Ctrip-founded insurtech platform 11bee obtains hundreds of millions of yuan
11bee will add rest and rescue services to accident insurance, and add health management services to health insurance, according to Iyiou.com.
36Kr reported that 11bee, a platform for insurance products and services, received hundreds of millions of yuan in its A-round financing from Sequoia China in March.
11bee will continue to develop and refine its offers around its existing products, such as adding rest and rescue services to accident insurance, and adding health management services to health insurance, according to Iyiou.com.
11bee was established following a multi-million investment by Ctrip and Qunar.com in July 2016. 11bee’s main product, Bee Insurance, is a platform that provides consumers with risk management and decision-making services through big data and artificial intelligence.
According to a report by Oliver Wyman, the total premium of China's insurtech market will achieve a compound annual growth rate of 31.2% by 2021. The insurance density (total premium per capita) and insurance depth (ratio of premium to GDP) in China, though higher than that of emerging markets, still lag behind developed countries, thus presenting opportunities for growth for the insurance industry.
According to leading fintech portal Weiyang, 11bee customizes insurance products by analyzing user profiles to determine their needs. It improves the whole marketing process by providing insurance agents with real-time customer demands, product features and recommendations. The company profits through insurance brokerage fees, a form of dividend income paid by insurance companies.
At present, 11bee is working with more than 200 insurance companies and travel service agencies including China Life, Ping An, PICC, Taikang Group, Ctrip, and Qunar.