Xiaoyusan Insurance Secures Hundreds of Millions in Series C Funding to Advance InsurTech; Files IPO Prospectus

VCBeat has learned that Shenzhen Muchenglin Technology Co., Ltd., the parent company of Xiaoyusan Insurance Brokerage, recently announced the completion of its Series C financing round, amounting to hundreds of millions of yuan. The round was led by Gopher Asset Management, with participation from existing shareholders. Previously, Muchenglin Technology had secured multiple rounds of investment from firms including Sequoia China, Matrix Partners China, Tasly Capital, and Xintian Venture Capital. Guang Yao, Founder and CEO of Xiaoyusan Insurance Brokerage, stated that the funds from this round will continue to be invested in insurtech and other related areas.

Shenzhen Muchenglin Technology Co., Ltd., established in 2015, comprises business units such as Xiaoyusan Insurance Brokerage, PaiKesi Technology, and Xiaole Health. Among these, Xiaoyusan Insurance Brokerage holds a national insurance brokerage license and has garnered significant attention for collaborating with multiple insurance companies to develop customized internet-based insurance products. Furthermore, Xiaoyusan Insurance Brokerage has consistently remained at the forefront of the industry in terms of insurance services.

Xiao Yu San Insurance Brokerage has accumulated extensive experience in data analytics and algorithms, effectively enhancing operational efficiency and risk management capabilities in areas such as pre-sales consultation, intelligent underwriting, claims processing, and risk control. Throughout the entire insurance purchasing process—namely, pre-sales consultation, product customization, purchase, underwriting, and claims settlement—Xiao Yu San Insurance Brokerage continuously innovates through technological means. By leveraging one-to-many and many-to-many interaction models and services, it has achieved full online service delivery, improved user experience at each stage, established a closed-loop system, and reduced costs while increasing efficiency.

Meanwhile, Xiaoyusan Insurance has been committed to providing users with better service and process experiences. During this financing round, Xiaoyusan Insurance Brokerage also unveiled a brand upgrade, introducing the service promise of “Buy with Clarity, Claim with Confidence” to deliver exceptional service throughout the insurance purchase and claims processes.

“Clear Purchase” means that users clearly understand the insurance rules and confirm that the insurance product is suitable for them. In addition to co-customized insurance products developed in partnership with insurance companies, Xiaoyusan Insurance Brokers has introduced an intelligent underwriting system called “Xiao Zhi” during the underwriting process. Users can select products that best fit their health conditions, enabling a more informed purchase decision.

Notably, to address scenarios where multiple disease names are assigned by different physicians due to varying diagnostic habits, “Xiao Zhi” features a fuzzy search capability for disease identification. This allows users to quickly pinpoint abnormalities and match them with the corresponding underwriting criteria, ensuring greater precision and convenience.

“Worry-Free Claims” is crucial to ensuring users successfully complete the claims process. As a vital link in the insurance value chain, claims handling is a key focus area for Xiaoyusan Insurance Brokerage. Since its establishment in 2015, Xiaoyusan has offered the “Click-to-Claim” service, allowing users to file claims online by simply uploading photos of their supporting documents. In 2018, Xiaoyusan Insurance Brokerage independently developed the AICS claims adjustment system and, leveraging this technology, became the first in the industry to introduce an advance payment service. In 2019, amid a surge in sales of long-term insurance products, the company launched additional services such as “Major Case Claims Concierge,” “One-Click Claim Reporting,” and “Legal Aid.” Xiaoyusan Insurance Brokerage has consistently pursued the goal of enabling faster claims processing for one-year insurance products and more convenient claims experiences for long-term insurance products.

“Technology-driven, customer-first” are the two core values of Xiaoyusan Insurance Brokerage. Xiaoyusan Insurance Brokerage has consistently leveraged technological solutions to serve customers more effectively and precisely, delivering a seamless and convenient experience throughout the entire insurance lifecycle.

“Insurance products are financial instruments that span long cycles and provide critical support to customers in times of need. Xiaoyusan Insurance Brokerage has always adhered to the ‘Customer First’ philosophy in accompanying and serving our clients; ‘Customer First’ is our ultimate pursuit. Following this round of financing, the company will increase its investment in technology to better serve the industry and our customers,” said Guang Yao, Founder and CEO of Xiaoyusan Insurance Brokerage.

Ye Gang, Director at Gopher Asset Management, stated, “We highly appreciate Xiaoyusan Insurance Brokerage’s innovative capabilities in product development and its service offerings centered around the customer lifecycle. By leveraging big data analytics to gain a deep understanding of policyholders’ needs and pain points, Xiaoyusan collaborates with insurance companies to rapidly launch health and life insurance products that meet market demands. It provides services closely tied to customer interests—such as underwriting and claims settlement—from the customer’s perspective. Consistently prioritizing customers, Xiaoyusan employs technological solutions to address their insurance needs. We look forward to seeing Xiaoyusan Insurance Brokerage emerge as an influential company amid the wave of innovation and development in China’s internet insurtech sector.”

It is reported that Xiaoyusan Insurance Brokerage has entered into strategic partnerships with nearly 80 insurance companies, serving approximately 15 million users.