Recently, Shanghai Leapstack Technology Co., Ltd. (hereinafter referred to as Leapstack), an insurtech company, announced that it had raised a Series C round of 150 million yuan. This round of fundraising was led by Legend Capital, followed by Peakview Capital, GF Qianhe Investment and Huazhi Capital, with Mountain View Capital acting as the fundraising consultant.
In recent years, insurtech companies are embracing a more "automated" future with open arms amid the digital transformation of the insurance industry, especially healthcare insurance. Cutting-edge technologies such as artificial intelligence and big data are transforming every area of the insurance value chain, including products, pricing, channels, operations, underwriting and claims settlement.
Among them, RPA (Robot Process Automation), which mimics and enhances the way humans interact with software to perform repetitive, standardized and high-volume tasks, has become one of the powerful tools to accelerate the digital transformation of the insurance industry.
Founded in 2016, Leapstack is the explorer of "RPA + AI" in healthcare insurance in China, offering services to regulatory bodies such as commercial insurance companies, medical insurance bureaus and audit departments with enterprise-level big data risk control solutions through the one-stop intelligent risk control platform powered by RPA+AI.
Up to now, Leapstack has inked close partnerships with hundreds of companies, including China Life Insurance, PICC, China Taiping, CPIC, China Insurance, Ping An Insurance, Taikang Insurance, China Continent Insurance, Sunshine Insurance, AIA, AXA, CITIC Prudential Life Insurance, Sun Life Everbright Life Insurance, Generali China, Foresea Life Insurance, Hyundai Insurance, Hannover Re, China Merchants Bank, ICBC Technology, Merck Sharp & Dohme, BeiGene, CIIC, Jiang Tai Insurance Broker, Huatai Insurance Agency & Consultant Service, Shuidi Insurance, Easy Raising (Qingsongchou), Yidu Cloud, WeDoctor, Medbanks, Yuanxin Technology, Xiaomi Insurance, and Shanghai Insurance Exchange.
Empowering Intelligent Risk Control in Health Insurance with "RPA + AI"
As one of the digital transformation trends for enterprises, RPA has been attracting increasing attention from global capital in recent years. McKinsey revealed that the global RPA market is forecast to grow to 100 billion US dollars in 2025, with an annual rate of 64%, becoming one of the fastest-growing technologies in AI related fields.
In April this year, UiPath, a global RPA head manufacturer, was listed on the New York Stock Exchange, marking one of the largest software IPOs in U.S. history, with a market value of over 26 billion US dollars. The successful IPO of UiPath again attracted venture capital funds to pile into RPA in China. The statistics of business cards suggest that there have been 13 financing events in China's RPA sector this year, double that of 2020, with more than 1 billion yuan raised.
As for the insurance industry, despite broad prospects, domestic healthcare insurance in particular, is plagued by low penetration, high operating costs, high compensation risks, and lack of standardized data formats for availability, placing mounting pressure on relevant participants.
On the one hand, payment pressure of domestic medical insurance increases resulting from impacts such as aging population and rising medical expenses, causing medium-to-long-term sustainability risks. Therefore, the government has given the top priority to curbing the spending of healthcare insurance in the latest round of medical reform. On the other hand, for fast-growing commercial health insurance, controlling spending while expanding the scale is the key to improving the sustainability of products.
Therefore, controlling the spending of healthcare and commercial insurance has become a matter of concern among all parties in the industry.
In such a context, Leapstack, by employing "RPA + AI", has built multiple platforms such as intelligent claim management platform for health insurance, intelligent investigation, intelligent audit of gover...
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