Singapore-based startup PolicyPal has announced that it has successfully completed experiments on its solutions in the MAS FinTech Regulatory Sandbox and will commence operations as a registered direct insurance broker and exempt financial adviser under its subsidiary BaoXianBaoBao on 1 September, 2017. PolicyPal is the first start-up to graduate from the MAS FinTech Regulatory Sandbox, having entered the six-month sandbox in March 2017.
PolicyPal is Asia’s first independent app that utilises artificial intelligence to simplify and digitise insurance, allowing both customers and organisations to streamline the management of their insurance policies. PolicyPal empowers individuals to further understand their assets and liabilities, get adequate insurance coverage for themselves and plan for their retirement.
The six-month sandbox trial allowed PolicyPal to test the technology and validate its distribution model in Singapore. PolicyPal will now focus on scaling product offerings to individuals and SMEs aimed at helping them analyse, manage and ultimately optimise their insurance portfolio.
Founded in April 2016, PolicyPal employs algorithms to analyse current insurance coverage figures and automatically propose opportunities to improve insurance protection. To date, PolicyPal has received funding from 500 startups and angel investors and is working with global insurance companies to help them go digital. PolicyPal is a company under the incubation of PayPal. The PayPal incubation program is an APAC Fintech focused incubation program run by PayPal.
PolicyPal has recently onboarded several organisations for group insurance management and will roll out additional corporate services for a growing pool of SMEs. It has also partnered with global insurance companies in Singapore – AIG, Aviva, AXA, Etiqa and NTUC Income. Their regional expansion strategy includes scaling their existing platform and operations beyond Singapore to include Japan, Taiwan, Indonesia and Thailand.
Ms Val Ji-hsuan Yap, CEO & Founder of PolicyPal: said, “The MAS sandbox allowed us to experiment with technology applications and our product offerings in order to fulfil our vision of making insurance simple and convenient for all.”
Mr Sopnendu Mohanty, Chief FinTech Officer of MAS, said: “Today’s rapidly evolving FinTech landscape requires a responsive and forward-looking regulatory approach to enable aspiring companies to deliver innovative financial services and products that can benefit both consumers and inspire the broader industry. We are glad that the sandbox has helped PolicyPal jumpstart their journey through live experimentation, and look forward to enabling more FinTech innovations that can enhance value and improve people’s lives.”
PolicyPal is the first insurtech start-up to use “optical character recognition” (OCR) on insurance policies to scan, analyse and present a comprehensive overview of their coverage information to users within 30 seconds. This is achieved by cross-referencing an immense database of insurance premiums, coverage and jargons from 27 insurance companies in Singapore. PolicyPal maps insurance jargons to relevant fields, automating the extraction and population process so that users always have quick access to their insurance policies even under unforeseen circumstances.
Through the policies uploaded, they will get a clear overview of their existing insurance portfolio, current coverage and personalised recommendations on the optimal coverage they should attain. In short, with targeted calculations toward the optimal amount of coverage each individual should rightfully have, PolicyPal raises the benchmark of insurance knowledge for individuals to help them attain coverage in key areas they may be lacking.