Tuesday, March 9, 2021

Accurate AI investment for health insurance, "Shu Ming Technology" completed a round of financing of more than 100 million yuan

 "Quickly become the top traffic portal in the insurance industry through algorithms"

It is reported that "Shu Ming Technology" has recently completed a round of financing of more than 100 million yuan. This round of financing was jointly led by Weilai Capital and Zeyue Capital. The funds raised will be used to invest in the research and development of artificial intelligence algorithms and SaaS service platforms, and to expand the technical operation team. "Suming Technology" said that through this round of financing, the company will achieve significant improvements in algorithm optimization, launch scale, and market development, which will bring significant revenue and profit growth to the existing promotion and customer acquisition business. It is predicted to be in the first half of the year. The implementation-level trial operation of the first batch of customer SaaS service platforms was completed.

"Suming Technology" was established in Shanghai in 2017. It is an artificial intelligence algorithm company with insurance and big health user behavior prediction and commercialization as its core business. Its core technology lies in the use of artificial intelligence algorithms to predict and analyze user consumption behavior based on the fusion of multiple data sources. The two major business lines of the company are: First, through the unique "Federal Modeling" technology platform, redesign the best insurance process and user matching model to help C-end customers find the best medical care that suits their specific needs. Insurance plans/products; second, provide traditional insurance companies and innovative Internet insurance platforms with labeling and structuring capabilities for insurance company’s existing user data, and assist insurance companies to increase the secondary conversion rate of existing users and LTV (user lifetime value) ), and work with insurance companies to optimize and customize insurance products.

In terms of the current status of payers in the Chinese medical market, total non-government health expenditures in 2019 amounted to 4.7 trillion yuan, of which 1.85 trillion were personal expenditures and 2.09 trillion were basic medical insurance expenditures. As the aging trend of China's population structure becomes more obvious, the social security balance rate has also dropped rapidly from 18% in 2013 to 4% in 2019. Judging from the recent policy situation, the government is also starting to solve the problem of insufficient medical insurance funds by building a multi-level medical security system and increasing efforts to develop health insurance. In this context, the compound growth rate of health insurance premium income in China in the past five years has exceeded 30%, and the health insurance premium income in the first three quarters of 2020 will be nearly 700 million yuan.

In the field of health insurance, "Shu Ming Technology" applies machine learning technology to locate, evaluate and prioritize all user behavior data in real time, and obtain learning sample sets and real order feedback results based on user interaction, so as to continuously optimize algorithms to get closer Actual business needs. According to reports, as of the end of 2020, the annualized premium of "Shu Ming Technology" has exceeded 100 million yuan, with a compound growth rate of more than 100%.

The lead investor in this round, Weilai Capital’s partner Zhao Yang, believes that China’s medical industry is rapidly switching from the hospital’s in-hospital market to the out-of-hospital user market, and the underlying business logic is shifting from the traditional "enterprise user market" to the "individual user market". Users have a greater say in choosing appropriate medical and payment solutions. This has brought about a radical change in the growth model of the pharmaceutical industry, channels, and medical service scenarios. The forces driving this change are diverse, including the top-level design of the National Medical Insurance Bureau and the Banking and Insurance Regulatory Commission, as well as the cross-domain integration of new technology companies such as Shuming Technology. Zhao Yang believes that Shuming Technology has a great opportunity to replicate the successful cases of the insurance market in the pharmaceutical supply chain and medical service fields and cut into a new trillion market.

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