Award Applications

Insurers willing to tap into the fast growing mid / high end health insurance market in China (24Bn RMB in 2020 forecasted to grow X5+ in 5 years) face 3 main problems, some of which remain valid across Asia region and beyond.
Gap of valuable digital services, and so lack of customer relationship, data and loyalty
High variation of quality and cost across medical networks, and so challenges for members' guidance and profitability
Consumers' concept gap towards private medical services and health insurance with mistrust for local insurance products leading to distribution/sales challenges

The CareVoice (TCV) is a Shanghai based international health insurtech startup driven by the mission to bring better healthcare experience to its members. At the core of the company mission is an independent mobile social platform that provides trusted, community-sourced ratings and recommendations on top-quality healthcare services. The company focuses on the upper-tier segment of affluent Chinese women and their families, who are the primary consumers of the fast-growing private health sector.

Affluent Chinese women and their families are heavily frustrated by their experience in public hospitals, they expect better services and are ready to pay for it. But while China has now high quality private medical care with 50% of hospitals being private (vs. 25% few years ago), less than 10% of Chinese patients visit these hospitals. These consumers lack the understanding of fundamental market change, being used to universal healthcare visiting class III hospitals despite their low satisfaction, and having not much knowledge of this new private offer. Consumers are concerned about lack of transparency on quality of private care (local putian private hospitals bad reputation) and price (pricey international hospitals). Finally, with repeated scandals with misleading advertisements for healthcare service on baidu, there is no trustable information to guide these consumers.

TCV independent social mobile platform brings through its review based community and other quality and price indicators, trusted ratings and recommendations on top quality healthcare providers and professionals.

The CareVoice acquires some of its users and generates revenue from insurers/employers with a SaaS (Software-as-a-Service) membership services solution integrated with The CareVoice ratings/recommendations platform. Thanks to its SaaS solution, The CareVoice help insurers to address previously mentioned issues.

Address the search of medical providers/professionals which is the most common question from any insurance members raised to its insurer / broker (6+ times a year)
Ease usage of insurance benefits with claim digitalization/monitoring and benefits balance (strongest pain point in terms of customer service/experience)
Drive insurance members to more cost effective medical centers (members can visit in over 50% of situations high cost providers)
Support employers and employees to stay healthy
Educate about the value of private health services pre-requisite to support subscription to and/or upgrade private health plans

In the past 12 months, TCV has grown 5x to over 280.000 users converting 1 out every 4 visitors into 75.000 registered members. After an initial launch in Shanghai - listing 1,000+ hospitals, 60,000+ doctors and 60,000+ medications - TCV is expanding in Beijing, Guangzhou and Chengdu. TCV has 75+ high quality health partners. TCV hit rmb1.8m in 2016 (vs. 50k in 2015) with a pipeline for 14.2m in 2017 driven by its services to insurers/employers.

The CareVoice has already demonstrated a successful first case with AXA-TianPing here in China. Since the release of its SaaS membership solution for insurers/employers by end of 2016, it has been able to demonstrate good uptake among AXA TianPing members. TCV has taken the path for more integration with its TPA for releasing a second version of the SaaS, as well as for promotion/distribution of its health plans. In parallel, TCV is preparing the replication of its SaaS and promotion/distribution with other insurers. More and more local and international insurers are embracing its solutions such as MSH or Pingan.

The CareVoice has established a strategic partnership with Munich Re, a leading reinsurer recommending its solution to insurers and granting Munich Re access to complementary data for better evaluation of risk covered.

TCV has a unique positioning tapping into a blue ocean. Our indirect competitors can include HaoDaiFu, WeiYi, PingAn Good Doctor,... We target premium market (consumers / fast growing private) while they target mass market and large public hospitals. We are on consumer's side providing independent advice to insurance members / employees while they have conflict of interest with hospitals / doctors to operate their online consultation & referral business by receiving referral fees and paying doctors. We provide to insurance members / employees customized mobile experience according to their private health insurance product/coverage, their insurance medical network and easy usage of their plans (digital claims, balance benefits), and any other added value service offered by their insurance (e.g. green channel, doctor line, …). Our indirect competitor can also be the platform insurers may develop internally or exclusively for their members. TCV is an open and independent platform to guide our communities for better healthcare experience, not tied to medical providers nor insurers objectives. Additionally, we consolidate patients’ feedbacks (reviews and rating) from various sources / multiple communities and have broader communities which can only provide more insights / value than from one single insurer. Finally, we continuously invest in improving users’ experience, hospitals/doctors’ ratings and recommendations, and bring new features for more value, which benefit users of The CareVoice, and our insurer/employer partners. So, even if an insurance would like to develop internally or with an IT provider similar concept, it would not be able to provide the same services and benefits to its insurance members. Last but not least, our solution is more cost effective for insurers.

TCV received multiple prizes/awards such as semi-finalist at Metlife insurtech competition involving 150+ startups across the globe, best foreign start-up from TechNode / TechCrunch China or Top 15 G-Startup WorldWide at GMIC Beijing out of over 400 startups.

The CareVoice Demo Video 1'30'' of service for insurance members of our partnered insurers
https://youtu.be/4Ghtz6dvgIs

Article in The Digital Insurer http://www.the-digital-insurer.com/dia/carevoice-mobile-platform-bringing-trusted-ratings-recommendations-top-quality-healthcare-services