Three insurtechs pitched, MixCare Health, PortfoPlus and Nanoinsure, showcasing the growing strength of this segment in Hong Kong.
MixCare Health is a health and wellness digital platform for insurance companies as well as enterprises. It aggregates users’ health apps across 3,000 services, including medicine, fitness, diet, sleep, and beauty. The all-in-one app lets people book and pay for services, while it gives insurers a cost-effective means of engaging with people.
Founder Alex Wong says the company has already teamed up with Blue and OneDegree (local virtual insurers) to create outpatient protection products or a pass to wellness services. A pilot is in the works with a large Korean insurer, and it has relationships with carriers such as Sun Life and Chubb.
The challenge for MixCare Health is that it is not as special as Wong says. There are other players in this space, some with brokerage licenses. The flavors may vary but it’s not a unique idea. MixCare’s success may come from the simple fact that a given insurer doesn’t want to rely on the same insurtech as a competitor. But it’s a hot field, so may the best insurtech win.
Another young company is PortfoPlus. DigFin happened to profile their work integrating ChatGPT into their sales-focused tools, so check out our story.
- Read more:
- PortfoPlus brings ChatGPT to insurance agents
- “Healthspans” | Gourab Mukherjee, Aktivo | DigFin VOX Ep. 58
- BTO, with StanChart mandate, eyes Series A
Co-founder Phoenix Ko broadened the company pitch to the startup’s universal solution for insurers, financial advisors, and policyholders. Agents are often the last people to embrace technology, so the startup provides a range of tools to help them become more effective.
He also notes that PortfoPlus is not designed to compete with an insurer’s internal system, but complement them. Most insurer platforms focus on products and payments, whereas PortfoPlus targets the pre-sales process. The company wants to expand beyond Hong Kong and has yet to land its first enterprise or insurance client, although it’s got about 4,000 agents using its app.
Nanoinsure is the most mature of the trio, with a financial and client track record. It is a tech company helping insurance companies to self-configure products and get to market quickly. The idea is to give IT desks, actuaries, and product teams a no-code means of creating products themselves, rather than rely on traditional vendors.
Founder Terence Ho says Nanoinsure’s API-driven microservices allow insurance companies to gradually replace their legacy systems in a piecemeal fashion, so it’s cheap and doesn’t create a lot of pressure to migrate everything to a new database.
Nanoinsure is four years old and already profitable, serving customers such as BNP Paribas Cardif, Generali, FWD and China Life across Asia. Ho says the ability to help them in multiple languages, and across different sales channels, has led to more effective sales and customer satisfaction. He is looking for funding or partnerships to break into China as well as to go beyond Asia.