The CareVoice: Unleash value for insurance companies becoming true health partners
The CareVoice is a Shanghai-based international health insurtech company 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 platform 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.
China’s first review-based social platform for health care
Insurers willing to tap into the fast growing mid- to high- end health insurance market in China, forecasted to represent USD 4Bn in 2020, face 3 main problems:
- Lagging of valuable digital services, and so lack of customer relationship, data and loyalty
- High variation of quality and cost across medical networks, challenging care navigation and the profitability of health plans
- The consumers’ mistrust towards medical services and health insurance, leading to sales and customer service challenges.
What makes CareVoice competitive is that it offers more customer-facing, digital solutions for insurers who want these solutions to help them improve clients’ health care experiences. The platform currently has 350,000 users and expects to have at least 165,000 VIP insurance members on board in 2018.
The CareVoice helps insurers to address above mentioned main problems and brings the following benefits:
- Address patients’ needs when facing symptoms and search of medical providers which is the most common question from any insurance members raised to its insurer/broker
- Ease usage of insurance benefits with claim digitalization/monitoring and benefits balance (strongest pain point in terms of customer service/experience)
- Generate efficiencies and cost down by digitizing human-intensive customer service and claim management activities while driving 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 generating analytics and supportive of better health risk profile
- Educate about the value of private health services pre-requisite to support subscription to and/or upgrade private health plans
So far CareVoice has signed five insurance companies as clients, including AXA, Ping An Insurance, and Chubb, and has partnered with over 100 health care providers and companies in China.
CareVoice has also a strategic partnership with Munich Re that recommends the solution to insurers for new product development and integrated its solution with various Third-Party Administrators. The startup is now launching its platform and solution for insurers in Hong-Kong before further expansion across Asia.
CareVoice creates an engaging ecosystem which brings insurances and consumers closer with its SaaS membership services solution. For example, Chubb has launched its first medical dental product with a fully digitized experience powered by The CareVoice to guide newly subscribed members to fast growing private high-end dental clinics.
Through its recent partnership with Abacare, a leading insurance broker, CareVoice also help employers to select any health insurance plan that can be combined with its digitized health and insurance services without extra cost, and so driving employees’ satisfaction and controlling insurance cost for the employers.
How it works
The Carevoice includes a free open platform for the public to share their experience and get ratings and recommendations of medical providers. For individuals or employees covered by insurers who are clients of CareVoice, they get access to a VIP personalized access to the platform where their App experience reflects their insurance plan so that they can simply with more confidence find medical care and use easily their insurance benefits.
The solution drives customer engagement and has been adopted by over 50% of insurance members who were granted an access to the service, with a 10X increase of onboarding rate; and 70% of on boarded members used the platform at least 3 times in 5 period months.
Why we selected The CareVoice for DIA Amsterdam?
CareVoice brings mobile-based and data-driven solutions that digitalize healthcare and insurance journey with consumers’ interest first.
CareVoice creates an engaging ecosystem which brings insurances and consumers closer with its SaaS membership services solution and CareVoice has started to digitize TPA’s human-intensive tasks and leveraging data for further efficiencies that may lead to TPA 3.0 generation and will benefit to all shareholders: TPA, insurers, customers and hospitals.
Who is CareVoice?
Founded in 2014 by Sebastien Gaudin. Gaudin has been dedicating his career to healthcare and is the driving force and vision behind CareVoice. After working for Sanofi, a world leading pharmaceutical company, he came to China early 2011 and held a management role for Sanofi Diabetes China. Later on, he got the idea of a digital health startup that could address the consumer’s mistrust for medical services in China, a recommendation platform similar to TripAdvisor but dedicated to healthcare.
When the start-up shifted towards insurtech, Jan Velich, a successful international healthcare executive and Neil Liang, a creative technologist, joined The CareVoice as co-founders and respectively Chief Business Officer and Chief Product Officer.
End of 2017, The CareVoice has raised over $2 million USD in early growth capital. The investment will be used to fuel its insurance business lines, accelerate technology development, consolidate its leadership in China’s major cities and expand to Southeast Asia. The funding round has been co-led by two China- and US-based VCs, Haitao Capital and SOSV, and involved local Chinese and Southeast Asian healthcare investors.
CareVoice received multiple awards: semi-finalist at Metlife insurtech competition, best foreign start-up from TechNode /TechCrunch China, innovative insurtech award from Pacific Insurance Conference “When Insurtech meets Insurance Industry”.
“Technology for healthcare has long been overdue for a makeover. It’s time for the patient to finally be up front and center, and for technology to be the solution instead of the problem.” Sebastien Gaudin, Co-founder & CEO of The CareVoice
Sebastien Gaudin, Co-founder & CEO of The CareVoice
Presenter 1: Sebastien Gaudin
Contact info: Annie Guan
Email: [email protected]