• Facebook
    Twitter
    LInkedIn
    YouTube
    Weibo


Investment, Venture Capital

Matrix Leads $14M Round In Chinese Online Insurance Start-Up Xiaoyusan

Follow China Money Network on Facebook, Twitter and LinkedIn.

Matrix Partners China and Chinese investment firm Tianshili Capital have led a RMB100 million (US$14 million) series B round in Xiaoyusan, a Shenzhen-based online insurance platform.

Founded in 2015, Xiaoyusan provides life insurance for the elderly, children and the adults based on big data analytics. It has over three millions of users, and partners with over 50 insurance companies including Ping An Insurance, China Life Insurance Co Ltd, PICC Group and China Pacific Insurance Co., Ltd.

Similar to elsewhere and other industries, Chinese consumers are moving online to purchase insurance products. A total of 117 insurance companies provided online insurance services in 2016, underwriting a total of RMB234 billion worth of insurance products. Around 6.2 billion of insurances were newly added in 2016, of which 64.6% were purchased online, according to Chinese media reports.

As such, venture capitalists have been backing online insurance start-ups in order to capture the sector’s growth. Aside from Xiaoyusan, Huize Insurance raised a RMB200 million (US$31 million) series B round from a number of Chinese investors in March 2016. Chinese alternative investment firm Hillhouse Capital Group also joined global insurer Allianz and Chinese Internet giant Baidu Inc to establish an online insurance company in China in 2015.

Xiaoyusan, which previously received tens of millions RMB from Sequoia Capital China in 2015, plans to use the latest proceed to develop its team, improve research and development, and upgrade its products.

It also plans to further develop in the field of insurance technology, artificial intelligence recognition, and big data in order to make the insurance underwriting process smarter.





Related News










Leave a Reply

Your email address will not be published. Required fields are marked *