CareVoice to crack SEA market by bringing bespoke health insurance products

(source: https://www.thecarevoice.com/blog/carevoice-to-crack-sea-market-by-bringing-bespoke-health-insurance-products)

Hong Kong Fintech Week, November 9th 2020 - The CareVoice, a Shanghai-based international health insurtech company, today announced that it is expanding in Southeast Asia (SEA) after successfully developing the Mainland China and Hong Kong markets with nearly 25 insurance clients. Singapore, Malaysia and Thailand are the entry markets, where CareVoice has already secured a number of local innovative channel partners (“Smart Channels”) ready to launch bespoke health insurance solutions for their customers.

Powered by its technology platform CareVoiceOS, CareVoice is dedicated to growing its connected health insurance ecosystem and has already been engaging with various health insurance players in SEA to co-design and launch health insurance products for specific populations in these secured channels.

As the wealth of the Asian population increases, the demand for healthcare services and private health insurance keeps rising and is getting more and more diversified, while the insurance products available in the market are highly homogeneous and don’t provide adapted solutions to fulfill the needs of different customer segments. However, to effectively seize the opportunities and acquire a higher market share, insurance providers struggle to tap into alternative distribution channels and develop customized digital health insurance solutions. By partnering with CareVoice, insurers can bridge this gap and successfully target and service the needs of these specific populations.

As the first healthcare insurance operating system for insurers, CareVoiceOS not only offers a large variety of health services integrated into different customer journeys, but also allows insurers to do fast and flexible health insurance product customization with its plug & play implementation service.

CareVoiceOS-powered connected health insurance ecosystem provides access to medical providers and the latest healthcare technologies, including prevention-focused “Care” services like digital health check-ups and mindfulness, as well as “Cure” related services like AI based symptom checker, smart hospital navigation, doctor booking and digital claims. All these services are integrated to drive best-in-class customer experience as well as to feed a real-time intelligence data center for insurers to better understand insurance members’ health status and behaviors.

CareVoice has a rich experience in co-designing and launching bespoke health insurance products. The first one is StartupCare, which targets start-ups and SMEs in partnership with leading Chinese and international insurers in China Mainland and Hong Kong. It has achieved over 200% quarterly sales growth and best-performing claim ratio. With over 500,000 serviceable members through diversified Smart Channels gathering founders and HRs, StartupCare has proven to be a success case of product innovation to drive growth and market expansion.

“I am proud of StartupCare’s achievement in Mainland China and Hong Kong and excited about our effective entry into SEA.” said Jan Velich, Co-founder and Chief Business Officer at CareVoice. “Just look at how entrepreneurs are thriving under the covid-19 pandemic, growing their existing tech driven businesses or creating completely new business models, and recording double growth compared to years before. And for entrepreneurs and their teams the tech driven approach for customer service and care navigation is no longer just ‘nice to have’. It’s a must! That’s why I am confident that CareVoice is going to disrupt the new market and solve insurers’ pain points of trying to adapt to the rapidly changing game rules.”

Besides StartupCare, CareVoice has developed more than 10 bespoke health insurance products like SportCare or WomenCare that are launched or ready to launch in partnership with insurers across China Mainland and Hong Kong.

CareVoice is now actively planning the launch preparation of its first bespoke health insurance in Singapore, Malaysia and Thailand before further expansion in other geographic markets in 2021.

About The CareVoice

The CareVoice is a leading Asia health insurtech company dedicated to making health insurance more human. Through CareVoiceOS, the first healthcare operating system for insurers, we are expanding a “One Click” Connected Health Insurance Ecosystem. According to insurers’ maturity and technology investment, CareVoiceOS can be their turnkey solutions of choice, or become the new standard infrastructure for insurers to build their own customer engagement solutions.

As a result of our collaboration, insurers can enter the world of digital health insurance. They can effectively engage their customers with the latest health technologies and connected services, through an integrated customer journey experience that brings trust and health benefits. They can also design and launch tailored insurance products for specific populations, with relevant customer-centric wellbeing & medical services and exclusive channels.

After graduating from Ping An Accelerator, we closed a large Series A in August 2019, and have accumulated nearly 15m USD funding. We are backed by top fintech, healthcare and software VCs as well as serial entrepreneurs, from China, Europe and US.