There is an imbalance concerning demand from customers and supply of standard insurance owing to the cumbersome workflow and processes that coverage intermediaries and insurance plan businesses experience.
Singaporean insurtech company , which automates the workflow and processes by way of a cloud-based mostly platform, will help insurance plan intermediaries get speedy obtain to insurance coverage quotations and insurers to distribute their products extra efficiently. By digitalizing the coverage do the job for insurers and intermediaries, its platform allows them to conserve time, focus on their clients and scale their business.
Surer was released in September 2020 by , and with a mission to solve the great mismatch in demand from customers and offer in a $1.7 trillion normal coverage sector.
The enterprise has elevated a $1 million seed round to increase its platform and scale in Asia. Norwegian investor , Markel Electronic Financial commitment and an angel trader participated in the most up-to-date round. Antler joined in its preceding funding.
In June 2021, Surer extra a new element, the Fast Estimate Market, which enables users to get quotations routinely and instantaneously.
The firm is currently running its assistance in Singapore, but designs to enter other marketplaces like Malaysia, Hong Kong and Taiwan, Gordon Tay reported.
“We are focusing on creating a digital ecosystem that serves for functions generating (the insurers) and distributing (the intermediaries) coverage items, and we operate a B2B2C design,” co-founder Gordon Tay explained. It is opposed to numerous other insurtech businesses that run an aggregator design, heading immediate to the customer (B2C), he included.
Surer promises that it has witnessed powerful traction with much more than 350 intermediary signups and demo requests. Somewhere around $1 million in gross penned premiums (GWP) was transacted, and the business expects to deliver $1.5 million in GWP transactions by the end of this year.
Asia’s standard insurance coverage marketplace is about $564 billion, and Singapore has around $2.9 billion, Gordon Tay described.
Very similar models to Surer outdoors of Southeast Asia incorporate WeFox in Europe and Turtlemint in India, which have verified effective, Gordon Tay famous.
There are other insurtech players like on the web brokers — including Singapore’s MoneySmart and PolicyPal, and India’s PolicyBazaar and Indonesia’s PasarPolis, and Malaysia’s PolicyStreet — which are not Surer’s competition but can be associates. The on the internet brokers produce items underwritten by the insurers and then sell them instantly to consumers by means of their on line system. They can list their products on Surer’s platform (the Immediate Quotation Market) and leverage the Surer intermediary drive as an added distribution channel (in addition to their on-line channel), Tay stated.
“Kistefos has a powerful investment portfolio in Norway and Europe, like companies providing economic expert services. We see huge possible in Asian marketplaces, and Surer has revealed the ability to capitalize on the craze of digital transformation in the insurance business in the region,” Bengt Rem, CEO of Kistefos, stated.