MediConCen Limited (MediConCen), an insurtech company that specializes in automatic insurance claims through the use of AI, has raised $6.85 million in a Series A funding round, according to a report by Fintech Global.
Following the investment round, which was led by HSBC Asset Management while also supported by G&M Capital, ParticleX, and Wings Capital Ventures, MediConCen’s total funding has reached $12.7 million.
According to William Yeung, CEO and co-founder of MediConCen, the insurtech firm wanted to improve the customer experience as many have faced frustration while dealing with the medical claim process.
“We always aim to create a 10x better customer experience, and we believe that insurance claims are the most pressing area to address,” said Yeung.
“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.”
“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,” said Kara Byun, head of fintech, venture and growth investments at HSBC Asset Management.
“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.”
MediConCen has been focused on utilizing AI and blockchain when it comes to the businesses of the insurance industry such as streamlining the claims process, enhancing efficiency, and customer satisfaction.
The investment will be used to fuel MediConCen’s plan to expand in international markets, especially in the Middle East and Southeast Asia.
