UK-based insurtech Inzura expands in Asia

UK-based insurtech Inzura expands in Asia | Insurance Business

UK-based insurtech Inzura expands in Asia

Inzura, an insurance technology firm based in the UK, has opened new offices in Thailand and Singapore, alongside the hiring of Nicholas Lee (pictured) as business development director for Asia, based in Singapore.

According to a statement from Inzura, this expansion will enable the company to take advantage of the growing demand from Asian insurers to embrace technology and take a digital-first, data-driven approach to insurance provision.

Prior to this latest phase of expansion, Inzura has worked with Sompo Holdings, Chubb, Syn Mun Kong, and Muang Thai Insurance in the region.

Throughout 2019, Inzura has signed new memorandums of understanding with Thailand’s largest broker TQM, Malaysian start-up insurer Ouch!, and software provider Merimen. It added that the new Singapore office will serve as a vital hub for the company as it continues its expansion in the region. Inzura is looking to work with dynamic Asian insurers and brokers in leveraging technologies – such as data, AI, smartphone apps, and telematics – that improve efficiency and customer experience.

Read more: Singapore set for surge in digital insurance brokers

As Inzura’s new business development director for Asia, Lee will work alongside Bundid Sujirapinyokul, Inzura’s managing director in Thailand. Lee has 20 years’ experience in the insurance industry, having worked with several major players in the Asian market. He has held numerous senior roles including head of broking at Sompo Insurance, director at global health insurer Aetna Global Benefits, senior manager at AXA Insurance Singapore, and assistant vice president for Lockton Companies (Singapore).

“Asia is emerging as a hub for insurtech innovation,” said Richard Jelbert, CEO of Inzura. “Regulators in the region are actively promoting digital innovation and consumer use of digital channels is growing rapidly. Inzura has for some time been a shining light on British insurtech innovation in the region, but with strong investment behind us, a new office in Thailand and new regional hub in Singapore, we’ve a platform from which to capitalise further on demand for our products and services.

“Our mission is to help Asian insurers and brokers step into digital the right way, leveraging robotic process automation, AI and machine learning for data driven actionable insights that improve efficiency, pricing, and the customer experience.”