Nanyan Insurtech Completes ￥100M Series B2 Funding

According to VCBeat, Nanyan Insurtech has completed its Series B2 round of financing, landing over a hundred million yuan, led by BOC International ("BOCI"), with participation from existing investors Bluerun Ventures, Savannah Industries Global Capital Group ("SIG") and Starr Companies. Phoenixtree Capital continued to serve as the exclusive financial consultant.

Proceeds of this financing are mainly used for the merger and acquisition of Medilink Global, a third-party service company specializing in the management of health insurance, and the layout of high-end medical insurance services including direct payment. 

Previously, Nanyan Insurtech closed three round of funding: a US15 million Series B+ round in November 2018 led by Starr Companies – global leading insurance and financial services organization, a tens of millions of dollars Series B round of financing led by SIG in December 2017, and a Series A led by Bluerun Ventures in 2016.

Founded in September 2015, Nanyan Insurtech provides both cost, service efficient, and risk control solutions – including product, sales, management and claims – for insurance companies, reinsurers and intermediaries by leveraging the capabilities in AI and big data.

Based on its proprietary technology, Nanyan Insurtech has built a SaaS platform covering product design, trading system and Enterprise resource planning (ERP) with completely digital management and monitoring. The company helps more than 1,000 insurance companies and insurance intermediaries including Ping An Insurance, American International Group ("AIG"), etc., covering an annual premium of nearly 1.5 billion yuan, settling more than 200,000 policies per month and accounting for about 30% of the market.

BOCI, which specializes in investment banking, is a wholly-owned subsidiary of Bank of China Ltd. BOCI has created an organizational framework with an effective integrated management system. BOCI is well-positioned to offer its clients a wide range of investment banking services, including securities underwriting, mergers & acquisitions, financial advisory, equity sales & trading, equity derivatives, fixed income, asset management, private equity investments and global commodities.

BlueRun Ventures is an early-stage venture capital firm with offices in the United States, Shanghai, Beijing, and Korea. The company invests in technology-led companies that are pushing their industries forward, founders that believe in the problem and believe they can build the company and the team around them to make it happen.