More Health is eating into the insurance industry by launching two insurtech platforms and establishing a new branch for the business.
More Health announced to set up insurtech branch. Image credits Miaojiankang.
More Health (Miaojiankang, 妙健康), one of China’s AI healthcare companies, debuted two insurtech platforms: MUS1.0 for intelligent underwriting and MDI1.0 for health management on August 28.
By analyzing individuals’ multiple health indicators including over 800 medical characteristics, 1300 diseases, and 13 common malignant tumors symptoms, MUS1.0 is able to evaluate the risks of insuring individuals. The underwriting results are generated by matching each data of health risks with related insurance qualifications, leveraged by machine learning.
Besides, MUS1.0 also supports highly structured healthcare database, enabling insurance companies with data inquiring, user classification, data visualization, and many other intelligent services.
The health management platform MDI1.0 aims at providing a one-stop service for users, including chronic disease management, insurance products recommendation, and various medical services.
Foraying into the insurance industry by acquiring two insurance companies last year, More Health announced officially to establish a new department for this new business. The new branch will provide health management services to 7.5 million users registered on the More Health's application, as well as clients from insurance enterprises.
“We will develop more innovative types of insurance products by cooperating with partners in this field,” said Wang Yanhua (王燕华), the general manager of the insurance branch.
The four-year-old company is a subsidiary of SanPower Group (三胞集团), a Chinese internet tian with broad business coverage including financial service, retail, investment, information service, healthcare, real estate, and so on.
Benefits from thousands of brick-and-tiles stores operated by SanPower Group, More Health has collaborated with dozens of health wearable device providers – such as Apple, Xiaomi and Fitbit – for collecting user’s health data from the devices, and More Health allows cooperators to sell their products in these stores as exchange.
The AI healthcare startup raised CNY 500 million (USD 74.63 million) in Series C round of financing in April. China Pacific Insurance Company Endowment Fund (太平洋保险养老投资), China Pacific Insurance Company Healthcare Fund (太平洋保险医疗健康), and Xiran Capital (翕然资本) jointly invested in this round. The company has received four rounds of financing to date, with a total number of nearly CNY 1 billion (USD 149 million).