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InsurTech startup Surer raises $1 mn funding to invest in its tech team

The funding round is provided by Kisfetos

Singapore-based insurtech startup Surer has raised $1 million in seed funding from the Norwegian private investment company Kistefos, through its insurtech investing arm, Markel Digital Investments, and an angel investor, according to media reports.

Surer helps automate the workflow and helps insurance intermediaries get rapid access to insurance quotations to distribute their products more efficiently. By digitising the insurance work, the company’s platform enables them to save time, focus on their clients and scale their business.

Launched in 2020, Surer’s mission is to solve the enormous mismatch in demand and supply in a $1.7 trillion general insurance industry. In 2021, Surer added a new feature, the Instant Quote Marketplace, which allows users to get quotations automatically and instantaneously. Currently, the company is operating its service in Singapore, but plans to enter other markets like Malaysia, Hong Kong and Taiwan.

Gordon Tay, co-founder of Surer said, “We are focusing on building a digital ecosystem that serves for parties creating (the insurers) and distributing (the intermediaries) insurance products, and we run a B2B2C model.” He also added that theirs is different since many other insurtech companies that operate an aggregator model by approaching the consumer directly.

The company has also mentioned that they have seen strong traction with more than 350 intermediary signups and demo requests. Asia’s general insurance market is valued at $564 billion, and Singapore has approximately $2.9 billion.

Models similar to Surer like WeFox in Europe and Turtlemint in India, which have proven successful and the founders of Surer expect that Surer will follow the same.

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