PolicyPal, a Singapore-based start-up company that provides users with the ability to manage their insurance policies from a single mobile app, has received seed funding from venture capital fund 500 Startups and several angel investors.
The company aims to use the additional funding to augment its marketing and product development pushes. The amount of the seed funding was not disclosed.
PolicyPal will also join the Monetary Authority of Singapore’s fintech regulatory sandbox, which allows fintech start-ups to experiment and promote innovation in a more relaxed regulatory environment.
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Val Yap, PolicyPal’s founder, got the business idea from the difficulties she encountered when handling her mother’s insurance policies. The app gives reminders regarding policy renewal and due dates for premium payments. Its artificial intelligence allows users to simplify and digitise insurance by managing existing policies from different insurers, as well as providing personalised recommendations for insurance policies.
The app, which is available on both IOS- and Android-based devices, is reportedly the first of its kind in the Singaporean market. Launched in June 2016, PolicyPal’s user base has increased from 500 to around 8,000 users.
The firm is currently studying the possibility of expanding in other markets in the Asia-Pacific region, such as Hong Kong, Thailand, and Australia.
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