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Singapore-based Surer raised $1 M in seed funding

Surer, a Singapore-based business that provides insurance firms and intermediaries with a cloud-based platform, has secured $1 million in initial investment.

Kistefos, a Norwegian investor, Markel Digital Investments, a subsidiary of Markel Corporation, and an anonymous angel investor all funded.

Surer plans to use the new financing to enhance its core technology platform and its development staff in order to achieve its product roadmap.

“We aim to solve the problem of a huge mismatch in demand and supply in a US $1.7 trillion general insurance industry,” said co-founder Gordon Tay.

Tay, Derren Teo, and Renfred Tay created Surer in 2020. They formerly worked with PropertyGuru and Carousell in various capacities. They formerly worked for large insurance businesses such as AIG, MSIG, and QBE.

Surer wants to build a fully linked digital environment where insurance brokers and insurers may use its technology to optimise workflows, procedures, recruiting, and product distribution.

Surer says that it facilitates network orchestration, efficient communication, and information transmission, allowing intermediaries and insurers to better serve end policyholders. “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” added Tay.

Surer claims to have received 350 intermediary signups and demo requests since its launch. Over 1,000 insurance proposals have been issued, and the platform has transacted over US$887,148 in gross written premiums.

By the end of 2021, the firm aims to have surpassed the US $1.5 million benchmarks in terms of GWP.

COVID-19 cost global insurers about US $55 billion in 2020, prompting them to seek digital solutions to better serve their clients in this new environment. Insurtech businesses received an all-time high of US$7.5 billion in funding from worldwide investors last year, and this trend is likely to continue in the Southeast Asia market in 2021.

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