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 corporations 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 permits them to save lots of time, concentrate on their purchasers and scale their enterprise.
Surer was launched in September 2020 by Gordon Tay, Renfred Tay and Derren Teo with a mission to unravel the big 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 characteristic, the Immediate Quote Market, which permits customers to get quotations routinely and instantaneously.
The corporate is presently 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 corporations 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. 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 yr.
Asia’s basic insurance coverage market is about $564 billion, and Singapore has roughly $2.9 billion, Gordon Tay talked about.
Related fashions to Surer outdoors 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 will be companions. The web brokers create merchandise underwritten by the insurers after which promote them on to shoppers by their on-line platform. They’ll listing their merchandise on Surer’s platform (the Immediate Quote Market) and leverage the Surer middleman drive as an extra distribution channel (along with their on-line channel), Tay defined.
“Kistefos has a powerful funding portfolio in Norway and Europe, together with corporations delivering monetary companies. We see enormous potential in Asian markets, and Surer has proven the power to capitalize on the pattern of digital transformation within the insurance coverage trade within the area,” Bengt Rem, CEO of Kistefos, mentioned.