InsurTechs secure millions in funding

Symbo Platform Holdings, a Singapore-based InsurTech platform, has completed a $9.4m funding round led by CreditEase FinTech Investment Fund. The round also saw significant participation from San Francisco-based investment firm Think Investments along with follow-on investment from existing investors Integra Partners, Insignia Ventures and AJ Capital.

Established in 2017, Symbo’s InsurTech platform seamlessly supports agents, third party administrators (TPAs), brokers, corporates and insurers in the purchase, distribution and administration of insurance across India and Southeast Asia.

With the new investment, the company will bolster its core technology platform and leadership team to bring its offerings to scale across India and Southeast Asia. Key areas of investment include recruitment across senior technology and product functions, in addition to senior business development hires in Singapore, Malaysia and Indonesia. A large proportion of the funds has also been earmarked for investment in Symbo’s Indian affiliate, with the intention of acquiring complete ownership of the business, subject to applicable regulatory approvals.

Commenting on the Series A raise, Symbo’s Co-founder and CEO Adrit Raha said, “With this significant investment, we will rapidly scale our leading technology platform to improve the delivery of insurance to millions of underinsured individuals and families across India and Southeast Asia.” Mr Dennis Cong, managing partner of CreditEase Fintech Investment Fund, said, “Digital-driven insurance and healthcare markets have huge potential, especially in India and Southeast Asia where customers are largely underserved, struggling to manage their insurance policies or ending up being sold generic and irrelevant products.

“Symbo is well-positioned to bring corporate and individual customers brand new experiences by providing customised products in a more accessible and convenient way. InsurTech and HealthTech are key areas we are focusing on and we expect Symbo to help more people get better protected.” The latest funding round follows the company’s acquisition of Singapore-based digital health platform Vivant, bringing a comprehensive and highly complementary digital health offering to its robust InsurTech platform, and deepening its client base across India and Southeast Asia.

Symbo combined technology platform empowers over 80,000 agents and 45 technology licensing partners, supporting over $100m in annual GWP across India, Malaysia, Singapore and Indonesia, the company says in a statement.

Thailand and AppMan

Separately, in Thailand, InsurTech SaSS platform AppMan has raised $4.6m in a Series A funding round from Siam Alpha Equity’s “SME Growing Together 1” fund, Krungsri Finnovate, Casmatt, KTBST, and Poems Ventures, the venture arm of PhillipCapital Group.

Founded in 2011, AppMan has a flagship product, called AgentMate, which is an electronic point-of-sales solution for international and local Thai insurers.

The proceeds from the fundraising round are to be used to drive the support, expansion, and development of innovative technologies by the company in APAC. This includes the usage of artificial intelligence for insights screening for financial institutions and the investment and insurance industry.

Source: Asia Insurance Review