Insurance Geek Completes Series D Financing of Hundreds of Millions of Yuan, Accelerating Digital Transformation of Group Insurance Industry with GIDE

On September 22, 2022, Insgeek officially held its “Breaking Boundaries for Integration, Leading the Future with Digitalization” launch event, unveiling the “Group Insurance Digital Exchange (GIDE)” system (hereinafter referred to as the “GIDE Group Insurance Digital Transaction System”). The event was conducted via live online streaming, attracting more than 200 organizations and over 1,000 corporate decision-makers from technology, finance, and insurance media, as well as insurance companies, distribution channels, and medical health institutions, who tuned in to witness the dawn of digital group insurance.

At the conference, Insgeek announced that it had completed a Series D financing round worth hundreds of millions of yuan, with investments from the National SME Development Fund and HR Tech Investments, LLC, among others. Existing shareholders China Renaissance New Economy Fund and SIG Asia Investments made additional investments. Yuanqi Capital served as the exclusive financial advisor.

Cheng Peng, a partner at Tsinghua Holdings Ginkgo, the manager of the National SME Development Fund and an investor in this round, stated, “Digital transformation is reshaping the development prospects of the group insurance industry. With its robust technical capabilities and strong confidence, InsGeek is leading industry change, making its future even more promising.”

Developing the digital economy has been elevated to a national strategy, with accelerating digital development serving as a key component of China’s 14th Five-Year Plan and its Long-Range Objectives Through the Year 2035. This represents the current and future direction and focus of development. Against this backdrop, how should the insurance industry and its various sub-sectors transform to explore the path toward digitalization?

In response, Dr. Li Zhen, Director of the Research Department at the Beijing Fintech Research Institute, stated, “Digital and intelligent transformation is an inevitable choice for insurance institutions in the digital era. The insurance industry should seize this opportunity to actively cultivate digital and intelligent capabilities. Leveraging the foundational support of the industry’s ‘new infrastructure,’ it should accelerate iteration across channels, products, services, risk control, and ecosystems, thereby reshaping competitive advantages and striving to achieve high-quality development.”

Under policy guidance that advocates innovation-driven development and calls for infrastructure systems supporting digital transformation, intelligent upgrading, and innovative integration to meet the industry’s need for high-quality development, the launch of the GIDE Group Insurance Digital Transaction System stands as a milestone in the digitalization of the group insurance sector.

Ren Bin, Founder and CEO of InsGeek, introduced that GIDE’s comprehensive digital group insurance solution has built an ecosystem spanning front-end marketing, back-end services, and insurer underwriting. Starting with clients’ group insurance needs, it empowers intermediaries on the marketing side and connects directly with insurance companies at the foundational level, enabling more flexible and efficient customization of group insurance products and data-driven group insurance services. The three core modules of GIDE’s digital group insurance transaction system—the Product Innovation Center, Channel Support Center, and After-Sales Service Center—have significantly lowered the entry barriers for group insurance. Its efficient and convenient quotation system, data-driven risk control center, flexibly customizable system integration center, and a robust after-sales service center designed from the user’s perspective with full-scenario coverage can meet rapidly changing market demands. This addresses all pain points encountered by enterprises and employee users during the digital transformation of welfare benefits, ranging from cost control and efficiency improvement to experience enhancement and digital interaction for commercial insurance, thereby facilitating corporate upgrading and transformation as well as the sustainable development of group insurance benefits.

The event also saw the release of the White Paper on Interface Standards for Digital Group Life and Health Insurance, the first white paper in the group insurance industry to address digital transformation and interface standardization since the China Banking and Insurance Regulatory Commission issued the 14th Five-Year Plan for Standardization in the Insurance Industry in May this year, marking a significant milestone.

According to Ye Hui, CTO of InsGeek, the highly available and highly flexible underlying core technical architecture of the GIDE Group Insurance Digital Trading System was independently developed by InsGeek based on fully proprietary intellectual property rights. It has redefined various industry standards, thereby enhancing the digital capabilities of the entire industrial chain. This set of standards has gained increasing recognition from upstream and downstream ecosystem partners. In particular, the “White Paper on Interface Standards for Digital Group Life and Health Insurance” has significantly lowered cooperation barriers and boosted multi-party participation willingness by promoting interface standardization. In the future, the GIDE Group Insurance Digital Trading System will bring more possibilities for business innovation among ecosystem partners, driving the entire group insurance industry toward higher-level development.

At the press conference, Li Shuo, Co-founder and COO of Insgeek; Liu Yang, Founder of Molecular Lab; Gu Bing, Vice President of Zhonghui International Insurance Brokers; and Fang Xing, Vice President of Zhonghe Yunke (51 Shebao), engaged in an in-depth dialogue on the development trends of digital group insurance, leveraging the launch of GIDE as a catalyst.

Zhonghui International Insurance Brokers is a well-known large-scale insurance intermediary in China. Since its establishment, it has served over 10,000 clients and achieved the fastest growth rate in the industry within just over a decade. As an industry veteran and expert, Gu Bing believes that, from an industry perspective, group insurance not only reflects corporate value and responsibility but also enables employees to demonstrate their commitment to their families; he remains bullish on the long-term prospects of group insurance. From a channel perspective, Gu Bing highly recognizes GIDE’s digital capabilities, asserting that GIDE delivers significant value by enhancing efficiency, streamlining processes, and supporting brokers in business development.

51 Shebao is a well-known human resources service platform in China, serving over 1.5 million employees. As a leading representative deeply entrenched in the HR services sector, Fang Xing discussed the evolving welfare needs of both employees and enterprises from the perspective of an HR professional. Fang Xing noted that today’s workforce, particularly those born after 1995, have reached new heights in their attention to health benefits. Meanwhile, enterprises of all sizes are increasingly demanding personalized and customized solutions. Leveraging its robust underlying system, GIDE achieves efficient and precise matching of enterprise and employee needs. This “tailored-to-the-individual” digital solution has significantly enhanced customer satisfaction and facilitated mutual benefit among ecosystem partners.

As the founder of Molecular Lab and a seasoned observer of the insurance industry, Liu Yang believes that employee health benefits are trending from extensive growth toward high-quality development, with both individuals and enterprises placing increasing emphasis on such benefits. In this process, InsGeek stands out as the only player that consistently integrates “digitalization” throughout its employee benefits and group health insurance services, thereby empowering the industry.

Li Shuo stated that, in the short term, GIDE drives business scale growth for ecosystem partners; in the long term, GIDE aligns with societal demands for healthcare payment solutions, corporate social responsibility requirements, the need for upgrading China’s future workforce structure, and the health needs of employees and their families, indicating substantial future prospects. GIDE will serve as a bridge and link, acting as “new infrastructure” for the group insurance industry, comprehensively empowering all stakeholders, promoting digital transformation, accelerating collaborative ecosystem development, and injecting new vitality into the domestic group insurance market.

InsGeek, founded in 2014 and headquartered in Beijing, has established branch offices in nearly 20 regions, including Shanghai, Shenzhen, Hangzhou, Suzhou, Wuhan, Chongqing, Chengdu, and Xi’an. The company now serves over 10,000 enterprises, covering numerous new-economy sectors such as IT and technology, internet, high-end manufacturing, new consumption, general health, and enterprise services. Its premium growth rate exceeds 100%, and its premium renewal rate stands at 100%.

As a leading brand in digital group insurance, it has leveraged its technological advantages to launch numerous industry-leading innovations over the past eight years. Recognized by industry insiders as a pioneer and innovator, it has become synonymous with digital group insurance.

Faced with the trillion-yuan blue ocean of the group insurance market, the launch of GIDE’s digital transaction system for group insurance has been widely anticipated and serves as a concentrated demonstration of Insgeek’s long-term technological accumulation. Since its introduction to the industry, it has established collaborations with dozens of insurance companies and healthcare institutions, as well as over one hundred marketing channels. In July 2021, it signed a cooperation agreement with the Shanghai Insurance Exchange to jointly promote a digital transaction ecosystem for group insurance. Looking ahead, Insgeek will continue to leverage its technological advantages and work closely with industry partners to advance the industry’s digital transformation and strive for greater financial inclusion in insurance.