Singapore-based insurtech company Surer has raised US$1 million (SG$1.35 million) in its recent seed funding round, led by Norwegian private investment company Kistefos, global specialist insurer Markel through its insurtech investing arm, Markel Digital Investments, and an angel investor.
Antler, a global early-stage venture capital firm, also invested in Surer in an earlier round.
Launched in September 2020, Surer is a cloud-based insurtech platform that allows insurers and intermediaries to access technology that enhances workflows, processes, recruitment and distribution of products.
Surer said that it will use the newly raised funds to bolster its core technology platform and invest in its tech team to deliver on its product roadmap.
“We are pleased to have strong investors on board who share our vision to solve the problem of a huge mismatch in demand and supply in a US$1.7 trillion general insurance industry,” said Gordon Tay, co-founder of Surer. “With the new funds, we believe Surer can further capitalise on our unique position to build a fully connected digital ecosystem 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, which ultimately delivers more business for insurers… Kistefos has a strong track record and understanding of support for its portfolio companies, while the commitment of an influential industry player like Markel confirms the potential of our business and solution.”
Since launch, Surer has gathered more than 350 signups and demo requests from intermediaries. More than 1,000 insurance proposals were sent and over SG$1.2 million in GWP transacted on the platform. It expects to exceed the SG$2 million GWP mark by the end of 2021. It is certified by the Singapore FinTech Association as an insurtech service provider.
“Kistefos has a strong investment portfolio in Norway and Europe, including companies delivering financial services,” said Bengt Rem, CEO of Kistefos. “We are seeing huge potential in Asian markets, and Surer has shown the ability to capitalise on the trend of digital transformation in the insurance industry in the region.”