Surer, a Singapore-based insurtech firm, has raised a seed round to help fund product development
Due to the time-consuming workflow and processes that insurance brokers and insurance firms confront, there is a mismatch between demand and supply for general insurance.
Surer, a Singaporean insurtech firm that uses a cloud-based platform to streamline workflow and procedures, enables insurance intermediaries to obtain faster access to insurance quotes and insurers to market their products more efficiently. Its platform allows insurers and intermediaries to save time, focus on their clients, and expand their business by digitising insurance activity.
Gordon Tay, Renfred Tay, and Derren Teo founded Surer in September 2020 with the goal of resolving the massive mismatch in the market.
The startup has received $1 million in a seed round to expand its platform and reach across Asia. The newest round included participation from Kistefos, Markel Digital Investment, and an angel investor from Norway. Antler became a part of the previous financing round.
Surer introduced a new service in June 2021 called the Instant Quote Marketplace, which allows consumers to receive quotes automatically and instantly.
According to Gordon Tay, the firm is presently functioning in Singapore, but intends to expand into other countries such as Malaysia, Hong Kong, and Taiwan.
“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 said. It is opposed to many other insurtech companies that operate an aggregator model, going direct to the consumer (B2C), he added.
Surer claims that it has seen strong traction with more than 350 intermediary signups and demo requests. Approximately $1 million in gross written premiums (GWP) was transacted, and the company expects to generate $1.5 million in GWP transactions by the end of this year.
Asia’s general insurance market is about $564 billion, and Singapore has approximately $2.9 billion, Gordon Tay mentioned.
Similar models to Surer outside of Southeast Asia include WeFox in Europe and Turtlemint in India, which have proven successful, Gordon Tay noted.
There are other insurtech players like online brokers — including Singapore’s MoneySmart and PolicyPal, and India’s PolicyBazaar and Indonesia’s PasarPolis, and Malaysia’s PolicyStreet — which are not Surer’s competitors but can be partners. The online brokers create products underwritten by the insurers and then sell them directly to consumers through their online platform. They can list their products on Surer’s platform (the Instant Quote Marketplace) and leverage the Surer intermediary force as an additional distribution channel (in addition to their online channel), Tay explained.
Surer has a strong investment portfolio in Norway and Europe, including companies delivering financial services.The firm is trying to expand over countries. All my best wishes to them.Shishir Gupta, Founder and CEO, StartupLanes
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