Le Orange Cloud Service was founded by Han Xu, a senior insurer, in March of 20021year less than one year ago. The company has offices in Beijing and Shenzhen, with about 100 employees. Le Orange Cloud follows the direction of product and service integration, and its main layout is the overall solution of "insurance+health". The reason why we cut into this direction is because the low-frequency interaction of traditional insurance leads to low customer perception. Through health management and medical services, improving user stickiness and increasing users' awareness of insurance may create high growth opportunities for the industry.
In terms of technology, the company relies on the underlying SaaS, connects reinsurance, insurance companies and health service providers through open API, and establishes a digital research model of product design and pricing scheme. At present, the core business of Le Orange Cloud Service is mainly divided into two parts: one is to make efforts in the field of deep customization of commercial insurance, and jointly launch exclusive customized explosive products with major insurance companies; The second is the universal platform under Le Orange cloud service, which integrates all kinds of medical resources/products into insurance product development and design, user interaction experience, comprehensive compensation management and risk control services, and carries out in-depth cooperation with many insurance institutions and independent agents in closed-loop medical services and health management for insurance customers.
In just over half a year, the company has successively launched seven innovative insurance products, including critical illness insurance, Ping An Orange Guard Accident Insurance, Love, Music, Support and Multi-pension Annuity Insurance and whole life insurance, some of which ranked first in the single product sales market, and their monthly sales doubled. According to Han Xu, Le Orange Cloud Service recently completed the acquisition of an insurance institution in Beijing.
In recent years, with the improvement of public health awareness and the rise of star products such as Million Medical Insurance and Huimin Insurance, the integration of insurance and medical care is the general trend of the industry. Commercial health insurance, which spans insurance and medical care, has also gone out of the market. According to the data of China Banking Regulatory Commission, in 2020, the original insurance premium income of health insurance business was 8 173 billion yuan, a year-on-year increase of 15.7%, much higher than other major types of insurance. In recent five years, the annual growth rate of health insurance is 3 1.4%, and the market size has doubled. According to the growth rate, the health insurance industry has a high probability of breaking through the trillion mark this year.
Based on the good market prospect, "insurance+medical care" has also become the most attractive track in recent years. Players mainly cut into three directions: product innovation, service innovation and channel innovation, and corresponding head companies were born in all directions. In the direction of product innovation, companies such as Maxim Health and Bao Hui Center have emerged in the industry. The differences between players are mainly the differences in cut-in direction and supply chain. For example, the breakthrough point of many players mainly lies in the innovation of drug payment, while the difference of Le Orange cloud service mainly focuses on innovative therapy and health management. The competitive dimension of the industry is the quick response ability, integration ability and connection ability of the market.