There is an imbalance between the demand and supply of general insurance due to the difficult workflow and processes of insurance intermediaries and insurance companies.
Singapore’s Insurtech Company surer, which automates workflows and processes through a cloud-based platform, helps insurance intermediaries get instant access to insurance quotations and insurers to deliver their products more efficiently. By digitizing the insurance function for insurers and intermediaries, its platform enables them to save time, focus on their customers and grow their business.
The company has raised a seed round of $1 million to expand its platform and scale in Asia. Norwegian investors kistefos, Markel Digital Investments and an angel investor participated in the latest round. Antler joins his previous funding.
In June 2021, Surer added a new feature, the Instant Quote Marketplace, which allows users to receive quotations automatically and instantly.
The company is currently operating its service in Singapore, but plans to enter other markets such as Malaysia, Hong Kong and Taiwan, Gordon Tay said.
“We are focused on building a digital ecosystem that serves as parties to create (insurers) and (intermediaries) to distribute insurance products, and we run a B2B2C model,” co. -Founder Gordon Tay said. He said this is in contrast to many other insurtech companies that operate an aggregator model, leading directly to the consumer (B2C).
Surer claims that it has seen strong traction with over 350 intermediary signup and demo requests. Approximately $1 million in gross written premium (GWP) was transacted, and the company expects to generate $1.5 million in GWP transactions by the end of this year.
Gordon Tay noted that Asia’s general insurance market is worth about $564 billion and Singapore’s is about $2.9 billion.
Gordon Tay said models similar to Surer outside of Southeast Asia include WeFox in Europe and Turtlemint in India, which have proven successful.
There are other InsurTech players such as online brokers – including Singapore’s MoneySmart and PolicyPal, and India’s PolicyBazaar and Indonesia’s Passerpolis and Malaysia’s PolicyStreet – who are not Surer’s competitors but could be partners. Online brokers create products underwritten by insurers and then sell them directly to consumers through their online platforms. They can list their products on Surer’s platform (Instant Quote Marketplace) and take advantage of Surer’s intermediary force as an additional distribution channel (in addition to their online channel), Tai explained.
“Kistefos has a strong investment portfolio in Norway and Europe, including financial services companies. We see great potential in Asian markets, and Surer sees the region as the ability to capitalize on the digital transformation trend in the insurance industry It is,” said Bengt Rehm, CEO of Kistefos.