Tens of Millions in Series B Financing Secured! Health Plus Leverages AI + Managed Care to Solve User Engagement Challenges

Over the past decade, commercial health insurance has experienced robust growth, but its growth logic is shifting: the extensive growth model centered on channel and scale expansion is gradually giving way to a refined development stage focused on customer management and long-term value.

Common anxieties are emerging among insurance carriers: sluggish policy growth, low-frequency customer engagement. Apart from policy application and claims settlement, insurers lack sustained, high-frequency connections with clients, and face mounting pressure on policy renewal.

Meanwhile, DRG/DIP payment reforms are driving changes in the healthcare service system and cost management models, presenting commercial health insurers with more complex medical risk management demands. Transitioning from "post-event claims settlement" to "pre-event management" has become a key focus of industry exploration.

"Product + Service" was once seen as the solution, but more often than not, it has been a simple combination of marketing promotions and value-added services: health check-ups, dental cleaning, consultations, medication purchases, medical visits, and patient accompaniment. While there are many services offered, they remain like scattered pearls—data is not shared among service providers, processes are not integrated, and customer experiences are fraught with discontinuities. The challenge of stringing these scattered pearls into a cohesive necklace, thereby truly integrating healthcare services into the value system of health insurance, making them an essential component of product innovation, customer management, and risk control, has become a critical question that the industry must address as it moves into deeper waters.

Health Plus is focused on building a system by linking industrial chains. Over its nine years of operation, Health Plus has developed an AI+S2B2C2F intelligent managed comprehensive medical and healthcare solution platform. The platform connects high-quality medical services and supply chains, empowers insurance carriers and other B-side clients, and ultimately serves individual and household users.

Centered on this strategic positioning, the company has established its own internet hospital and directly contracted with healthcare providers for direct operation. By systematically integrating offline medical networks—including pharmacies, health check-up centers, dental clinics, ophthalmology clinics, and traditional Chinese medicine facilities—the company has formed a direct payment system. Leveraging a nationwide network of nurses providing escort and medical consultation services in public hospitals, it has developed hundreds of standardized product modules and atomized services. These offerings assist insurance companies and B-end clients in meeting their needs for product innovation, customer management, marketing support, and risk management.

For diverse populations across different regions, diseases, and scenarios, we provide personalized service solutions tailored to individual customer profiles. Insurance companies need only integrate HEALTH PLUS into their operational systems, enabling the flexible incorporation of Health Plus's atomic services into various insurance scenarios. This facilitates systematic enhancement and ecosystem integration, achieving the transformation of "insurance products into services" and "services into insurance products."

Recently, Health Plus announced the completion of a tens-of-millions-yuan Series B2 financing round, led by Xiong'an Kangyu Medical Technology Equity Investment Fund. Following this financing, the company will further invest in developing AI large models and AI agent capabilities, accelerate the scale expansion of B-side businesses and deepen operations for C-side customers. Leveraging local industrial resources in Xiong'an, it will also expand corporate health management service scenarios targeting central and state-owned enterprises.

From the perspective of founder Wang Yanping, the insurance industry is gradually transitioning from a period of rapid market expansion to an era of refined operations. The focus of industry competition has shifted: future competitiveness will depend not only on product design and sales capabilities, but more importantly on who can help insurers establish long-term customer connections, enabling the transformation from "selling insurance" to "managing customer health."

And this is also the core proposition behind Health Plus's latest financing: leveraging nine years of accumulated healthcare service capabilities to accelerate its entry into a new phase of AI-driven health insurance.

Recently, Health Plus was honored with the Global InsurTech Enterprise Award at the 6th Global InsurTech Conference “Yanshu Awards”

VCBeat: It has been a while since the company's last public funding round. Why did you choose to launch a new round of financing at this juncture?

Wang Yanping: Previous capitalDuring this market downturn, we chose to strengthen our core capabilities by focusing on building foundational infrastructure, including our healthcare service system, supply chain, and digital product and operational middle platforms, while continuously improving operational efficiency. Throughout this period, we onboarded several leading clients and implemented numerous innovations in our product models. These initiatives require time to mature before they can be truly transformed into replicable and sustainable capabilities.

Having made sustained investments and operational efforts over many years, the company has established a highly comprehensive healthcare service system, supply chain network, and digital platform. Its infrastructure and integrated operational capabilities are now robust, having been continuously validated across multiple leading clients and diverse business scenarios. The company is now entering a new phase of scalable replication and expansion. Meanwhile, large AI models and agent technologies have opened up a new window of opportunity. We require additional capital to accelerate the deployment of AI in product, service, and operational scenarios, thereby deepening our B-side business development and C-side customer engagement.

VCBeat: What capabilities of Health Plus are most recognized by Kangyu Capital, the investor in this round?

Wang Yanping: I would like to highlight several key points. First is the value-based healthcare infrastructure that Health Plus has built over the past nine years, comprising an O2O network of more than 50,000 directly contracted and operated medical professionals, a preferred offline medical network with direct connectivity and direct payment, and a core digital health management system. The capabilities developed through such significant investment are difficult to replicate once established, forming the foundation for the company's continuously improving financial marginal benefits.

Next is our capability to deliver comprehensive solutions and our mature operational system. Rather than offering isolated service modules, we provide end-to-end solutions encompassing product design, customer operations, and risk management for large institutional clients. Multiple core products have been successfully implemented and validated by leading insurance companies, with our product iteration speed and operational efficiency consistently earning customer recognition.

Third, the marginal benefit advantage of the business model. After nine years of investment, the company's core infrastructure is now sufficiently robust, enabling strong gross and net profit margins at its current scale. As the business expands, the dilution of fixed costs will become more pronounced, leading to continuously increasing marginal returns. This provides ample financial flexibility for future growth, representing one of the core rationales highly favored by investors.

VCBeat: Commercial health insurance is shifting from "scale expansion" to "refined operations," and gradually moving from "post-claim reimbursement" to proactive, pre-event management with "front-loaded services and operations." How do you view this trend?

Wang Yanping: Health insurance Is entering a new phase focused on sound operations and sustainable development. In the past, "product + service" was largely viewed as a value-added tool for product differentiation, serving as an ancillary benefit enhancement. As the industry moves into deeper waters, "product + service" is evolving from superficial benefit stacking to becoming deeply integrated into the value system of health insurance, transitioning toward a true managed care model. Underpinning this shift is the transition between two core logics.

The first logic is the shift of the value focus from "post-event compensation" to "pre-event prevention." The value of traditional health insurance has been concentrated on economic compensation after risks occur. However, as insurers and users deepen their understanding of health management, preventive services such as disease prevention, health interventions, and chronic disease management are becoming standard features of insurance products. "Making users healthier" is no longer just a slogan; improvements in users' health status directly correspond to a reduction in claim risks. This creates a win-win value proposition for both insurers and users, and drives the overall forward shift of the health insurance value chain.

The second logic lies in the upgrade of customer relationships from "one-off transactions" to "long-term operations". Insurance is inherently a low-frequency business. Insurers' touchpoints with customers have long been limited to policy purchase and claims settlement, and claims settlement is a scenario neither side wants to trigger. As a result, insurers have lacked effective means for sustained interaction and in-depth customer engagement. High-frequency, full-cycle health services fill this gap. They enable insurers to maintain continuous connections with users throughout the policy lifecycle. Such services not only boost user perception and stickiness and help users improve their health status, but also accumulate health data in the process, laying a foundation for precise risk control, refined operations and value mining. Ultimately, this drives health insurance to evolve from "selling an insurance policy" to "managing customers' lifelong health".

VCBeat: What core challenges are insurance companies currently facing? How does Health Plus translate health services into measurable outcomes in customer management and business growth?

Wang Yanping: The most critical pain point at present is sluggish premium growth. Furthermore, the lack of sustained customer engagement post-policy sale exacerbates pressures on customer management and renewal retention. Meanwhile, as healthcare system reforms advance, medical costs and risk structures are becoming increasingly complex, necessitating more refined management practices to effectively implement risk control and optimize customer operations.

Health Plus is positioned as a provider of "digital managed care." Breaking this down, "digital" addresses efficiency issues, while "managed" tackles payers' indemnification risks and user health concerns—helping insurance companies better manage medical risks, healthcare costs, and the quality of the medical service supply chain, thereby promoting better health for users. The essence of "managed care" is to drive the health insurance industry's transition from "value-added services" to "value-based services."

In specific collaborations, in addition to conventional marketing, customer acquisition, conversion, and value-added services, two other aspects are also involved:

First is product co-creation. We have launched several flagship products to the market for many years, with positive responses. Representative products include online outpatient insurance and a product that combines multi-year health insurance with medical accounts. The former builds a closed loop around online consultations, direct payment for medication purchases, and risk protection, meeting users' needs for daily minor illnesses and chronic diseases, forming an online HMO managed care closed loop; the latter integrates risk coverage with daily medical expenses, creating longer-term customer engagement scenarios.

Second, deep customer engagement involves continuously reaching out to customers during operations to facilitate conversion. For example, in the "Auto + X" scenario, Health Plus leverages the existing auto insurance customer base of property and casualty (P&C) insurers. By gaining insights into customer needs and providing various health services, it enhances user activation and utilization rates. Through continuous interaction, service data is accumulated, enabling more precise product design and insurance conversion. This helps P&C insurers expand incremental growth in health insurance beyond their traditional auto insurance business.

VCBeat: Can you illustrate, with specific cases, how Health Plus helps insurance companies generate new growth?

Wang Yanping: Health Plus's value innovation permeates the entire chain of product design and customer management.

On the product side, online outpatient insurance serves as a typical example. Leveraging our proprietary internet hospital and pharmaceutical supply chain, we have established a fully closed-loop service model encompassing "online consultation – direct payment for medication – home delivery," while managing risk control throughout the entire process, thereby relieving insurers of claims pressure. This approach not only addresses the low claims ratios and weak customer perception associated with traditional million-yuan medical insurance and Huimin Bao (inclusive commercial health insurance), but also meets users' daily needs for minor ailments through high-frequency interactions. Consequently, it drives premium growth, improves policy renewal rates, and enhances customer stickiness, essentially forming an online HMO-style managed care closed loop. This model has already been implemented by several leading insurance companies.

In terms of product upgrades, addressing the challenges faced by life insurance companies—namely, sluggish product innovation and declining interest rates—we have deeply integrated multi-year health insurance with medical accounts. By combining risk protection with daily medical expenditures, we establish a customer engagement cycle of up to 10 years. This approach creates opportunities for subsequent operations through continuous interaction and data accumulation, serving as a key driver for life insurers to build a second growth curve.

In terms of marketing model, as the insurance industry shifts towards deep user engagement, Health Plus leverages medical services to gain insights into customer needs. By relying on extensive tags from the supply chain side, it achieves precise matching between supply and demand, thereby facilitating more accurate premium conversion. Compared to traditional one-way sales pitches, this demand-based precision outreach delivers higher conversion efficiency and a better customer experience.

VCBeat: According to news reports, the "Car + X Customer Engagement Solution" launched by Health Plus in 2025 has helped multiple property and casualty insurance clients achieve over a 30% improvement in the effective activation and conversion rates of their existing customer base. How was this result achieved?

Wang Yanping: By leveraging the existing auto insurance customer bases of multiple property and casualty insurers, we achieved an activation rate of over 30% through service card design. Some institutional clients even saw usage rates reach 40% to 50%, with year-over-year growth. The accumulation of service data enables more frequent customer interactions, broader scenario coverage, and deeper data retention, which in turn supports the precise design of future products and targeted insurance recommendations.

In the past, utilization rates for health services were relatively low, with such offerings often serving more as a gimmick. Customers are now gradually realizing that these services are designed for actual use by real users. Consequently, we have implemented numerous operational initiatives to boost activation and utilization rates. As these rates increase, we gain access to extensive customer profiles and data, which holds significant value for subsequent insurance policy conversions. This represents a highly strategic and critical component in our innovations in sales and customer management.

VCBeat: Health Plus's self-built, directly contracted and operated medical staff team, its directly connected and direct-billing medical network, and its core health management system constitute the foundational capabilities underpinning the aforementioned value. Having cumulatively served over 174 million insured users and more than 40 million service encounters, how does the company ensure quality, efficiency, payment settlement, and risk control in fulfilling its obligations to such a large user base?

Wang Yanping: Health Plus's business logic is AI+S2B2C2F—building the entire system around user family health.

Management operates on two levels. The first is a robust digital platform. Our healthcare provider platform has established a management model akin to Didi Chuxing, with contract signing, registration, data transmission, evaluations, and training all completed online. The Standard Operating Procedures (SOPs) for each service are broken down into granular detail, ensuring online data traceability. Whether full-time or part-time, all personnel adhere to the same SOPs, and every operational link is digitized—enabling timely detection and resolution of delays, unsatisfactory service quality, or complaints.

Next are the access and exit mechanisms. Strict controls are implemented for the onboarding of doctors, nurses, and medical partner institutions, mandating pre-service training and quality spot checks. Currently, AI enables comprehensive quality control across all orders. For offline outlets such as pharmacies, health examination centers, dental clinics, ophthalmology clinics, and traditional Chinese medicine (TCM) clinics, we utilize API integrations and SaaS platforms to ensure full visibility of the service process online.

This also stems from our team's core strengths. I built large-scale medical service systems from the payer's perspective at Ping An and Taikang. The other co-founder comes from the OTA and e-commerce sectors, boasting robust capabilities in digital platform product development and operations. The combination of these two strengths enables us to stand out as an enterprise in the industry capable of connecting multiple service categories and delivering digital operation and management.

VCBeat: Why do insurance companies need to introduce third-party platforms like Health Plus, rather than building capabilities through single-point procurement or in-house development?

Wang Yanping: Over the past decade, health insurance has largely remained in a "service supplement" phase, with insurers enhancing product differentiation by procuring individual benefits such as health check-ups, dental cleaning, and medical consultation services. However, as the industry enters a stage of deep operational engagement, insurers no longer require isolated services but rather a comprehensive service ecosystem centered on the user's entire health lifecycle. This system should not only support product innovation but also facilitate customer management and risk control.

From the perspective of user needs, health services are not confined to a single scenario; users may simultaneously require physician consultations, medical visit assistance, pharmaceutical services, and health management. If these capabilities remain fragmented, they are like individual pearls—each valuable on its own, but lacking the data, processes, and systemic integration necessary to form a true closed-loop service ecosystem.

Health Plus aims to address precisely this issue. Since its inception, Health Plus has sought to become a long-term partner for insurance companies, helping them bolster their health service capabilities. Currently, we offer over 100 standardized service modules that insurers can flexibly configure based on different products and user needs, enabling rapid product launch. Additionally, we provide core health management system capabilities, supporting insurers in choosing either a SaaS model or private deployment.

Compared to building in-house capabilities, third-party platforms can enhance resource utilization efficiency through their scaled service networks, professional teams, and mature supply chains. Particularly for most insurance companies, healthcare services are not part of their core DNA; establishing a comprehensive healthcare system independently requires substantial investment and a long development cycle. Therefore, collaborating with professional healthcare service platforms is more conducive to achieving the integration of insurance and healthcare capabilities.

VCBeat: How will Health Plus strategize its deployment of AI large language models and intelligent agents? How should the boundaries between AI and human healthcare professionals be defined?

Wang Yanping: Let's start with the boundaries. We operate in the healthcare sector, where AI serves only to enhance efficiency and provide assistance during diagnosis and treatment; final confirmation must always be performed by a human professional.

In the realm of large AI models and intelligent agents, we are undertaking several key initiatives: first, the restructuring and optimization of our underlying product chain. Centered on the family unit, we are establishing the roles of family doctors and family health stewards to fulfill customer needs through a fully closed-loop, full-lifecycle approach. This integrates requirements for chronic disease management, pharmaceuticals, medical consultations, rehabilitation, and diagnostic testing.

Second, customer segmentation and operations: AI will be leveraged to develop more granular segmentation strategies and deliver targeted content, with deep integration into intelligent customer service and smart risk control systems. In short, our AI applications extend beyond internal efficiency gains; they are primarily focused on product development, operational optimization, and comprehensive solutions delivered to customers.

VCBeat: Why does Health Plus believe that "home" and "enterprise scenarios" will become new gateways for expanding users and channels?

Wang Yanping: Healthcare, wellness, elderly care, and insurance are, at their core, all family-centric needs. Today's families typically shoulder the dual responsibility of caring for both aging parents and young children, while pets are increasingly becoming new members of the household—prompting us to expand into pet health services this year. Health Plus has always been guided by the question: "How is family structure evolving, and what do family members need?" As our slogan states, "Let every family have their own medical and healthcare friend," we ultimately serve the entire family behind each customer.

The same logic applies to the enterprise side. In Health Plus's AI+S2B2C2F model, the B-side includes not only insurance companies but also corporate payers. Previously, corporate health benefits largely followed a supply-chain-driven "shelf model," where services were offered based on availability. Our approach is customer-centric: we organize service production and supply chains in response to what customers actually need.

VCBeat: After this round of financing, what will be the next stage of business focus for Health Plus?

Wang Yanping: Our focus for the next phase can be summarized as three main threads and one upgrade.

Three Core Pillars: First, the implementation of AI agents; second, deepening engagement with B-side clients to assist insurance companies in building customer management platforms; and third, enhancing C-side services by establishing a membership system based on family units to continuously manage and improve family health.

An upgrade marks the entry of our supply chain into a new phase of ecosystem-based collaboration. Over the past nine years, we have laid a solid foundation in our supply chain. Moving forward, we will no longer be confined to single-service provision; instead, we will establish deeper ecological synergy with our partners. Supply chain partners will serve not only as service providers but also as our business scenarios, customer touchpoints, and traffic entry points. In turn, we will export product and service systems that they lack, fostering bidirectional ecosystem-based collaboration.