Internet Insurance Tech Platform Yuanbao Inc. Closes Nearly RMB 1 Billion Series C Led by Source Code Capital

源码资本·May 10, 2021·0·3

It has accumulated millions of paying users, covering more than 90% of domestic regions.

Yuanbao Inc., a rising domestic internet insurance technology platform, announced the completion of its nearly RMB 1 billion Series C funding round, led by Source Code Capital, with Cathay Capital and existing shareholders HIKE Capital, Northern Light Venture Capital, Qiming Venture Partners, and SIG participating. Yuanqi Capital served as the exclusive financial advisor. Yuanbao launched in 2020 and completed its Series C within a year.

As a technology-driven new-generation internet insurance intermediary, Yuanbao holds a nationwide insurance brokerage license. Partnering with leading domestic insurers, it leverages big data and AI to deliver personalized insurance product recommendations and provides end-to-end coverage services spanning health management, insurance consulting, intelligent underwriting, seamless policy purchase, and claims assistance. In less than a year since launch, Yuanbao has accumulated millions of paying users across over 90% of domestic regions, placing it in the top tier of internet health insurance.

With industry-leading intelligent infrastructure, Yuanbao continues to build an insurance + health services ecosystem, committed to delivering higher-quality, digital health protection to broader populations. This is precisely why capital markets are bullish on Yuanbao, believing it can maintain its leadership position amid China's surging health insurance wave.

Yuanbao focuses on high-value, inclusive health insurance products and services with low barriers to entry. Founder and CEO Rui Fang stated: "The meaning of internet insurance is inclusion — enabling ordinary people in less developed regions to access, understand, and purchase insurance online, gaining protection. This is something tremendously valuable that benefits both the country and its people."

Leveraging its leading technical capabilities, Yuanbao's "Intelligent Insurance Brain" has constructed 1,000+ user tags, enabling not only automatic matching of suitable insurance products and health management services, but also behavior-based service optimization for better user experience. For example, its dedicated "Senior Customer Service Line" prioritizes incoming calls for elderly users, intelligently matches regional customer service based on dialect, and automatically slows speech pace and increases volume — helping older adults overcome communication barriers.

Yuanbao's founding team is a proven group of serial entrepreneurs from within NetEase. Founder and CEO Rui Fang previously served as NetEase Group Vice President and head of the Group Technology Department, where he founded NetEase Pay and the NetEase E-commerce Division, serving as CEO of both — a classic technologist profile. Fang stated that this round's proceeds will primarily fund core technology R&D to accelerate full-process, end-to-end intelligent insurance services, striving to push user experience to the extreme.

Going forward, Yuanbao aims to build a deeply integrated "Health + Insurance + Healthcare" ecosystem platform, connecting preventive health management and post-event medical services through commercial insurance to comprehensively support national health and insurance inclusion. On the health management side, it connects health information, wellness monitoring, physical exams, and screening services to help users reduce disease risk and support national health. On the healthcare management side, it connects pharmaceutical and hospital resources to provide users with more convenient, faster medical services.