Published: 9:15pm, 6 Mar, 2017 Updated: 10:36pm, 6 Mar, 2017
Fosun Group has led a £ 13 million ( $ 16 m ) 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 business 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 turnover to about 140 . # ##son , 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 business .