MediConCen Limited, an InsurTech company specialising in automating insurance claims using AI, has raised $6.85m in a Series A funding round.
This investment round was led by HSBC Asset Management, with additional support from existing investors such as G&M Capital, ParticleX, and new investor Wings Capital Ventures.
With this latest injection of capital, MediConCen’s total funding now stands at $12.7 million, fuelling its expansion plans in international markets, particularly in the Middle East and Southeast Asia.
MediConCen aims to revolutionise the insurance industry by leveraging AI and blockchain to streamline the claims process, enhancing efficiency and customer satisfaction.
William Yeung, CEO and co-founder of MediConCen, emphasised the company’s commitment to improving customer experience, stating, “Insurance does good for the society but often it is not felt by the customers. There is much frustration dealing with the medical claim process for both customers and insurers alike. We always aim to create a 10x better customer experience, and we believe that insurance claims are the most pressing area to address.
“MediConCen’s capability to deliver extraordinary solutions lies in our profound understanding of insurance and state-of-the-art technology. We are changing the paper-based and human-based claim process to digital- and AI-assisted journey, utilising the latest AI and blockchain technology. We are glad to have the Venture Capital team at HSBC Asset Management join us as an investor supporting our mission to revolutionise the insurance claim experience,” he explained.
The Hong Kong-based firm is a member of Cyberport’s community, after participating in the company’s Cyberport Incubation Programme in 2018. Leveraging this backing, MediConCen has flourished,even receiving additional co-investments facilitated by the Cyberport Macro Fund.
Kara Byun, Head of Fintech, Venture & Growth Investments, HSBC Asset Management, said, “Given our operational background in financial products and services, we are true believers in the transformational effect of digitisation. Insurance’s true value is realised the moment policyholders experience an insured event. We are supportive of MediConCen’s aim to improve this experience by simplifying and speeding up the claims journey, including ensuring that the claim amount is fair, with a technology backbone that supports the scaling up of these benefits.
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