms as the company's operations, market development and other positions; the other members of the founding team are the backbone of the business of the health insurance companies and healthcare technology companies, with a wealth of experience in both health insurance and healthcare information technology. Other founding team members are business backbones of health insurance companies and medical technology companies, with rich experience in both health insurance and medical informationization.
Jiang Xing, CEO of ZhongAn Insurance and Chairman of ZhongAn Technology, said: Since its establishment, ZhongAn has been driven by the dual engine of "insurance + technology", focusing on the application of new technologies to reshape the insurance value chain, and health insurance has always been the core focus. It is hoped that after the independent development of Nuowo Technology, it can carry the technical capabilities and valuable experience accumulated by Zhong'an in the history of rapid development of health insurance and create value for the development of the industry.
Zhai Jia, Managing Director of Sequoia Capital China Fund, said, "Zhong An has been an industry leader in health insurance internet operation. Warm Wow, as an independently operated company, carries Zhong An's years of accumulation in health insurance operation and technical capabilities. In the field of claims and risk control, we see the team's professional ability and technical strength. Lu Min has rich deposits in the field of insurance and technology, and we believe that under his leadership, Warm Wow Technology can create valuable integrated closed-loop services for the health insurance industry and lead the industry development."
We deeply agree with Zhong An's long-term investment, innovative practice, and continuous improvement of ecological layout in the health insurance field over the years," said Kuanping Capital Founding Partner and CEO, Michelle Knight. Through continuous development, Nuowo has explored a good business model that connects medical information and service providers, and possesses excellent organizational genes of continuous innovation, high-speed iteration, and openness and integration. We believe that Warm Wow will become a leading company in the field of health insurance technology."
