Nanyan Insurance Technology Secures Over RMB 100 Million in Series B2 Funding to Accelerate Direct-Payment Health Insurance Network

VCBeat has learned that Nanyan Insurance Technology (“Nanyan Tech”), a globally leading integrated insurtech service provider, recently announced the completion of its Series B2 financing round, raising over RMB 100 million. The round was led by BOC International, a private equity investment firm with backing from Chinese central state-owned enterprises, and followed by existing shareholders including BlueRun Ventures, SIG China, and Starr Investments. The funds will primarily be used to acquire Medilink Global, a third-party service company specializing in third-party administration (TPA) for health insurance, thereby expanding into high-end medical insurance services that include direct billing. Qingtong Capital continued to serve as the exclusive financial advisor.

Nanyan Technology, established in September 2015, is a professional third-party comprehensive e-commerce platform for insurance. It provides third-party services to insurance companies, insurance intermediaries, and institutions engaged in concurrent insurance business, offering one-stop insurance product and system solutions to upstream and downstream partners. The company completed its Series A, Series B, and Series B+ financing rounds in December 2015, December 2017, and October 2018, respectively, accumulating hundreds of millions of yuan in financial funding.

Since its launch over four years ago, Nanyan Technology has fully digitized insurance management and monitoring processes—from product design and transaction systems to core ERP—leveraging its self-developed internet open-source technologies, a cloud-based SaaS platform, and the industry’s first SaaS+MGA model. This has resulted in an end-to-end SaaS service platform that serves more than 1,000 insurance companies and intermediaries, including Ping An Insurance, China Taiping Insurance, and AIG. The platform covers nearly RMB 1.5 billion in annual premiums, processes over 200,000 policies monthly, and holds approximately 30% market share.

According to Mr. Gong Xun, Nanyan Technology’s core team possesses dual expertise in insurance and technology, has been deeply engaged in the industry for decades, and has proactively established a strategic presence across the upstream and downstream sectors of the industry.

To address the two major pain points in China’s insurance industry—namely, the asymmetry between customer demand and insurer supply that hinders transaction completion and creates redundant processes, as well as the inefficient circulation of insurance policies—digital and intelligent elements are integrated into a series of insurance business operations, including underwriting, claims assessment, distribution channels, system design, customer service, and reinsurance arrangements. This approach enhances industry efficiency while strictly controlling various risks.

Mr. Gong Xun, CEO of Nanyan Technology, stated that leveraging the data advantages accumulated through its insurance technology SaaS business to acquire high-quality service providers in specialized vertical segments is a key strategy for Nanyan Technology to continuously enrich its business pipeline.

Medilink Global (also known as Zhongjiandai), acquired by Nanyan Technology, was established in 2005 and originally originated from Malaysia’s Medilink-Global company, which possessed the industry-leading ECCS core system. Since its inception, Zhongjiandai has adhered to the principles of independence and focus, providing third-party health insurance administration services, direct-billing medical networks, and corporate health solutions to Chinese and foreign insurers, reinsurers, insurance agencies, insurance brokerage firms, and large captive insurers. Sarren, the founder of Medilink Global, will continue to serve as a Senior Advisor to Nanyan Technology.

Zhongjiandai has long been dedicated to providing high-end health insurance services and is the only provider of front-end processor solutions in the industry. It collaborates with over 40 insurance companies and serves more than 150,000 members and over 500 large enterprises. Leveraging its “ECCS System + Front-End Processor Direct Billing Solution,” Zhongjiandai has enabled direct billing for health insurance at more than 1,700 hospitals across 188 cities in 24 provinces in China. Additionally, Zhongjiandai’s international direct billing network covers 150 countries and regions, encompassing 1.36 million hospitals.

Mr. Gong Xun pointed out that Nanyan Technology acquired Zhongjiandai in November 2019, completing a closed-loop business model among insurance companies, medical institutions, and sales networks. This move strengthened data capabilities and risk control while enhancing operational efficiency and optimizing health insurance products and services.

Wang Lixin, Managing Director of the Direct Investment Department at BOC International, stated that as China's per capita GDP reached $10,000 in 2018, it ushered in a golden age of rapid growth for the Chinese insurance industry. The vast market size and robust economic growth have provided fertile ground for new companies offering technical services, strongly supporting the sustained mid-to-long-term boom in the insurtech sector. Given the high level of professionalism and stringent regulatory nature of the insurance industry, successful startup teams must possess a profound understanding of insurance expertise to seamlessly integrate technology with professional knowledge, thereby delivering genuine value to the industry and shareholders.

BOC International is one of the earliest established and the largest and strongest Chinese investment banks in overseas markets. It provides clients with a comprehensive suite of investment banking products and services in both domestic and international capital markets, including equity and bond issuance, mergers and acquisitions, financial advisory, investment research, private banking, direct investment, asset management, securities and equity derivatives trading, as well as leveraged and structured financing. In addition to proprietary capital investments, BOC International currently manages three large-scale investment funds: the China Cultural Industry Investment Fund, the Bohai Industrial Investment Fund, and the BOC International Infrastructure Fund. Its equity investment business spans a wide range of sectors, including finance, mobile internet, artificial intelligence, culture and entertainment, and infrastructure.