2024 Future Healthcare Top 100 Value Sector Awards Announced: Top 5 InsurTech and Innovative Payment Companies Revealed

During the 14th Five-Year Plan period, the state has actively guided innovation in insurance technology, steering its development from high-speed growth toward high-quality advancement. Regulatory authorities have proactively engaged with the market, drawn on advanced overseas experience, and established a comprehensive policy framework to support innovation in insurance technology with an approach characterized by inclusiveness and prudence.

With the continuous iteration of technology, the integration of technology and the insurance industry inevitably faces a new round of challenges. These include how to better integrate traditional business with fintech, how to ensure both healthy business growth and a more robust risk prevention system in insurance operations with technological support, and how to better protect consumer rights while leveraging technology to serve customers.Of course, under the wave of fintech innovation, insurtech and the innovative payment industry will no longer be confined to single-service functions; instead, they are evolving toward scenario-based, intelligent, and integrated solutions, delivering a novel service experience for users.

In light of this, VCBeat seeks to identify high-growth innovators in the fields of insurtech and innovative payment models, using medical technological innovation and service innovation as key criteria. On the evening of May 9, 2024, VB100 and VCBeat officially announced the 2024 Future Healthcare 100 list and revealed the results.Top 5 InsurTech and Innovative Payment Companies。

medtree healthAs an emerging pharmaceutical integration service platform under Sinopharm Holdings, Medtree Health has remained dedicated since its inception to providing comprehensive healthcare solutions for Chinese families. Centered on pharmacy and technology, the company alleviates patients’ financial burden by bridging insurance with medical care. By covering areas such as individual insurance innovation, cutting-edge therapies, consumer healthcare, management of excessive medical practices, and city-specific customized insurance, Medtree Health supports the development of a multi-tiered medical security system, delivering high-quality and more affordable health services and coverage to meet the medical and medication needs of individuals across all life stages.

MedTree Health continues to innovate in the “medical-pharmaceutical-insurance” sector. On one hand, it has partnered with multiple insurance companies to launch insurance products targeting specialty drugs and original research drugs for chronic diseases. On the other hand, it has formed strategic partnerships with business allies such as Tencent WeSure and AliHealth to jointly build a “insurance + pharmaceuticals + health management services” model. By deeply cultivating scenarios including commercial health insurance, city-specific supplemental medical insurance (Huimin Bao), innovative payment solutions, and other health services, MedTree Health leverages its platform technological advantages and shareholder resource strengths to effectively enhance the accessibility of cutting-edge technologies and pharmaceuticals both domestically and internationally. This approach improves patients’ medication coverage and medical experience while providing professional support for the stable operation of health insurance.

In the fields of insurtech and innovative payment solutions, Medtree Health has consistently adhered to a user-centric approach, exploring product innovation and successively launching various coverage programs, including those for tumor immunotherapy, traditional Chinese medicine (TCM) consultations, and chronic diseases managed with generic medications. In the realm of tumor immunotherapy, Medtree Health introduced the TCR-T Benefit Card, designed to provide patients with malignant tumors—particularly those with solid tumors—access to cutting-edge international autologous immune cell therapy technologies, offering new hope for survival to advanced-stage patients who have developed drug resistance. In the area of chronic disease coverage with generic drugs, leveraging national centralized procurement policies, Medtree Health launched “Yi Yao Hui,” a branded original innovator drug platform tailored for enterprise clients. This platform provides payers with access to high-value branded original innovator drugs while integrating pharmaceutical supply chain resources to accommodate various fulfillment methods. It offers users functionalities such as online prescription issuance and online payment, thereby meeting diverse medication needs of enterprise users and achieving a closed-loop process for platform-based drug purchases. By covering a broader end-user base through a rich product matrix and engaging in deep operational management, Medtree Health designs multi-tiered coverage products suitable for chronic and special diseases for individuals with pre-existing conditions, while providing diversified benefit products and services for healthy individuals. These efforts effectively enhance the accessibility of advanced technologies and medications, promoting the development of a multi-tiered medical security system.

Medtree Health stated that it will continue to aim at building a full-lifecycle health “protective shield” for users, take it as its responsibility to support the development of a multi-tiered medical security system, fully leverage its integrated innovation capabilities, deeply participate in industrial chain integration, implement an internationalization strategy, expand service scope, innovate service models, and enhance service quality in the healthcare field.Onemedtree health also statedWe will adopt a more open approach, work hand in hand with our partners to drive the development of the healthcare industry, and enable more people to access convenient, efficient, and high-quality health services.

1. Six Key Directions for Technological Innovation

Insurance Big Data Platform: Aggregates multi-source data from hospitals, insurance companies, and users to enable precise risk control, product customization, and cost optimization through big data analytics. In the future, it will integrate data from other fields, such as genomic data, to further enhance analytical capabilities;

Insurance AI Intelligent System: Utilizes machine learning algorithms to build intelligent underwriting and claims adjudication systems, significantly improving operational efficiency. In the future, technologies such as natural language processing and computer vision will be applied to provide new services, including intelligent customer service and policy interpretation.

Insurance Cloud Computing Platform: Provides infrastructure and service support for insurance operations, enabling flexible and intelligent delivery and management of insurance products. It may evolve into industry-oriented PaaS/SaaS services in the future;

Blockchain-based Anti-Counterfeiting and Traceability: Leveraging the immutability of blockchain technology to ensure the authenticity and credibility of claims data, while enabling the traceability of personal health data for personalized pricing. It can also be applied in scenarios such as verification of insurance plan validity.

Insurance IoT Devices: Such as wearable health monitoring devices and home health monitoring terminals, which collect user health data in real time to support risk control and personalized services for health insurance;

Insurance Payment Innovation: Including innovative payment models such as digital yuan payments and biometric authentication for insurance, enhancing payment efficiency and user experience.

2. Six Key Service Areas

Personalized Health Insurance: Tailoring health management and insurance service plans for users based on big data analytics to improve health outcomes and reduce claims risk;

Online Intelligent Insurance Application Service: Leveraging AI and other technologies to provide one-stop intelligent services for online self-service insurance application, inquiry, and modification;

Intelligent and Efficient Claims Service: Leveraging AI-powered intelligent review systems and blockchain-based traceability to enable efficient, automated claims approval and payment;

Remote Health Management Services: IoT-based monitoring of user health data, providing online health interventions, chronic disease management, and other services;

Digital Operations for Medical Insurance: Leveraging Cloud Computing to Empower the Digital Transformation of Insurance, Providing Flexible Capabilities for Product Innovation, Operations, and Delivery;

Integration of Insurance and Healthcare Services: Deep collaboration with hospitals and medical institutions to achieve seamless connectivity between insurance services and healthcare services;

InsurTech Empowerment Services: Providing empowerment services such as InsurTech consulting, platform licensing, and operational outsourcing to insurance companies and third-party institutions.