InsurGeek Focuses on High-Frequency Medical Insurance for Six Years, Empowering the Greater Health Industry Ecosystem with Technology
On December 15, Insgeek held a “Future ▪ Symbiosis” media exchange event in Beijing to mark its sixth anniversary. Over the past six years, Insgeek has continuously upgraded and broken through self-imposed limits, working together with insurance companies, health management organizations, and regulators to build an ecosystem for the greater health industry.
It is reported that the exchange event invited dozens of media outlets from sectors including pan-technology, venture capital and private equity, finance, healthcare, and web portals. Meanwhile, Ren Bin, Founder and CEO of Insgeek; Zhou Min, Executive Director of the Financial Services Investment Department at Legend Holdings; Zhou Qing, Board Secretary, General Manager of the Strategic Development Department, and General Manager of the Beijing Branch of Taikang Allianz Health Insurance; Wang Yufang, General Manager of the Consumer Healthcare Division at JD Health; and the senior executive team of Insgeek engaged in in-depth discussions on site.
The Fifth Plenary Session of the 19th Central Committee of the Communist Party of China proposed unwaveringly building a cyber superpower and a Digital China, accelerating digital development, and speeding up the growth of modern service industries. Against the backdrop of the digital era, insurance companies leverage digital tools to identify strategic transformation priorities suited to their own development, establish new digitally-enabled support systems, and achieve digital insights into customers, thereby enhancing service efficiency.
Leveraging technological innovation, the precise matching of personalized, customized, and differentiated products and services has become one of the core competencies of insurance enterprises. As the insurance market matures, there is a greater need to create accurate customer profiles to uncover their latent needs. By leveraging digital tools to provide companies with full-scenario services addressing insurance and healthcare needs, the industry has embraced this as a mainstream development trend.
Against this backdrop, InsGeek, founded in 2014 and rooted in the corporate group insurance sector, serves not only unicorn companies under China’s new economic landscape but also enjoys growing favor among traditional enterprises. Over the past six years, InsGeek has introduced one technological innovation annually, emerging as a pioneer and leader in the group insurance industry. It has played a key role in shaping technical, data, and service standards within the sector, driving substantial transformations in product structures, business processes, risk management, claims handling, and collaboration models, thereby gradually establishing a closed-loop industrial chain integrating “health management + insurance payment.”
As a platform that has been deeply engaged in health management and group insurance for six years, Ren Bin, Founder & CEO of Insgeek, stated: “In recent years, Chinese residents’ demand for high-frequency, low-cost medical services has grown rapidly at an annual rate of nearly 30%. In comparison, in the United States’ health insurance market, which is valued at nearly RMB 6 trillion, 80% of products are designed to address high-frequency, low-cost needs. Insgeek focuses on providing solutions for enterprises to meet their employees’ high-frequency, low-cost medical needs, while gradually digitizing traditional offline service processes and data.”
Ren Bin, Founder & CEO of insgeek
In fact, group insurance serves as the "bond" connecting enterprises and employees, bearing the responsibility for health protection and employee care.
On the corporate side, to facilitate more convenient management of employee group insurance for enterprises, InsGeek pioneered the “Cloud Group Insurance SaaS System” in 2015–2016. This system enabled HR departments to manage employees in bulk online and make flexible premium payments, with billing available on a daily basis. InsGeek promoted the establishment of industry standards for online technology and services, leading the group insurance sector into the digital era. In 2017, InsGeek became the first platform to integrate million-yuan medical insurance into group insurance plans, achieving seamless coordination between million-yuan medical coverage and supplementary medical insurance. Its pioneering “Geek+” employee benefits platform moved group insurance away from a “one-size-fits-all” approach into an era of customization. Supported by a robust actuarial team that provides tailored corporate solutions around the clock, InsGeek offers comprehensive coverage across 17 major insurance categories, meeting the customized group insurance needs of 90% of enterprises. In 2018, “Geek+” 3.0 was launched, introducing medical and health management services to fully build a “Group Insurance + Healthcare” closed-loop ecosystem, empowering enterprises in their digital transformation of human resources. In 2019, InsGeek introduced a comprehensive benefits operations system to serve corporate clients holistically, systematically addressing challenges in benefits communication and employee perception.
On the employee side, to ensure that employees truly benefit from corporate welfare, Insgeek has effectively addressed the issues of slow processes, poor service, and subpar employee experience prevalent in traditional insurance claims services. In 2016, it pioneered the “Mobile Claims Service,” ushering in an era of online and paperless claims processing for group insurance. Employees can initiate claims by taking photos via WeChat; original documents are waived for medical claims under RMB 3,000, with payouts completed within five business days after preliminary approval. Small claims under RMB 300 are settled through an expedited process. Currently, over 90% of claims on the platform are processed without paper documentation. Following the launch of the new “Geek+” service in 2017, intelligent recommendations and comprehensive family coverage enable employees to flexibly select options according to their needs. Spouses, children, and parents can be included in the coverage, marking the entry of corporate group insurance into an era of personalized customization (“a thousand plans for a thousand people”). The service also extends to medical and health management, addressing the time-consuming, laborious, and costly nature of seeking medical care, thereby receiving widespread positive feedback from employees. During the 2020 pandemic, to support more comprehensive product customization, meet diverse claims needs, and cover a broader range of medical scenarios, Insgeek launched a segmented claims product solution and comprehensively upgraded its medical and health management services.
After more than six years since its establishment, Insgeek has set up branches in 12 cities, including Shanghai, Guangzhou, Shenzhen, Tianjin, Qingdao, Suzhou, Hangzhou, Wuhan, Chongqing, Chengdu, and Xi’an, achieving comprehensive coverage of China’s first- and second-tier cities with business operations spanning the entire country. To date, it has provided relevant products and services to over 6,000 enterprises and hundreds of thousands of employees nationwide. Meanwhile, with an annual premium renewal rate of 100% and a business growth rate exceeding 100%, Insgeek has become one of the fastest-growing companies in the global insurtech sector.
As a representative of partners who have grown alongside InsGeek, Mr. Zhou Qing, Board Secretary and General Manager of the Strategic Development Department at CPIC-Allianz Health Insurance, as well as General Manager of its Beijing Branch, attended the event. Mr. Zhou stated that the Health Insurance Division of China Pacific Insurance (CPIC) and InsGeek embarked on their development journeys at nearly the same time. Over the past six years, we have witnessed InsGeek’s remarkable achievements through technological, channel, and product innovation, which have played a significant role in advancing the technical standards of the group insurance sector and the broader health insurance industry. We believe that InsGeek will continue to empower the group insurance field with technology, build a closed loop integrating insurance payment and medical healthcare services, and further enhance the service standards and efficiency of the group insurance industry.
Mr. Zhou Qing, Secretary to the Board of Directors and General Manager of the Strategic Development Department at Taikang Allianz Health Insurance Company, and General Manager of its Beijing Branch
In recent years, China’s personal insurance sector has achieved steady and rapid development. Commercial personal insurance has now attained a certain level of coverage nationwide; however, challenges remain, including insufficient supply of insurance products and inadequate levels of protection. On December 9, Premier Li Keqiang presided over an executive meeting of the State Council to deploy measures for promoting the expansion, quality improvement, and sound development of personal insurance, with the aim of meeting the diverse needs of the public. The meeting proposed two key development pathways: accelerating the growth of commercial health insurance, and incorporating commercial pension insurance into the accelerated construction of the third pillar of the old-age security system.
Previously, the China Banking and Insurance Regulatory Commission (CBIRC) also issued the Notice on Regulating Health Management Services of Insurance Companies, to further standardize the conduct of insurance companies in providing health management services and enhance the quality and level of such services. Since its establishment, InsGeek has maintained a clear business direction and development path. By entering the market through high-frequency medical insurance, it has expanded from building enterprise group insurance SaaS systems to creating an innovative platform for employee welfare protection, and further to a health management platform, thereby forming a closed-loop service model of “medical healthcare + insurance payment.”
In fact, since the outbreak of the COVID-19 pandemic, internet-based telemedicine has played an unprecedented role. As a pioneer and leader in integrating “healthcare services with insurance payment,” Insgeek has currently established partnerships with multiple renowned medical and health service providers, including WeDoctor, Haodafu, and Yijiayi. During the pandemic, it also launched online hospital services and special drug coverage, comprehensively covering the entire process of employee online consultations, medication management and delivery, and claims processing. These measures have, to some extent, alleviated challenges such as the inconvenience of offline medical visits and the strain on medical resources.
Recently, insgeek has entered into a strategic partnership with JD Health to provide users with comprehensive online and offline medical services. This includes integrated online services such as video consultations, text-and-image consultations, e-prescriptions and medication purchasing, and health records, as well as high-quality offline medical services to address in-person healthcare needs. Together, they deliver convenient and reliable medical and health management solutions for users.
According to Wang Yufang, General Manager of the Consumer Healthcare Division at JD Health, Insgeek, as a leading brand in corporate group insurance in China, possesses the technical prowess to ensure a positive user experience for both parties. The integration of their systems will also serve as the foundation for efficient collaboration and high-quality products and services.
Wang Yufang, General Manager of the Consumer Healthcare Division at JD Health
This strategic partnership between InsGeek and JD Health aims to establish an integrated “medical care + pharmaceuticals + insurance” model, enabling users to access a comprehensive suite of services including medication purchases, health insurance, and medical healthcare services.
Of course, Insgeek’s achievements would not have been possible without the support and recognition of its investors. As a leading diversified investment holding company in China, Legend Holdings’ venture capital arm, Legend Star, made consecutive equity investments in Insgeek in 2016, enabling the company to complete its Series A and Series A+ financing rounds. Subsequently, in October 2018, Insgeek closed its Series B financing round, raising RMB 100 million from Legend Holdings and the National Small and Medium Enterprises Development Fund.
Zhou Min, Executive Director of the Financial Services Investment Department at Legend Holdings, stated that the management team of Insgeek is pragmatic and low-profile, keenly identifying opportunities in the health insurance market and focusing on corporate group insurance business with significant market prospects and development potential. Meanwhile, the team demonstrates sustained competitiveness and a strong sense of mission, adhering to its core development philosophy and values, and leading Insgeek to become a unicorn in the corporate group insurance sector.
Zhou Min, Executive Director of the Financial Services Investment Department at Legend Holdings
In 2021, InsGeek will continue to deepen data integration with insurance companies and health management organizations, forming a closed-loop data ecosystem of insurance payment and medical healthcare. This will strengthen underlying risk control, accelerate the online transition and standardization of industry services, better address users’ medical and health needs during diagnosis and treatment, and continuously provide users with superior products and service experiences.