Singapore-based start-up Vouch Insurtech has received SGD $1 million (US$759,000) in its latest seed funding round.
Venture capital firms Nogle Capital Management of Taiwan, GREE Ventures of Singapore, and several angel investors contributed to the funding.
Vouch Insurtech is a peer-to-peer group insurance buying platform that works together with multiple insurance companies to offer cash-back incentives for motor insurance to safe drivers. It recently partnered with three major insurers – NTUC Income,
Sompo Insurance Singapore and
Tokio Marine Singapore – to become part of its digital platform. In 2017, Vouch was selected by global reinsurer
Swiss Re to be part of its insurtech accelerator programme.
“In the traditional car insurance model, safe drivers are penalised with paying higher premiums, to cover the risks of unsafe drivers,” said Yujun Chean, CEO and co-founder of Vouch Insurtech. “[Vouch] realised that this was tremendously unfair, and saw an opportunity to work with insurance companies, to reward safe drivers. Insurance companies also want to encourage their customers to drive safely, as it means fewer claims.”
According to Vouch, it is planning to expand to other markets in the region, including Thailand, Malaysia, and Taiwan.
Related stories:
Willis Towers Watson looks at the insurtech boom
Former Manulife executive joins Hong Kong insurtech start-up
Big data analytics – the future of insurance
