Recently, Baofu Tongcheng Health Management Co., Ltd. (hereinafter referred to as “Zhongfu Tongcheng”) obtained nearly 10 million US dollars of A+ round financing, the investor is MindWorks Ventures concept capital, and this round of financing is the exclusive financial consultant of Mountain View Capital. Prior to this, Baofu Tongcheng had obtained two rounds of financing, namely the angel round of Qingliu Capital Investment in 2016, and the A round of the investment of Hongdao Capital and Qingliu Capital in 2017.
Xie Yi, founder of Baofu Tongcheng, said that this round of financing will be used to continue the expansion of the dental insurance medical service network in the first- and second-tier cities in mainland China. At the same time, it will penetrate into the third- and fourth-tier cities in economically developed regions and sign more contracts. National, regional and regional insurance company partners continue to infiltrate advanced and cost-effective dental medical insurance to more people, and achieve breakthroughs in single-patient medical insurance in the domestic middle-class health insurance upgrading industry.
In addition, the company plans to enter the Hong Kong market in China in the second half of the year and gradually expand its dental insurance medical platform in countries and regions with a large distribution of major middle classes in Asia.
Founded in 2017 (formerly known as Shanghai Baofutong Information Technology Co., Ltd.), Baofu Tongcheng is a third-party medical health management and insurance technology service company based on big data and AI technology, providing insurance, finance, medical and online services. The highly intelligent operation system and overall solution of the sales channel, and the establishment of a dental medical service network throughout the country.
Based on the data AI capabilities, the team independently developed the dental HMO medical solution, providing health insurance AI insurance claims system and insurance direct payment system. The company’s current full-tooth health system is the leading dental medical insurance full-process operation management system in China. It truly realizes closed-loop management of the whole process from actuarial, underwriting, nuclear compensation, accounting, medical rationality monitoring, and direct payment claims. , the North American dental insurance operator system represented by the United States Delta Dental.
At present, the domestic health insurance industry is in a high growth stage, with a market size of around 700 billion yuan and a compound growth rate of 27%. However, due to the authenticity of medical data and the real-time docking of cross-industry systems, the health insurance market has always had difficulty in product design and difficulty in controlling fees. High cost, anti-fraud and other pain points need to be resolved.
Based on the status quo of the domestic industry, Baofu Tongcheng has been deeply involved in the operation for more than 10 years. Finally, it has begun to find a breakthrough in solving the industry’s predicament from the single disease-intraoral dental medical industry. It provides the middle-class population in the dental medical field not covered by domestic social security. Cost-effective dental medical insurance products.
Baofu Tongcheng has signed contracts with thousands of domestic dental chain agencies to achieve coverage of the dental medical service network in the country. At the same time, through signing cooperation with more than 20 large insurance companies, we jointly design and operate more than 60 kinds of dental medical insurance products. The target user groups are middle-class and above families, mainly teenagers, women and the elderly. Currently, the annual premium is tens of millions.
Liu Feng, co-founder of Baofu Tongcheng, said that the company’s development focus is to further improve the service experience of the client and sales terminals, further subdivide the dental medical insurance products, expand the sales channels of medical networks and insurance companies, and expand the teeth. Supply chain of related products for high-end treatment. The company’s future development goal is to become China’s largest third-party service platform for dental insurance.
Mr. Zhang Ruiqi, a partner in the concept of capital management at MindWorks Ventures, said: The accelerated development of domestic commercial health insurance is the trend of the times, which has brought considerable opportunities to the start-up companies in the industry, and also puts a lot of tests on the team’s industry understanding and operational capabilities. As a Chinese insurance technology company, Baofu Tongcheng has a long-term accumulation and excellent ability in both insurance business and data technology. It is cutting through the standardized single-species dental department and promoting dental management medical services. Excellent performance in terms of level and rationalized claims control fees.
MindWorks Ventures concept capital is optimistic about the future development of Fucheng Tongcheng, and firmly believes that medical commercial insurance can urge medical services to return to their origins, and ultimately become a powerful boost to China’s medical reform. We also believe that with the expansion of the company’s business to Hong Kong, we can further accelerate the replication and expansion of the successful mode of dental insurance.