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Singapore-based insurtech startup Surer nabs seed spherical to bolster its product improvement

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There may be an imbalance between demand and provide of basic insurance coverage because of the tedious workflow and processes that insurance coverage intermediaries and insurance coverage firms face. 

Singaporean insurtech firm Surer, which automates the workflow and processes through a cloud-based platform, helps insurance coverage intermediaries get speedy entry to insurance coverage quotations and insurers to distribute their merchandise extra effectively. By digitalizing the insurance coverage work for insurers and intermediaries, its platform allows them to save lots of time, concentrate on their shoppers and scale their enterprise.  

Surer was launched in September 2020 by Gordon TayRenfred Tay and Derren Teo with a mission to unravel the large mismatch in demand and provide in a $1.7 trillion basic insurance coverage trade. 

The corporate has raised a $1 million seed spherical to reinforce its platform and scale in Asia. Norwegian investor Kistefos, Markel Digital Funding and an angel investor participated within the newest spherical. Antler joined in its earlier funding. 

In June 2021, Surer added a brand new function, the Instantaneous Quote Market, which permits customers to get quotations robotically and instantaneously. 

The corporate is at the moment working its service in Singapore, however plans to enter different markets like Malaysia, Hong Kong and Taiwan, Gordon Tay mentioned. 

“We’re specializing in constructing a digital ecosystem that serves for events creating (the insurers) and distributing (the intermediaries) insurance coverage merchandise, and we run a B2B2C mannequin,” co-founder Gordon Tay mentioned. It’s against many different insurtech firms that function an aggregator mannequin, going direct to the buyer (B2C), he added.  

Surer claims that it has seen robust traction with greater than 350 middleman signups and demo requests. Roughly $1 million in gross written premiums (GWP) was transacted, and the corporate expects to generate $1.5 million in GWP transactions by the tip of this 12 months. 

Asia’s basic insurance coverage market is about $564 billion, and Singapore has roughly $2.9 billion, Gordon Tay talked about. 

Comparable fashions to Surer exterior of Southeast Asia embody WeFox in Europe and Turtlemint in India, which have confirmed profitable, Gordon Tay famous. 

There are different insurtech gamers like on-line brokers — together with Singapore’s MoneySmart and PolicyPal, and India’s PolicyBazaar and Indonesia’s PasarPolis, and Malaysia’s PolicyStreet — which aren’t Surer’s rivals however might be companions. The web brokers create merchandise underwritten by the insurers after which promote them on to customers by means of their on-line platform. They’ll checklist their merchandise on Surer’s platform (the Instantaneous Quote Market) and leverage the Surer middleman power as a further distribution channel (along with their on-line channel), Tay defined. 

“Kistefos has a powerful funding portfolio in Norway and Europe, together with firms delivering monetary providers. We see large potential in Asian markets, and Surer has proven the flexibility to capitalize on the development of digital transformation within the insurance coverage trade within the area,” Bengt Rem, CEO of Kistefos, mentioned. 

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