Insect-mimicking flapping-wing micro air vehicles (FWMAVs) are currently of great research interest due to their many practical applications. Most of the studies have focused on the rigid wing, which is much simpler. However, the wings of these FWMAVs, as well as those of insects in nature, are light and flexible structures, thus the deformation is unavoidable. In this study, a spring-body system is used to model the insect-like wing structure, combined with an aerodynamic program based on the UVLM model. The co-simulation framework is validated with published experimental data. Results show that using the flexible wing significantly increases the lift force as well as improves energy efficiency.