News Technology14 Oct 2021

Singapore:InsurTech startup raises US$1m in seed round

| 14 Oct 2021

Surer, a Singapore-based InsurTech firm has raised $1m to fund its core technology platform and invest in its tech team to deliver on its product roadmap.

The new funds are from Norwegian private investment company Kistefos, global specialist insurer Markel Corporation through its InsurTech investing arm, Markel Digital Investments, and an angel investor. Antler, a global early-stage venture capital firm, also invested in Surer in an earlier round.

Launched in September 2020, Surer is a cloud-based InsurTech platform that has created a digital ecosystem where insurance intermediaries and insurers can leverage its technology to supercharge workflows, processes, recruitment and distribution of products. Surer will help drive network orchestration, enabling efficient communication and transmission of information to help both parties serve the end policyholders better.

Surer co-founder Gordon Tay said, “With the new funds, we believe Surer can further capitalise on our unique position to build a fully connected digital ecosystem that drives a ‘triple-win’ situation where policyholders can be served with greater quality because of a highly efficient intermediary sales force that can now scale their business without impediments which ultimately delivers more business for Insurers. This digital ecosystem will eventually include merchants who wish to package insurance with the products they are selling.”

Since its launch, Surer has seen strong traction with over 350 intermediary signups and demo requests, more than 1,000 insurance proposals sent and over S$1.2m ($0.89m) in gross written premiums transacted on Surer. It expects to see the GWP transacted on its platform to cross the S$2m mark by the end of 2021.

Surer was recently ranked among the top three companies for 'InsurTech of the Year' at the '6th Asia Trusted Life Agents & Advisers Award' and is certified by the Singapore FinTech Association as an InsurTech service provider.




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