Leapstack, an insur-tech company, has recently announced tens of millions of yuan B plus round fundraising, leading by Huazhi Capital, a venture capitalist affiliated to Allinpay Network Services, and following by GF Securities Investment.
In the past few years, investment institutions have paid closer and closer attention to the growing insur-tech companies which are competitive with the investment boom in the fields of “medical insurance reform”, “payer innovations”, and “regtech”. In 2016, Leapstack has chosen the vertical track of the medical insurance rear-market. In the past five years, Leapstack has been focusing on serving medical payers and regulatory agencies through RPA+AI tech, enabling national and local social security, medical insurance, auditing and civil affairs departments, as well as commercial banks, insurance companies, insurance intermediaries, human resources companies, pharmaceutical companies and other partners with enterprise-level big data solutions. Leapstack is on track becoming the leading provider in RPA+AI risk control technology industry.
Leapstack obtained angel financing from Gaorong Capital, Fumu Assets and Wei’s Funds in 2016, then completed the round A financing by DCM Investment, Danhua Capital, Puhua Capital and 360 DigiTech (NASDAQ: QFIN) in mid-2017. The B round fundraising, from the participation of Lingfeng Capital and FinVolution Group(NYSE:FINV), was completed in early 2019.
Empowering the financial and insurance industry with RPA + AI to build barriers to differentiated competition
RPA (Robotic Process Automation) uses specific technology that can simulate human operations on a computer interface and automatically execute corresponding process tasks according to rules, replacing or assisting humans in completing related computer operation. The future of RPA + AI will bring unprecedented change to the industry where there are still many repetitive, simple, and cumbersome transactional processes that need to be completed manually, and the amount of data interaction is huge.
Affected by the macro economy, the global financial industry is now facing great challenge. In recent years, China’s finance system has also faced problems of slowing growth and serious differentiation in the process of transitioning to high-quality development. In order to adapt to the opportunities and challenges in the new situation, to achieve efficiency improvement, risk reduction, cost savings, and user experience improvement, more and more finance companies have started applying RPA + AI technology to their core business areas to build their core competitiveness.
Leapstack starts from the medical payment scenario, combining risk control models and expert experience, to create a closed-loop risk control solution for the finance and insurance industry through RPA+AI technology. The platform effectively collaborates with different business scenarios, and creates exclusive automated operation, anti-fraud, anti-moneylaundering and other system solutions based on the respective characteristics of regulatory agencies, commercial insurance, commercial banks, and auditing agencies, to realizes joint dynamic risk control to provide partners with digital empowerment.
Leapstack has established business relations with AIA, Prudential, AXA, Life, PICC, CPIC, Re, ICBC, CMB, Generali Insurance, Metlife, Sun Life, Manulife, Aegon Life, Hanwha Life, Ergo Life, Peak Re, Hannover Re , SCOR, Gen Re, BeiGen, Merck and other related industry partners inside China and abroad.
The investment value is highly recognized by capital again. The smart risk control landscape will be further expanded
After rapid development in recent years, the insurtech field has begun to transform from single-node innovation to enabling the digitalization of the entire insurance chain. This has obviously injected impetus into the differentiated development of insur-tech companies and also provided more possibilities. Intensive cultivation and meticulous work in the field of risk control over the years has already achieved solid and distinctive differentiated competitiveness.
At present, Leapstack has products such as medical insurance intelligent claims platform, medical insurance intelligent risk control platform, long-term care intelligent management platform, big data anti-money laundering platform, IFRS17 system platform, financial integrity system platform, etc. Apart from providing full-process services for reporting, adjusting, and risk control automation with commercial insurance companies, human resources companies, and insurance brokerage companies, the company can also provide smart risk control, fund management, smart auditing, anti-money laundering, and integrity systems construction and other related services for social security management agencies, audit institutions, banks, etc. to provide decision-making assistance for relevant policy formulation and adjustment.