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MyFiziq launches company’s first consumer insurance application
3 minute read
MyFiziq Limited’s (ASX: MYQ) 50% owned joint-venture partner Body Composition Technologies Pte Ltd (BCT) has launched the company’s first consumer-facing insurance application with The CareVoice in Hong Kong.
The CareVoice is a leading China-based health insurtech company dedicated to transforming the healthcare experience in Greater China.
The jointly launched application will be used on an insurance product that CareVoice is collaboratively launching with the insurance provider in Hong Kong.
The CareVoice will be furthering its position in the region by using this mobile and data-driven solution to digitalise healthcare services and enhance insurance procedures for many of China’s largest insurance companies.
MyFiziq’s technology, through BCT, is now embedded into the tech stack and management is working with CareVoice to accelerate distribution throughout the region.
Under the agreement with The CareVoice, BCT will be paid a fee for all policyholders that buy the SportCare policy and activate the application.
The BCT technology has a unique billing SDK, which identifies each new user as they enter the application.
The Hong Kong launch marks the commencement of first revenues in the insurance sector for BCT.
Utilising new channels to increase sales
SportCare is an innovative health insurance plan designed for sports enthusiasts where The CareVoice provides the digital platform for the entire customer experience.
SportsCare aims to attract potential clients from non-traditional insurance channels, by utilising gyms and other sporting channels as a way to encourage earlier adoption of insurance.
Founded in 2014, The CareVoice started as an app that allowed patients to leave reviews about medical providers before focusing on software like its flagship product, a SaaS solution that makes healthcare and insurance products more accessible to customers on mobile phones, with the goal of increasing sales and retention.
There are several other start-ups in China focused on simplifying the process of buying health insurance, like Instony, Datebao, eBaoTech and Bowtie, but The CareVoice focuses less on sales tools and is instead building an end-to-end platform for insurers that can integrate with their existing solutions whilst providing user-driven data and solutions to help expand and retain the users.
Used by 15 insurance providers in China and Hong Kong
The CareVoice is currently used by 15 insurance providers in China and Hong Kong, as well as working with over 100 healthcare service providers.
These partners work with The CareVoice to accelerate innovation and make positive changes in how policyholders are engaged and healthcare services are delivered.
Beyond providing a SaaS solution that helps insurers to improve customer experience and operational efficiencies, The CareVoice has also collaborated with insurers and developed a dozen insurance products tailor-made for segmented consumer groups, innovating the way insurance products are designed.
Highlighting the size of the market that MyFiziq is tapping into, China’s health-care sector spending is projected to reach $1 trillion in 2020, according to McKinsey & Company.
Commenting on the timing of revenue recognition, chief executive Vlado Bosanac said, “The CareVoice has not only moved rapidly to complete the integration of our first public-facing release in the insurance sector, but more importantly the beginning of revenue for the company in this multi-trillion dollar global market.
‘’The company is a well-established and rapidly growing insurtech platform that is driving innovation in the region, representing one of the largest and most rapidly growing healthcare and insurance markets in the world with a population of over 1.4 billion people.
‘’Hong Kong is a great first step for us to work together and get quality feedback on combined offerings.
‘’This fairs well for The CareVoice and our technology/company as we work closely together with our expansion into China.’’