Surer Secures Seed Funding for Insurtech Product Development
Addressing Imbalances in General Insurance Through Digitalization
A significant disparity exists between the demand for and supply of general insurance, largely attributable to cumbersome workflows experienced by both insurance intermediaries and insurance providers.
Surer, a Singapore-based insurtech firm, tackles this challenge by offering a cloud-based platform that streamlines operations. This automation grants intermediaries swift access to insurance quotes and empowers insurers to distribute their offerings with greater efficiency.
Surer's Founding and Mission
Launched in September 2020, Surer was founded by Gordon Tay, Renfred Tay, and Derren Teo. Their core objective is to resolve the substantial gap between demand and supply within the $1.7 trillion general insurance sector.
The company has successfully secured $1 million in seed funding to further develop its platform and expand its reach throughout Asia.
Investment and Growth
This funding round saw participation from Norwegian investor Kistefos, Markel Digital Investment, and an angel investor. Previously, Antler had also invested in Surer.
In June 2021, Surer introduced the Instant Quote Marketplace, a feature designed to provide users with automated and immediate quotations.
Expansion Plans
Currently operating in Singapore, Surer intends to extend its services to additional markets, including Malaysia, Hong Kong, and Taiwan, according to Gordon Tay.
“Our focus is on constructing a digital ecosystem that benefits both the creators (insurers) and distributors (intermediaries) of insurance products,” explained co-founder Gordon Tay. “We operate under a B2B2C model, differentiating ourselves from many other insurtech companies that adopt a direct-to-consumer (B2C) aggregator approach.”
Demonstrated Traction
Surer reports substantial progress, with over 350 intermediary signups and demo requests received. The platform has already facilitated approximately $1 million in gross written premiums (GWP).
The company projects GWP transactions to reach $1.5 million by year-end.
Market Size and Comparisons
Gordon Tay highlighted that Asia’s general insurance market is valued at around $564 billion, with Singapore representing approximately $2.9 billion of that total.
Successful models comparable to Surer outside of Southeast Asia include WeFox in Europe and Turtlemint in India.
Partnerships, Not Competition
Other insurtech companies, such as online brokers like Singapore’s MoneySmart and PolicyPal, India’s PolicyBazaar, Indonesia’s PasarPolis, and Malaysia’s PolicyStreet, are viewed as potential partners rather than direct competitors.
These online brokers can leverage Surer’s Instant Quote Marketplace and its network of intermediaries as an additional distribution channel, complementing their existing online platforms, as explained by Tay.
Investor Perspective
Bengt Rem, CEO of Kistefos, stated, “Kistefos possesses a robust investment portfolio in Norway and Europe, encompassing companies that deliver financial services. We recognize significant potential within Asian markets, and Surer has demonstrated an ability to capitalize on the trend of digital transformation in the region’s insurance industry.”