There is an imbalance between demand and provide of normal insurance coverage due to the tedious workflow and processes that insurance coverage intermediaries and insurance coverage firms face.
Singaporean insurtech firm Surer, which automates the workflow and processes by way of a cloud-based platform, helps insurance coverage intermediaries get fast 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 time, concentrate on their shoppers and scale their enterprise.
The firm has raised a $1 million seed round to improve its platform and scale in Asia. Norwegian investor Kistefos, Markel Digital Investment and an angel investor participated within the newest round. Antler joined in its earlier funding.
In June 2021, Surer added a brand new function, the Instant Quote Marketplace, which permits customers to get quotations routinely and instantaneously.
The firm is at present working its service in Singapore, however plans to enter different markets like Malaysia, Hong Kong and Taiwan, Gordon Tay stated.
“We are focusing on building a digital ecosystem that serves for parties creating (the insurers) and distributing (the intermediaries) insurance products, and we run a B2B2C model,” co-founder Gordon Tay stated. It is opposed to many different insurtech firms that function an aggregator mannequin, going direct to the patron (B2C), he added.
Surer claims that it has seen robust traction with greater than 350 middleman signups and demo requests. Approximately $1 million in gross written premiums (GWP) was transacted, and the corporate expects to generate $1.5 million in GWP transactions by the top of this yr.
Asia’s normal insurance coverage market is about $564 billion, and Singapore has roughly $2.9 billion, Gordon Tay talked about.
Similar fashions to Surer outdoors of Southeast Asia embrace 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 opponents however might be companions. The on-line brokers create merchandise underwritten by the insurers after which promote them instantly to customers by way of their on-line platform. They can listing their merchandise on Surer’s platform (the Instant Quote Marketplace) and leverage the Surer middleman drive as a further distribution channel (as well as to their on-line channel), Tay defined.
“Kistefos has a strong investment portfolio in Norway and Europe, including companies delivering financial services. We see huge potential in Asian markets, and Surer has shown the ability to capitalize on the trend of digital transformation in the insurance industry in the region,” Bengt Rem, CEO of Kistefos, stated.