Nuanwa Technology raises over 100 million yuan

Zhong An Online Property & Casualty Insurance said on Thursday that its health insurance technology startup has raised over 100 million yuan (US$13.9 million) in funding led by Sequoia Capital China and followed by Kuanping Capital.

Set up in 2018, Shanghai Nuanwa Technology Co Ltd is an important part of Zhong An Online in the health care field. The startup has been committed to the deep integration of medical ecology and health insurance, aiming to break through the barriers of medical data and information.

Based on its digital capability, Nuanwa Technology seeks to provide comprehensive health insurance services and solutions for insurance companies and Internet platforms, including product customization, risk management, claim settlement and system service.

China’s private health insurance market has seen rapid development in the past few years and innovative enterprises in the sector have received much market attention and venture capital.

Zhai Jia, managing director of Sequoia Capital China, said it was confident of Nuanwa’s professional ability and technical strengths and believed that it would be a leader in health insurtech.

Data showed that from January to June, the original premium income of the health insurance segment posted an increase of 32 percent on the same period in 2018. However, the growth rate of health insurance claims began to exceed that of insurance premiums, recording a 37 percent year-on-year growth in the same period.

It is becoming all the more urgent for underwriters to improve their ability of claim settlement and risk management.

To help insurers better manage their business, Nuanwa Technology has introduced new artificial intelligence technologies such as natural language processing, integrates the medical rules of different regions and numerous hospitals and forms a medical knowledge map focusing on diseases, drugs, diagnosis and treatment as well as materials and surgeries.