Singapore-based digital insurance firm Symbo has obtained its insurance brokerage licence and launched.
This allows the firm to bring its digital insurance platform to both retail and corporate customers in Singapore.
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Symbo to change Singapore’s insurance sector?
Symbo creates technology innovations to streamline the insurance lifecycle. It also aims to fix some of the industry’s largest operational and customer pain points.
These include data utilisation, workflow automation and blockchain-based solutions.
This is Symbo’s first move in its active expansion across Indonesia, Malaysia and the Southeast Asia region.
The Singapore digital insurance option allows a quick purchase of a range of general and life insurance products.
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By GlobalDataSiraj Ali, Symbo board member, said: “We’re seeing a major opportunity to lean into the digital opportunity to transform insurance and reinsurance in the ASEAN region as digital penetration continues to leapfrog ahead of other regions and demand for risk cover continues to grow with changing demographics. Singapore’s leading innovation infrastructure and ecosystem provide the ideal launchpad for testing and bringing our digital platform and innovative insurance products to scale in this dynamic region.”
To aid the expansion, Symbo appointed Laurens Koppelaar as head of international and Subhajit Mandal as head of product. Koppelaar joined from Allianz and Mandal worked for MetLife before joing Symbo.
In a joint statement, Symbo’s board of directors said: “The launch of Symbo’s online insurance broking business in Singapore is a major milestone for the company as we intend to participate in Singapore’s vibrant innovation ecosystem to expand across Southeast Asia.
“Our established team has strong experience bringing platform solutions to scale across the insurance and reinsurance value chains in Asia and we now look forward to applying their expertise to offer thought leading solutions in Singapore and the broader ASEAN region. We are thrilled to have Laurens and Subhajit join us in this journey and are confident that they will bring significant contributions to the business.”
