Leapstack Raised Nearly 150 M Yuan in Series B Round Financing

Recently, Shanghai Leapstack Technology Co. (hereinafter referred as Leapstack), an Insurtech company, revealed that it had raised a Series B round of 150 millions yuan. The Legend Capital led the round, followed by Peakview Capital and GF Qianhe Investment. Mountain View Capital was the fundraising consultant.

Leapstack

Insurtech companies have been open to embracing an “automated” future in recent years amid digital transformation of the insurance sector, particularly healthcare insurance. Artificial intelligence and big data, which are cutting-edge technologies, are changing every aspect of the insurance value chain. This includes pricing, channels, operations and claims settlement. RPA (Robot Process Automation) is one of the most powerful tools for accelerating the digital transformation in the insurance industry. It mimics and enhances how humans interact with software to perform repetitive and standardized tasks.

Leapstack was founded in 2016 and is an explorer of RPA + AI in China’s healthcare insurance industry. It offers services to regulatory bodies like commercial insurance companies and medical insurance bureaus, as well as audit departments, with enterprise-level big-data risk control solutions via the RPA+AI-powered one-stop platform.

Leapstack has formed close partnerships with hundreds companies including China Life Insurance. PICC, China Taiping. CPIC. China Insurance. Taikang Insurance. China Continent Insurance. Sunshine Insurance. AIA, AXA. CITIC Prudential Life Insurance. Sun Life Everbright Life Insurance. Generali China. Shuidi Insurance. Shuidi Insurance. Shuidi Insurance. Shuidi Insurance. Shuidi Insurance. Shuidi.

Empowering Intelligent Control of Risk in Health Insurance With “RPA +AI”

RPA is a key trend in digital transformation for enterprises and has attracted increasing interest from global capital over the past years. McKinsey reported that the global RPA market will grow at 64% per year, making it one of the fastest-growing AI technologies.

UiPath was a global RPA head producer and was listed on the New York Stock Exchange in April. This marked one of the most significant software IPOs in American history with a market capitalization of more than 26 billion dollars. Venture capital funds were attracted to UiPath’s successful IPO, which again attracted venture capital investors to invest in RPA in China. According to statistics from business cards, there were 13 financing events in China’s RPA industry this year. This is double the number of 2020 and more than 1 billion Yuan. The insurance industry is facing a number of challenges, including low penetration, high operating expenses, high compensation risks, and a lack of standard data formats. This puts increasing pressure on the relevant players.

One, domestic medical insurance payments are increasing due to rising medical costs and an aging population. This creates medium-to-long-term sustainability risk. In the most recent round of medical reform, the government placed the priority on reducing healthcare insurance spending. For fast-growing commercial insurance, controlling the spending and increasing the scale is key to ensuring the long-term sustainability of the products. All parties involved in the industry must be concerned about controlling healthcare spending and commercial insurance.

Leapstack employs “RPA+AI” to create multiple platforms, such as an intelligent claim management platform for healthcare insurance, intelligent investigation and intelligent audit of government health coverage, long-term care intelligence management platform, big-data anti-money laundering platform and big-data governance platform. Leapstack provides a range of services, including the entire-process settlement and risk control for commercial insurance companies and reinsurance organizations and insurance brokerage firms. It can also provide intelligent fund management, anti-money laundering, fund control, fund management, intelligence audit, data governance and other services for banks, audit institutions, and medical insurance departments.

Take health insurance claims as an illustration. Traditional insurance claims can be time-consuming and tedious. They require extensive manual tasks like reporting, information extraction, and adjustment. These insurance claims can often prove to be inefficient and error-prone. Leapstack’s automated claims adjustment engine supports automatic determination of reimbursement amount and coverage. This reduces claim time, increases operational efficiency, and minimizes human errors.

“RPA+AI” technology is currently being applied to the entire process of healthcare insurance claims. Leapstack, which is powered by “RPA+AI”, integrated every link of the claims process, including case reporting, information extraction and adjustment. Jason Liu is the founder of Leapstack.

Leapstack also developed a machine-learning model and a medical knowledge map to meet the customer service and underwriting needs. These products allow for accurate cost control and pinpoint detection of risk points at all levels of insurance, including claims settlement and underwriting. Big data and AI enable insurance pricing to be reversed and accurately predict the risks associated with different combinations of liability clauses within insurance products. This allows for diversification and expands the range of users who can use the underwriting tools.

Leapstack’s Top-notch Professionalism has Earned Growing Capital. Leapstack is Well-positioned To Gain a Strong Foothold In Asia-Pacific

Leapstack, which was founded in 2009, has raised several rounds of capital from various investors, including Gaorong Capital and Fomou Assets.

Jason explained that Leapstack’s growth in capital was due to “comprehensiveness”. This encompasses not only technical prowess and team members but also brand influence.

 

Get started with technology.

Leapstack has many advantages, including RPA and AI technology. Jason said that technology is essential, but not the most important. It is important to identify the right scenarios in which technology can be used, then refine as the business grows. Despite six years of rapid growth, Leapstack only applied the technical framework and concept of RPA + AI to some scenarios. There is still plenty of room for growth and time is needed for continual refinements.

The core team at Leapstack is second. The founder team comes from Silicon Valley’s top tech companies. They have a core team of senior technical professionals, medical doctors, and insurance professionals. This team has extensive experience in artificial intelligence and cloud computing technology, as well as insurance risk control.

Jason stated that Leapstack will continue to be a dominant player in the Asia-Pacific market for insurance and expand its domestic market presence. Leapstack International Headquarters was established in Hong Kong by Jason at the end of 2018. They also joined InvestHK Project and Hong Kong Cyberport. Leapstack International began its exploration of RPA + AI in Asia-Pacific by exploring the Hong Kong market. Stable partnerships have been established in Hong Kong and Singapore, Vietnam, Vietnam, Thailand and the RPA + A system and risk control model have been successfully used in local medical insurance regulators and commercial insurance companies.

Leapstack’s next move is to push for the expansion of the Asia-Pacific market, particularly in Southeast Asia, and other countries where businesses have started to grow. Jason explained that we will continue to work hard to launch a world-class platform for insurance powered by RPA + AI, better risk control models and operational service capabilities.

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