Singapore: InsurTech newbie provides cover for Internet economy
Source: Asia Insurance Review | Mar 2018
Singapore-based InsurTech company Axinan is creating products that are easily integrated into online marketplaces and platforms. It is focused on building innovative, high frequency/low premium services for the Internet economy.
Since graduating from PayPal’s Singapore incubator last year, the company has seen millions of transactions flow through its models, and has helped manage risks for several e-commerce and marketplace platforms.
Founded by Mr Wei Zhu, who was previously the CTO of Grab, the company has developed real-time risk engines to determine the likelihood of e-commerce returns based on user demographics and shopping behaviour online.
Axinan has raised its Series A financing (amount undisclosed) as it taps into the rising appetite for digital insurance and better user experience across Southeast Asia and beyond. The Series A financing round is led by NSI Ventures (Singapore), joined by Linear Venture (China), and other investors.
In the coming months, the company will be unveiling other partnerships, which will see Axinan expand to other parts of Southeast Asia, including Malaysia and Hong Kong.
To be the region’s leading digital-only insurer
“This is only the beginning. We have ambitions to develop digital insurance products across different verticals such as logistics, health, and travel, and become the region’s leading digital-only insurer,” said Mr Wei.
NSI Ventures is a Singapore-headquartered venture capital fund that focuses on Series A and B investments in technology companies based in Southeast Asia. Linear Venture is a China-headquartered fund that focuses on applied data intelligence companies. A