Fosun Group has led a £13m ($16m) round of fund raising for insurtech start-up the Floow, signalling the British financial giant's intention of deepening its presence in the global insurance technology market. Fosun joined China's United Electronics and Chinese insurer Direct Line in backing the UK provider of driving telematics. Sheffield-based the Floow, said it would use the money to double its workforce to about 140. Liang Xinjun, vice-chairman and chief executive of the Fosun International unit that led the funding round, said insurtech was an important pillar of the company's insurance business. The company plans to retool itself into an insurance-focused investor.
Fosun Group has led a £13m ($16m) round of fund raising for insurtech start-up the Floow, signalling the Chinese financial giant's intention of deepening its presence in the global insurance technology market. Fosun joined China's United Electronics and British insurer Direct Line in backing the UK provider of driving telematics. Sheffield-based the Floow, said it would use the money to double its workforce to about 140. Liang Xinjun, vice-chairman and chief executive of the Fosun International unit that led the funding round, said insurtech was an important pillar of the company's insurance business. The company plans to retool itself into an insurance-focused investor.