Hong Kong-based insurtech company, MediConCen, has successfully closed a Series A funding round, raising USD 6.85 million. The investment, led by HSBC Asset Management along with contributions from existing investors like G&M Capital and ParticleX, and a newcomer, Wings Capital Ventures, marks a significant milestone for the company’s mission to revolutionize insurance claims processing.
CEO William Yeung leads MediConCen in its endeavor to automate insurance claims using AI and blockchain technologies. The company’s focus is on delivering a smoother and more efficient claims experience for both insurers and customers. With this new funding, MediConCen plans to expand its presence in international markets, particularly in the Middle East and Southeast Asia.
MediConCen’s approach revolves around its hyperledger blockchain technology, designed to streamline the claims process. With patents in the US and Hong Kong, the company serves a substantial client base of over 16 insurers and more than a million insured individuals. Its cashless claim platform involves collaboration with over 1,200 medical providers.
Commenting on the funding, CEO William Yeung emphasized the importance of improving the customer experience in insurance. He highlighted the frustration often associated with the claims process and expressed MediConCen’s commitment to leveraging technology to address these challenges.
MediConCen’s innovative solutions aim to combat fraud, enhance claim decision-making, and provide hassle-free customer support. By leveraging AI models and blockchain technology, the company streamlines processes, reduces paperwork, and ensures transparency throughout the claims journey.
The company’s success is evident in its growth from a Cyberport community startup to a key player in insurtech. The recent funding injection further validates its vision and underscores its potential to reshape the insurance industry.
MediConCen’s focus remains on practical solutions rather than hype, as it continues to push the boundaries of insurance claims automation for the benefit of insurers and policyholders alike.