There is an imbalance between the supply and demand of non-life insurance due to the cumbersome workflows and processes faced by insurance brokers and insurance companies.
Singapore insurance company SurerBy automating workflows and processes through a cloud-based platform, insurers can quickly access insurance quotes and allow insurers to distribute their products more efficiently. The platform allows insurers and intermediaries to digitize their insurance operations, saving time, focusing on clients and expanding their business.
The company has raised $ 1 million in seed rounds to enhance its platform and scale in Asia.Norwegian investor Kistefos, Markel Digital Investment and angel investors have joined the latest round. Antler participated in a previous funding.
In June 2021, Suler added the Instant Quote Marketplace, a new feature that allows users to get quotes automatically and instantly.
The company currently operates its service in Singapore, but plans to enter other markets such as Malaysia, Hong Kong and Taiwan, Gordon Tay said.
“We are focusing on building a digital ecosystem that helps the parties who create (insurance companies) and distribute (intermediate) insurance products and are running the B2B2C model,” said co-founder Gordon Tay. Says. He added that this is in contrast to many other insurance companies that operate an aggregator model and have direct access to consumers (B2C).
Surer claims to have seen strong traction with over 350 mediator sign-ups and demo requests. With approximately $ 1 million in written premiums (GWP) traded, the company expects to generate $ 1.5 million in GWP transactions by the end of this year.
According to Gordon Tay, the non-life insurance market in Asia is about $ 564 billion and Singapore is about $ 2.9 billion.
Similar models to the non-Southeast Asian slur include WeFox from Europe and Turtle Mentha from India, Gordon Tay said.
There are also other insurtech players like online brokers such as MoneySmart and PolicyPal in Singapore, PolicyBazaar in India and PasarPolis in Indonesia, PolicyStreet in Malaysia. These are not Surer’s competitors, but they can be partners. Online brokers create products underwritten by insurance companies and sell them directly to consumers through an online platform. Tay explained that they could list their products on Surer’s platform (Instant Quote Marketplace) and leverage Surer intermediary units as an additional distribution channel (in addition to online channels).
“Kistefos has a strong investment portfolio in Norway and Europe, including companies that provide financial services. With great potential in the Asian market, Surer is a trend in digital transformation in the insurance industry in the region. “It demonstrates the ability to leverage,” said Bengt Rem, CEO of Kistefos.
https://techcrunch.com/2021/10/13/singapore-based-insurtech-startup-surer-picks-up-seed-round-to-bolster-its-products-development/ Singapore-based InsurTech startup Suler gets seed rounds to boost product development – TechCrunch