An Indian insurance unicorn is looking to replicate the success of China's Ping An Good Doctor

  • Online health consultation platform docprime.com expands into 34 Indian cities.
  • Docprime.com is modelled on the success of China's Ping An Good Doctor.
  • Docprime.com is owned Indian insurance unicorn Policybazaar.com.

Insurance aggregator Policybazaar.com is expanding its healthcare platform docprime.com to twelve states in India.
The online consultation portal reportedly allows patients to book appointments with 20,000 doctors and 5,000 diagnostic centres.

The portal, which was launched in August last year, is now offering services in 34 cities across the country and aims to reach 100 cities eventually according to Ashish Gupta, CEO of docprime.com as reported by news agency ANI.

Docprime.com is similar to a service in China called the Ping An Good Doctor, which was started in 2014 by technology entrepreneur Wang Tao. Docprime.com's Chinese counterpart too was spun out of China's biggest insurance company and listed in Hong Kong in May 2018, where the startup was valued at over $1 billion.

The Indian company, which claims to innovate using artificial intelligence and machine learning on its platform, started out with an initial investment of $50 million from its parent Policybazaar. It plans to invest $15 million over the next three years in preventive healthcare.

“The plan is to invest 30% of the total money in building the healthcare business,” Gupta told the Mint in December 2018.

The parent Policybazaar is in discussions with insurance companies to offer an out-patient insurance product. 20-25% of the insurance aggregator's revenue comes from health products.
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