AsiaNet 94109 (0136)

[Shanghai January 18, 2022 PR Newswire = Kyodo News JBN] Insurtech company Shanghai Leapstack Technology Co., Ltd. (hereinafter referred to as "Leapstack") has raised approximately 150 million yuan in Series C rounds. Announced that it was done. The funding round was led by Legend Capital, with Peakview Capital, GF Qianhe Investment and Huazhi Capital participating, and Mountain View Capital as a funding consultant.

In recent years, in the insurance industry, especially in the digital transformation of health insurance, insurtech companies are actively embracing a more "automated" future. State-of-the-art technologies such as artificial intelligence and big data are transforming all areas of the insurance value chain, including commodities, pricing, channels, operations, underwriting, and insurance payments.

Among them, RPA (Robot Process Automation), which mimics and enhances the way humans interact with software to perform repetitive, standardized, high-volume tasks, accelerates the digital transformation of the insurance industry. It has become one of the powerful tools to do.

Founded in 2016, Leapstack is a searcher for "RPA + AI" in medical insurance in China, and is a one-stop intelligent system equipped with RPA + AI for regulatory agencies such as private insurance companies, medical insurance departments, and audit departments. It provides enterprise-level big data risk management solution services through a risk management platform.

So far, Leapstack has been 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, Shanghai Insurance Exchange and hundreds of other companies.

▽ Strengthen intelligent risk management of health insurance with "RPA + AI"

As one of the trends in enterprise digital transformation, RPA has been receiving more and more attention from international capital in recent years. McKinsey said it predicts that the global RPA market will grow to US $ 100 billion annually at 64% in 2025, making it one of the fastest growing technologies in the AI-related space.

In April of this year, UiPath, a global RPA head maker, went public on the New York Stock Exchange and raised more than US $ 26 billion, making it one of the largest software companies in US history (initial public offering). The success of UiPath's IPO has attracted venture capital funds again and has rushed into RPA in China. According to business card statistics, China's RPA sector had 13 funding events this year, doubling from 2020, raising more than a billion yuan.

Despite the broad outlook for the insurance industry, domestic health insurance in particular suffers from low penetration, high operating costs, high compensation risk, lack of standardized data formats for availability, and relevant participants. We are putting more and more pressure on it.

On the other hand, due to the aging of the population and the increase in medical expenses, the pressure to pay domestic medical insurance is increasing, and there is a medium- to long-term sustainability risk. For this reason, the government has given top priority to curbing health insurance spending with the latest medical reforms. On the other hand, in fast-growing private health insurance, managing spending while scaling up is the key to improving product sustainability.

Therefore, managing medical and private insurance spending has become a concern among all parties in the industry.

Under these circumstances, Leapstack has adopted "RPA + AI" to enable intelligent billing management platform for health insurance, intelligent research, intelligent auditing for government medical insurance, intelligent management platform for long-term care, and big data anti-big data. We have built multiple platforms such as a money laundering platform and a big data governance platform. Leapstack provides full-process insurance payment and risk management services for private insurance and reinsurance agencies and insurance intermediaries, as well as intelligent risk management, cash management and intelligent for health insurance departments, auditing agencies and banks. Services such as auditing, data governance, anti-money laundering, and decision-making assistance for developing and coordinating related policies can also be provided.

Take health insurance claims as an example. Such claims are error-prone and often inefficient, as traditional claims require a variety of time-consuming manual tasks such as reporting, information extraction, and coordination. The automatic billing adjustment engine provided by Leapstack supports automatic determination of insurance coverage and amount according to insurance company custom rules, reducing billing time, improving operational efficiency and reducing manual errors.

Jason Liu, founder of Leapstack, said, "Currently,'RPA + AI'technology is applied to the entire medical insurance claim process. Leapstack uses'RPA + AI' to report cases, extract information, and make adjustments. We have integrated each link in the billing process, including billing and more. "

In addition, Leapstack has developed machine learning models and medical knowledge maps to meet the needs of various types of insurance research, including underwriting, insurance payments, customer service, medical care and serious illness. These products support effective detection of risk points in the data-level underwriting and insurance payment process, and accurate cost control of all core insurance links. Its big data and AI will conversely strengthen insurance pricing and diversify products and expand the range of underwriters by accurately predicting the risks of different combinations of insurance product liability clauses.

Leading professionalism gains growing capital and Leapstack is in the best position to gain a strong foothold in the Asia Pacific

Since its establishment, Leapstack has been a shareholder of Gaorong Capital, Fomoo Assets, DCM, Puhua Capital, Danhua Capital, Lingfeng Capital, FinVolution Group (NYSE: FINV), Uphonest Capital, 360 DigiTech (NASDAQ: QFIN), Huazhi Capital, GF Qianhe Investment, etc. He has completed several rounds of financing with him.

Jason Liu emphasized that "inclusiveness" is important as to why Leapstack is behind the increase in capital received. This includes not only technical strength and team members, but also brand influence.

▽ Departure with technology

RPA + AI technology is one of the benefits Leapstack enjoys. Still, Liu said, "Technology is important, but not the most important. The important thing is to find the right scenarios to which the technology can be applied and make improvements as the business grows. For nearly six years of growth. Nonetheless, Leapstack has only implemented preliminary application of RPA + AI technical concepts and frameworks in some specific scenarios, and there is still room for growth in the future, with constant improvements. Needs time. "

The second is Leapstack's core team. The founding team is made up of top Silicon Valley technology companies, and the core team is made up of senior technical experts, insurance professionals and doctors. The team has extensive experience in artificial intelligence, big data, cloud computing technology and insurance risk management.

Regarding future business layouts, Liu said Leapstack will continue to gain a base in the Asia Pacific insurance market while expanding its presence in the domestic market. By the end of 2018, Leapstack had established Leapstack International Headquarters in Hong Kong and participated in the Hong Kong Cyberport and InvestHK Project. Leapstack International has been investigating the application of RPA + AI in the Asia Pacific insurance market for three years, starting in the Hong Kong market. Currently, stable partnerships have been established in Hong Kong, Singapore, Vietnam and Thailand, and risk management models and RPA + AI systems have been successfully applied to local private insurance companies and health insurance regulators.

"The next step for Leapstack is to drive expansion in the Asia-Pacific market, especially in Southeast Asia and other countries where businesses have begun to grow. RPA + AI, risk management models, better operational service capabilities. Steady efforts will be made to launch a world-class insurance platform equipped with. "

Source: Leapstack