Insurtech Startup Lima Raises CNY 200 Million from Hillhouse Capital
According to the company's executives, the capital will be thrown into geographical expansion, R&D and brand development.
Chinese insurance cloud service provider Lima Technology (力码科技) has recently secured a CNY 200 million Series A+ funding, led by Hillhouse Capital (高瓴资本); existing backers GGV Capital (纪源资本) and Cherubic Ventures (心元资本) also took part in the investment round.
Earlier, the company completed its Series A round of financing, raising tens of millions of yuan.
Founded in 2017, the Beijing-based insurance Software-as-a-Service (SaaS) cloud operator concentrates on the development and providing comprehensive solutions – including insurance SaaS, relevant supply chain technologies and such – to insurance brokers. Helping clients meet their various needs in their daily operations and development processes, Lima enables them to realize a rich product mix, flexible business models, and low operating costs.
The competitive advantages of Lima's core product – functional modularized SaaS components and the self-developed ‘Tangram’(七巧板) supply chain management system – mainly lie in two points, namely flexibility and cost-effectiveness.
Regarding the first point, the company supports its clients in quickly responding to changes in their business.
On the one hand, its cloud service can be landed and come into use in a short time – either its clients choose to subscribe to related modules and do secondary development on top of these, or directly apply the overall solution provided by the company.
On the other hand, ‘Tangram’ can help clients to considerably shorten their average docking time of insurance products. According to the company, with the support of its system, new insurance products can be launched within 2 hours of inception.
Considering cost-effectiveness, Lima helps lower the entry barriers for its clients in operating insurance business online.
Its SaaS products are flexible in terms of fees and can be rented on-demand, and subscription fees for each component start from hundreds of yuan. Apart from this, the cost of its ‘Tangram’ system is also considerably lower than the industry average, which reduces the construction cost of the supply chain of the insurance dealers.
Up to now, Lima has collaborated with more than 80 insurance companies in docking over 1,000 insurance products.
Here are some firms whose businesses lie in a somewhat similar area to that of Lima: Dinghy – an app-based UK Insurtech company that launched the world's first on-demand professional insurance service targets freelancers and contractors – and CyberCube, an American startup that concentrates on delivering data-driven cyber analytics built specifically for the insurance industry.
“We believe that informatization, cloudification and intelligence have huge potential in today's insurance industry,” reports Wu Chenyao (吴陈尧), Executive Director of GGV Capital. “And Lima Technology is one of the few companies that can present all the three values simultaneously.”