Singapore:Instant Quote Marketplace attracts nearly 300 intermediaries

Close to 300 insurance intermediaries have signed up to InsurTech startup Surer's Instant Quote Marketplace, since the platform was launched last September, says Mr Gordon Tay, a co-founder of the company.

The intermediaries have generated over 1,000 proposals and GWP of over S$1m ($756,000). The Instant Quote Marketplace lets users of Surer gain access to selected products offered by participating general insurers. Surer is a cloud-based, InsurTech company that helps intermediaries automate processes and drive network collaborations while unlocking a new distribution and recruitment channel for insurers.

As for business models for Surer's two core customer groups i.e. the individual intermediaries and insurance companies, Mr Tay said, "For intermediaries, we run a SaaS model where intermediaries would have to pay a subscription fee to use the platform. “For insurance companies, we provide various marketing solutions (where being on this Instant Quote Marketplace is one of them) to help them with product distribution and recruitment by engaging with the intermediary users on our platform.”

Commenting on the state of the market, Surer notes that 70% of local SMEs are underinsured due to the time taken for insurance intermediaries to manage a complicated workflow with insurers. Furthermore, licensed general insurance agents in Singapore are each allowed to represent a maximum of three insurers. However, only 9.9% of these agents represent three insurers.

Mr Derren Teo, also a co-founder of Surer, said in a statement, “Surer helps intermediaries save 95% of their time on product quote sourcing and 70% of time spent dealing with administrative processes. The digitalisation of their workflow leads to greater speed and efficiency. With more time, intermediaries can increase their focus on prospecting and advising clients, including the 70% of uninsured or underinsured SMEs in Singapore.”

He also said, “Insurers can be more effective in product distribution and recruitment.”

Source: Asia insurance review