The third round of financing announced this year.
It was learned that the long-term insurance purchase decision-making platform Duobao announced that it has completed the B-round financing of over RMB 200 million, led by Yunfeng Fund, auctioned the loan (NYSE: PPDF) and invested, the company’s existing shareholder Bertelsmann Asia Investment Fund (BAI), Lightspeed China Venture Capital Fund, and Zhenge Fund continue to invest more. The Thai joint venture is the exclusive financial advisor.
Dobao said that the new round of financing is mainly used for technology improvement, experience improvement and insurance closed-loop construction.
Multi-fish is established in 2017, the core of the business can be summarized as – from the long-term health insurance purchase decision-making pain points, mainly to provide insurance for the public to buy the carrier Decision-making services, including insurance knowledge, one-on-one insurance purchase consulting services and insurance purchase utilities. In the past year, Duobao has obtained an insurance brokerage license and completed three rounds of financing.
In terms of product strategy and customer positioning, Duobao is targeting long-term health insurance and targeting people aged 25-40. Previous reports mentioned that the insurance purchase decision business of Duobao has been launched since 2018, through WeChat public account, vibrato, Xiaohong Books, Weibo, fast-hand and other channels have accumulated more than 4 million users, the transaction cost has been maintained within 300 yuan, free traffic accounted for more than 30%, silent transactions accounted for 30%, customer unit price exceeded 5,000 yuan, ROI reached 20 times. As of January this year, the total premium of multi-pod fish users exceeded 500 million yuan, and the total insurance coverage exceeded 2 billion yuan, and maintained a monthly growth rate of 100%.
The insurance track has experienced a period of rapid growth between 2012 and 2015, and it has entered a period of steady growth. However, the health insurance track has become a dark horse in the insurance industry in recent years, and its popularity has been rising. According to the public data of the China Insurance Industry Association, health insurance premium income in 2018 increased by 108% year-on-year. However, the current health insurance purchases by insurance customers are mainly short-term insurance, and long-term health insurance has become a new market for third-party insurance platforms. On this track, it has also been reported Little help planning, Snail Insurance Hospital and other platforms.
Before, Duobao also completed A+ rounds of US$10 million financing in April this year, led by the China Light and Light Industry Venture Capital Fund, the old shareholder Bertelsmann Asia Investment Fund (BAI), Zhenge Fund and investment; February this year Acquired A round of financing, led by Bertelsmann Asia Investment Fund (BAI), Zhenge Fund and investment.
The current round of financing led the party, Yun Feng Fund Managing Director Ping Yi said: “The insurance penetration rate of the Chinese market is much lower than that of the developed countries, so it has a broad market space. At the same time, with the insurance purchase main force Intergenerational iteration of the crowd, the younger group has higher acceptance of online purchase insurance. At present, the online penetration rate of long-term insurance in China is less than 2%, and there is huge potential for improvement in the future. The combination of education, sales, customer service and other aspects has improved the user experience, lowered the threshold for insurance cognition decision-making, and improved conversion efficiency and professionalism, so that more people can purchase insurance with ease and confidence. We look forward to and protect more. The fish team cooperates to support the company’s long-term development and hopes that more fish will become a trustworthy brand in the insurance industry.”
This round and the investors patted the loan investor Zhang Teng: “As the leader in the emerging Internet insurance decision-making platform, the multi-guarantee fish traffic acquisition ability, online user service efficiency and powerful middle and back office The support of science and technology is impressive. The team has a keen sense of the Internet and has a deep understanding in the insurance field. What is more commendable is that the team has a mission and always adheres to a neutral and objective third-party perspective. The Chinese insurance market has a long-term dividend, new The crowd will lead to channel changes, and we are very much looking forward to the performance of the fish in the future.”
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