StartUpCare Brings Affordable Digitalised Insurance Services to Startups and SMEs

Sébastien Gaudin, Co-Founder of StartupCare Hong Kong

“Hong Kong sets a favourable environment for insurtechs to accelerate digital adoption in the insurance sector.”

Sébastien Gaudin, Co-Founder of StartupCare Hong Kong

About the company

Launched in October 2019, StartupCare Hong Kong is an insurtech startup providing SMEs and startups in Hong Kong with tailored employee health solutions. StartupCare was founded by The CareVoice with our shareholders based in Shanghai.

Our company offers comprehensive group medical insurance powered by Generali Hong Kong, which helps reduce paperwork and enables a seamless healthcare experience for our clients.

We decided to launch this business after having identified a strong demand for affordable group medical insurance. 98% of businesses in Hong Kong are SMEs, and many of them lack the resources to purchase premium group medical insurance. We set up our digital platform to offer them accessible group medical insurance at a fair price, without compromising the convenience of healthcare and insurance services through our digital platform.

We have also noticed that traditional insurers have so far lagged behind in digital development. As an insurtech company, we see a great opportunity to bring digitalised insurance services at a faster pace.

We are pleased to benefit from a thriving startup community in Hong Kong. Despite the challenges that have emerged from the coronavirus pandemic, the startup community remains resilient as businesses and associations have united to provide mutual support.

Our company differentiates itself through our focus on convenience and affordability. Convenience is at the heart of our services. Employees can self-check symptoms, find the right network clinic, and submit e-claims after outpatient visits – all at their fingertips, while employers can easily add employees and view the company’s health status on a user-friendly dashboard. We understand that traditionally, it can be a lot of work for employers or HR managers, especially when there is employee turnover or new addition in team member. At StartupCare, we aim to be the guide taking care of the health journey of each individual employee.

As our business targets startups and SMEs, we provide our services at a fair price point enabling employers and employees to embrace technology-enabled health insurance solutions.

The startup journey has not always been easy. I was the sole founder of The CareVoice and led it alone for two and a half years. In June 2017, we made the difficult decision to let go of 40% of our team. However, our company has made great strides since then. I found my co-founders whose vision were aligned with mine, and then we managed to secure a spot at China Accelerator in Batch 17. Recently, our list of insurer clients has increased from 4 to over 20.

Advice for entrepreneurs

Having launched a startup in Hong Kong and gone through different phases, we recognise that startup founders  may face many uncertainties in the entrepreneurial journey. Based on our own experience, we have several recommendations for aspiring entrepreneurs.

1. A strong and talented team is the core of any startup. In particular, we recommend finding at least two complementary senior co-founders and a group of advisors with relevant experience.
2. Startup entrepreneurs should be both persistent and flexible. They should set a clear vision and work diligently to achieve it. At the same time, they should be flexible enough to adapt to unfamiliar situations. It is also extremely important to continue innovating and finding ways to differentiate the business from competitors.
3. We advise aspiring entrepreneurs to expand their network as much as possible. Entrepreneurs should look for other startups to collaborate with and leverage each other’s resources.
4. They should also take advantage of Hong Kong’s support system for the startup community, which includes organisations like WHub and Invest Hong Kong. Invest Hong Kong in particular has proven to be an invaluable partner for us. Their networking opportunities have enabled us to connect with like-minded startups, potential clients, and partners. They have also given us timely support on the latest available resources relevant to our business needs.

https://www.startupcare.com.hk/