Insurtech Surer announced a partnership with digital insurer FWD Singapore (FWD) that will see them jointly offer a bespoke maid insurance plan.
Surer, a Singapore-based startup, is making significant strides in the insurance industry by leveraging technology to streamline and enhance the insurance process.
FWD Surer Maid Insurance gives customers an instant quote and provides confirmation directly with FWD. Customers can sign up for FWD Surer Maid Insurance via maid agencies and insurance intermediaries, including one of Singapore’s largest maid agencies Nation Human Resources Pte (Nation).
Launched in September 2020, Surer is a cloud-based platform designed to automate the workflow and processes for insurance intermediaries and companies. This platform aims to address the imbalance between the demand and supply in the general insurance sector, which is largely due to the cumbersome workflows and processes that plague the industry.
The company was founded by Gordon Tay, Renfred Tay, and Derren Teo with a mission to tackle the mismatch in demand and supply in the $1.7 trillion general insurance industry.
Surer’s platform allows insurance intermediaries to rapidly access insurance quotations, and enables insurers to distribute their products more efficiently. By digitalizing the insurance workflow, Surer helps its users save time, focus on their clients, and scale their businesses.
In a recent survey conducted by Surer, 50% of insurance intermediaries surveyed stated that the top pain point faced when dealing with General Insurance was ‘too much administrative work’.
This is a meaningful partnership given that Surer, FWD and Nation have a shared desire to make the insurance purchase process seamless, fast and efficient for the customer.Derren Teo, Co-founder of Surer
“Not only that, we believe that technology should be leveraged to allow for plans to be bespoke and tailored to the specific needs of the customer. Agencies and intermediaries have often been left out of many digital transformation plans even though they remain crucial in the insurance process journey”, said Derren Teo, Co-founder of Surer.
In December Surer has announced it has launched a fully customizable migrant domestic worker (MDW) insurance product in partnership with Etiqa Insurance called Go-Helper insurance.
With the new insurance, intermediaries would be able to customize insurance using a list of 12 coverages, including outpatient medical services, repatriation, and termination as well as traditional Chinese medical services.
Go-Helper insurance is the third product created through the partnership with Etiqa, following car and motorcycle insurance products. Intermediaries can also obtain quotes for these products digitally.
Surer recently announced it has signed a memorandum of understanding with the Association of Employment Agencies Singapore (AEAS) for employment agencies to find easier appropriate insurance plans for customers using a digital platform.
“Based on volume, MDW insurance is the top product transacted on Surer today. Having successfully integrated with Etiqa for their motor insurance products, we sought to strengthen our partnership by launching this MDW insurance product as we believe this will be a win-win for both companies that will ultimately benefit policyholders by supercharging the intermediaries who serve them with digital tools,” said Derren Teo.
Surer has achieved notable success since its inception. It has raised $1 million in a seed funding round, which included investments from Norwegian private investment company Kistefos, Markel Digital Investment, and an angel investor.
This funding is intended to enhance Surer’s platform and scale its operations in Asia, with a focus on markets like Malaysia, Hong Kong, and Taiwan.
The company has developed unique features, such as the Instant Quote Marketplace, which provides automated and instantaneous insurance quotations.
This feature has contributed to Surer’s strong traction in the market, as evidenced by more than 350 intermediary signups and demo requests, over 1,000 insurance proposals sent, and over S$1.2 million in gross written premiums transacted on its platform. By the end of 2021, Surer expected to cross the S$2 million mark in gross written premiums transacted on its platform.
Surer’s innovative approach to insurance aligns with the broader trend of digital transformation in the insurance industry, especially in the Asian markets. The company’s platform not only benefits policyholders by improving the quality of service they receive but also supports intermediaries in scaling their businesses efficiently and opens up new business opportunities for insurers.
by Peter Sonner