APAC 50 by ITC

APAC
Pro udly p owered by
2
CONTENTS FOREWARD
F O R EWO RD - ITC AS IA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
F O R EWO RD - S ØNR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
PA RT N E RSHIP BE HIND THE F ORWAR D50 . . . . . . . . . . . . . . . 4
M ET H O D OLOGY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
M E ET O UR JUDGE S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
A N A LYSI S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
M E ET O UR FORWA RD5 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Tricia Wong
Director, InsureTech Connect Asia
tricia@insuretechconnect.com
asia.insuretechconnect.com
Click here to skip to the relevant company profile ITC Asia is proud to be part of the In this dynamic and rapidly evolving
landscape, insurtech has emerged as a
Forward50 APAC Report this year. catalyst for change, revolutionising the way
01 REASK 18 VITRAYA 35 SYNC TECHNOLOGIES It’s been a pleasure working with insurance products are designed, distributed,
02 KENKO HEALTH 19 UPCOVER 36 CYBER SIERRA and consumed. Insurtech innovation is
the Sønr team and I’m excited to reshaping the broader insurance landscape
03 HONEY INSURANCE 20 RISKCOVRY 37 HAIBAO TECHNOLOGY and transforming the way society perceives
have you join us on this journey
04 GROWMO 21 YAS DIGITAL 38 BIMA GARAGE and engages with insurance.
explore the leading early-stage
05 ENSURO 22 MEDPAY 39 BIMAPLAN ITC Asia’s goal of building a community of
insurtechs in APAC. like-minded people that are interested in the
06 INSURESMART 23 EAZY DIGITAL 40 KOVERNOW
innovation and transformation in the insurance
07 PROTOS LABS 24 ZHIBAO CLOUD 41 SENTRO The selection process was a rigorous one industry can only grow with your continuous
08 FINSALL 25 FARM INFINITY 42 IGNATICA involving Sønr’s extensive research, along with support. We’re honoured to be the platform
thought leaders in the industry as our judges. that facilitates networking and fostering
09 PAZCARE 26 INSURANCE SAMADHAN 43 KOBA INSURANCE Everyone who worked on this report shares meaningful conversations and we’re committed
10 SENANG INSURANCE 27 LIFEPAL 44 MIXCARE HEALTH the same vision of wanting to accelerate to growing the insurance ecosystem together
the insurance ecosystem together, as a with you.
11 TRENDSPEK 28 JAGUAR TRANSIT 45 AMAN
community. We hope you find the insights of the report to
12 ASSUREKIT 29 KANOPI 46 REY.ID
Insurtech, a portmanteau of insurance and be useful and I’ll be delighted to discuss and
13 MEDICONCEN 30 SALADIN 47 LIVWELL ASIA technology, represents a remarkable fusion learn from you on what you think is the future of
14 DEARTIME 31 HEALTHYSURE 48 EZYPOLIS of cutting-edge digital advancements, insurance in APAC!
innovation and the age-old principles of risk
15 PLUM 32 FI LIFE 49 MEDICI VIETNAM management. This amalgamation has not only
16 CREDIFY 33 ANYCOVER 50 LIFEBID challenged the status quo of the insurance
industry but has also unlocked unprecedented
17 SURER 34 ENSUREDIT
opportunities for insurers, policyholders, and
society as a whole.
1 F O R W A R D 5 0 A PA C
FOREWARD PARTNERSHIP BEHIND
THE FORWARD50
+
Matt Ferguson
Managing Partner, Sønr
mattf@sonr.global
www.sonr.global
The insurtech sector has been Each report is carefully curated through a The Forward50 series is proudly brought to you by InsureTech Connect and Sønr.
combination of Sønr data, our proprietary ML
fascinating to watch. From its technology and with the support of some of
ITC, one of Clarion Events leading brands, is Sønr, since its inception back in 2016,
emergence, to the rhetoric of the insurance industries leading figures as
recognised for creating the largest insurtech has grown rapidly, providing unparalleled
judges, to arrive at our top 50 startups.
‘them vs us’, the unicorn and event in the world, welcoming over 30,000 intelligence to dozens of (re)insurers
Not only that, but we’re very proud to be insurtech, insurance and investment leaders worldwide, providing them critical insight on
SPAC highs of 2021 to the relative launching this report with our partners from 100+ countries to its annual events in Las market trends, competitor activity, and the
lows of 2022. Even the definition InsureTech Connect. Our aim is to help Vegas, Singapore and Miami. In 2022, as part startups and scaleups best placed to deliver
bring ever more insight and stimulus to the of their global expansion plan, ITC partnered growth opportunities. In addition to building
of the term insurtech - whether thousands of delegates who join them at with the Digital Insurance Agenda (DIA) - the the world’s leading Insurtech Scouting and
it’s perceived to lack discipline events each year and better connect them leading insurtech and insurance innovation Innovation Management platform, their team
or be deliberately broad and all- with the insurtech ecosystem. community in Europe – offering customers two supports clients around the world with deeper
This first report focuses on the APAC region more annual insurtech festivals in Barcelona research and the creation of new products,
encompassing - has evolved. and judging by the businesses we reviewed, and Munich, alongside content-rich digital services and businesses.
there’s a really bright future for the region platforms.
And it’s this ongoing change that excites with a number of key trends coming through
me. It’s also what led us to try and better strongly from our top 50 companies, focussed
understand the businesses driving the future on distribution, AI, B2B2C propositions,
of both the insurtech sector, but also of the blockchain and meeting the needs of
insurance industry itself. underserved customers.
So, it gives me great pleasure to introduce the A big thank you again to our friends at ITC
first in our series of Forward50 reports, which Asia, a huge thank you to all of our judges
explore the most exciting early-stage ventures for their time and a massive congratulations
across APAC, Europe and the Americas. to the startups who made it to the final
Forward50. We look forward to continuing
the conversation.
METHODOLOGY MEET OUR JUDGES
Welcome to the Forward50 - a curated report on the leading emergent Masashi Namatame Philippe Vezio James Orchard
Group Chief Digital Deputy CEO, Chief Executive Officer,
startups driving change across insurance. These are either bootstrapped Officer, Managing Chief Underwriting Officer, QBE Ventures
or have raised a maximum of a single Series A investment round. Executive Officer, Tokio Marine Asia
Tokio Marine
We took great care in producing this report 2. Independent experts

with a methodology combining Sønr’s
Lauren Liang Jonas Boltz Jean Michoud
comprehensive global data and insurtech Once our long list of companies is created we Global Head of Chief Executive, SVP, Regional Head
experience combined with analysis and assembled a group of world class industry Partnerships and ERGO Insurance of Direct and Digital
perspective of some of the insurance world’s experts to act as judges, and made sure each Propositions Innovation, Singapore Distribution,
leading figures. startup was critically evaluated and scored by Swiss Re Liberty Mutual APAC
It includes propositions for both insurers and at least three independent experts.
enabling technology providers serving the The result is a data-driven and verified list Ron Arnold Charisse Thompson Edmund Lim
insurance market, across the value chain. - our Forward50 list. Managing Director Head of Strategy Chief Ecosystem
There are two parts to our methodology: and Founder, and Innovation, Partnership Officer,
11eight RAA Insurance Prudential Corporation
Asia
1. Sønr
Sønr is the world’s number one open innovation Jamie Macgregor Dr. Yao Yuhui Jodi Foster
and startup scouting platform designed Partner, Head of Celent, Group Chief Data Officer, Head of Enterprise
specifically for the insurance sector. We score Oliver Wyman FWD Group Transformation Office,
the companies we track in Sønr using the Sønr Hollard Insurance Australia
Index – a proprietary scoring technology, which

considers millions of data points across 3
criteria in order to determine their propensity to
succeed: Paul Brenchley Chris Pile Tek Yew Chia
Managing Director General Manager - Labs, Vice Chairman, Singapore,
and Partner, Firemark Collective, and Head of Insurance,
PEOPLE: The key people across the Boston Consulting Group IAG Asia Pacific,
business – taking in factors such as where Oliver Wyman
they have studied, their past involvement with
startups or notable companies, their known
network, and whether they are considered Shwetank Verma Iwan Juwono
experts in their field. Co-Founder and Head of Insurance,
Managing Partner, Grab
PRODUCT: Including the core tech stack of Leo.Capital
the business, patents they have registered,
the customer problem they have overcome,
and any exceptional tech or experience they
have created. Sonali Verma Noriyoshi Hosokawa
Head, Digital Line Manager, IT Digital
Bancassurance, Dai-ichi Life Holdings, Inc.
PERFORMANCE: Growth metrics such as Manulife Asia
downloads, partnership, investments and
traction. And other attributes including financials,
market sizing and performance to date.
ANALYSIS: KEY TRENDS
The insurtech sector has seen 75,000 distribution points. Ensuredit provides Kenko Health is striving to make healthcare 5. BLOCKCHAIN VALUE
an AI-based platform helping bring clarity and more accessible and cost effective in India and
huge change over the past two efficiency to the insurance distribution cycle; achieved 10x growth in 2022. They are currently Whilst there is much speculation on the role for
while LifeBid enables advisers and insurers to in the process of obtaining a general insurance Blockchain, 20% of all the insurtechs featured
years in terms of its general use distributed ledger technology and/or smart
provide high quality life insurance advice and licence which will further enable these objectives.
maturit y, but also the economic, ensure products are accessible and affordable for Bimaplan which works with insurers to create over contracts.
political and social context in consumers. the counter, low-premium insurance products MediConCen is a medical network leveraging
relevant to the needs of low and middle-income patented Blockchain technology, automating
which it has developed. populations. They are onboarding 50,000 users insurance claims and making insurance more
2. STRONG INNOVATION each month with a stated objective to have one accessible for insurance companies, medical
And yet, in spite of some significant headwinds million users by the end of FY2023. networks and clinics using Hyperledger Fabric
- especially in later stage activity - interest in ACROSS HEALTH Blockchain.
early-stage funding remained comparatively Health insurance propositions feature most Hong Kong-based YAS MicroInsurance, has
strong. Beyond the hype, insurance remains heavily in the Forward50, representing 25% of the 4. DATA-DRIVEN AND AI ENABLED raised $10m to date and provides API and
a challenging business and new technology report. This is followed by Life (15%), Employee With an industry built upon data and with only a blockchain-based, on-demand microInsurance
solution providers continue to offer potential value Benefits (12%), Auto (9%) and Commercial - fraction typically utilised, there’s no real surprise products that activate protection anywhere and
to insurers. mainly SME propositions (6%). The least common we’re seeing Artificial Intelligence and Machine anytime on the YAS app. Interestingly, they
The following analysis provides an overview of across the are professional services, pet and Learning used by at least 36% of the Forward50. claim to be expanding significantly into Web3
key themes and illustrative examples from the reinsurance. insurance.
Some interesting applications include: Protos
underlying data of these businesses. Perhaps The prominence of health-related propositions is Labs from Singapore who helps insurers, And LivWell is a blockchain-based membership
unsurprisingly given the diversity in the region due to a variety of reasons, primarily due to low reinsurers, and enterprises to quantify cyber risk programme that prompts the member to move by
these cover a broad range of topics including: penetration rates across APAC. This is particularly exposure. walking and earning rewards in form of LivWell
distribution, insurance lines, business model, apparent in South-East Asian countries, where
In New Zealand, Sentro offers a cloud solution coins for the steps they take and calories burnt.
geography and technology. there is opportunity to deliver more accessible,
cost-efficient cover. This is being fueled further by for the full group insurance and benefits value Ensuro is an interesting one. They collect money
societal challenges such as ageing populations. chain and applies AI to plan renewals, member from different liquidity providers (both retail
1. A FOCUS ON RESHAPING For these reasons, the industry naturally needs to enquiries, plan experience analysis and and institutional) in a liquidity pool governed
DISTRIBUTION continue evolving by instilling preventative care assessing plan options. by smart contracts. This capital provides
and enhanced customer experiences for example Back in India, Vitraya, who recently raised a $5m underwriting capacity for MGAs operating in the
60% of the Forward50 have a proposition directly parametric insurance space. Essentially Ensuro
leveraging data and technology. Series A, has built a healthcare claim settlement
connected to distribution, with insurtechs largely is democratising insurance as an asset class,
playing an enabling role. platform for hospitals, healthcare providers,
and insurers. The core of their platform lies in allowing anyone to invest in insurance risk.
Approximately 15% have a direct to consumer 3. A NASCENT INDIAN MARKET their AI-enabled Blockchain technology that
(D2C) model, but the vast majority have a ADDRESSING THE PROTECTION GAP underpins the security of the hospital, patient and
business to business (B2B) model, working policy data, but also enables rapid processing. 6. ENABLEMENT OVER
directly with advisers, brokers and carriers. With 30% of all companies originating from India DISRUPTION
Their raise also included strategic participation
Health, Life and employee benefits are the most (more on that later), it’s no wonder that one of the
from Xceedance, a global provider of digital Over the years we’ve witnessed a change in
common products on offer within this, primarily common trends we’re seeing - represented by
transformation solutions, technology, and market narrative and relationship between
across India, Indonesia and Hong Kong. 10% of the Forward50 - is a shift to addressing
analytical services to the insurance industry incumbents and insurtechs. For the majority
the challenge of financial inclusion.
Good examples include: India-based, Bimaplan of startups featured in this report, insurance is
who are creating a platform to provide essential It’s a prominent challenge and collectively the five their primary or significant market. It is therefore
insurance to underserved populations. Assurekit companies: GroMo, Kenko Health, Finsall, Farm unsurprising that we also see 9 of the top 10
provides a plug-and-play solution and works with Infinity and Bimaplan have raised $30.4m (15%) startups using a B2B model.
over 20 insurers and accesses customers through of the total disclosed $191.5m funding across the
Forward50.
7
ANALYSIS: KEY TRENDS
In number one spot, Reask, backed by Tencent, Kanopi, located in Australia, helps insurers,
SV Angel and Hawktail, helps organisations proptechs, financial service companies and
India dominates, with Singapore SUMMARY &
and Australia close behind
forecast its exposure to weather-related
catastrophic events globally. Their tools are
accounting platforms build, distribute, manage,
and scale products through its end-to-end When segmenting the Forward50 APAC,
LOOKING FORWARD
intended to be used independently or to augment insurance software platform. there is a particular weighting towards India The super early stage market points to a bright
other third-party catastrophe models. Their clients (30%), Singapore (18%) and Australia (16%) future for insurtechs in the region as they gain
India’s Riskcovry is an “Insurance-in-a-box” traction and grow - particularly as those included
range from (re)insurers to ILS fund managers as the dominant emerging markets. Perhaps
model offering a one-stop-shop platform and have weathered a challenging few years already.
through to government organisations unsurprising given the relative maturity of
several plug and play products across multiple
these markets. Whilst there are interesting B2B2C and B2C
Paz Care is another company worth highlighting, channels - customer self-service, agent assisted,
moving the dial in employee benefits. Offering or embedded. This is followed by Indonesia (8%) and Hong propositions included, the majority of insurtechs
group health, personal accident, term life, and Kong (8%) with the remaining companies are seeking to work with insurers.
Saladin, located in Vietnam, provides life, health,
corporate wellness products, their tech platform located across Malaysia, China, Vietnam, As a result, it is perhaps unsurprising to see a
accident, property, automotive, and travel
lets its users design, administer, and manage Thailand and New Zealand. clear focus on distribution - supporting insurer
insurance services and has entered a strategic
benefits programs for their employees. It has over partnership with BaoViet in September 2022 to or broker operations or in accessing new,
130,000 members from over 500 companies on launch embedded insurance products in service underserved customer segments.
its platform. professions. It’s very early stage in APAC Technology clearly plays an enabling role with
We can expect this narrative to continue, and, as As open finance continues to mature globally Whilst the capital markets have significantly the use of AI and ML being commonplace. But,
these companies scale, some direct to consumer along with increasing usage-based insurance changed in the past 18 months, there is a the use of blockchain was interesting given the
propositions, like Kenko Health, will seek to become models and seamless customer experiences, continued interest into early stage APAC challenges we have seen in Distributed Ledger
licensed, full stack insurers. we believe embedded insurance is going to businesses. Technology realising its potential in an insurance
continue to gain traction and is yet to reach its context more broadly.
Of those that have disclosed their funding rounds,
true potential. 73% are at Pre-Seed or Seed stage, and 27% These features perhaps explain the strong interest
7. EMBEDDED AND ON-DEMAND both from regional, but also global, investment
have secured a Series A funding round.
LEADING THE CHARGE markets. We would expect to see many secure
Further to the market analysis we’ve examined the On average, since their founding date, it took further investments in spite of it likely to be a
In addition to Software-as-a-service and
operational data that sits behind the companies companies in the Forward50 approximately two tough market for some time yet. As a result,
distribution plays, the next most common
featured across the Forward50. years to reach their Seed round and a further 12 further partnership activity with incumbent players
approach across the Forward50 include
months to reach their Series A raise. is highly likely.
embedded insurances and on-demand products
enabling pay-per-use type propositions. There are a handful of companies who have, in In terms of areas that were less well represented,
26% of companies in the Forward50 focus on
20% of all companies were this list, raised some standout Series A rounds cyber and ESG-related propositions stood
founded during the pandemic worth mentioning: Honey Insurance who raised out. From a cyber perspective this is perhaps
an embedded B2B2C model or on-demand
the largest Seed round in Australia’s history at explainable by the maturity of the region and
related propositions. Collectively this group of Necessity is the mother of invention and it’s $11.9m, led by insurer RACQ; Plum who raised competition - particularly in the US. Similarly,
companies has raised $36.6m. Singapore has the an apt phrase when observing that 20% of the $15.6m in Series A funding in 2021, backed by whilst financial inclusion and accessibility featured
highest representation within this group with four Forward50 startups were founded during the Tiger Global and Sequoia Capital, and Kenko heavily, there was little mention of ESG. We would
companies while Australia, Vietnam and India COVID-19 pandemic. Health who raised a $12m Series A in anticipate seeing more as we look at the next
each have two companies in the report.
The most recently-founded company featured early 2022, led by Sequoia Capital. reports focussing on Europe and the Americas.
Jaguar Transit combines on-demand was Eazy Digital in 2022. The vast majority (84%)
embedded insurance, state-of-the-art Hi-Tech were founded between 2018-2020, meaning
Security Bags, and user-friendly AI-assisted there’s a sweet spot of 3-5 years of operations for
smartphone technology to provide pay-per-use those companies making it into the listing.
transportation protection for high-value items
like cash, gold and jewellery.
9
REASK KENKO HEALTH
01
REASK
02
KENKO HEALTH
Reask uses AI and global climate data to create models and support from early-stage investor, SV Angel (whose other bets With a vision to make healthcare more accessible and cost Kenko’s ‘all-in-one’ app, which has over 100k downloads and an
tools that help the insurance industry quantify catastrophic include Google, Twitter and Airbnb) plus Venture Fund, Hawktail. effective, Indian health insurance startup Kenko provides a fully average rating of 4.4, allows customers to manage plans, track
climate risk. It offers real-time, post-event, seasonal and digital, monthly subscription-based network of outpatient (OPD) health & wellness, and pay for items in its health marketplace –
Unlike conventional solutions which rely on extrapolating
long-term data solutions and insights for weather-related services. It offers discounts of up to 50% on medicines, doctors’ the Kenko Store – which also includes over 200 non-prescription
historical records, or have gaps in their coverage, Reask’s
catastrophes, underpinned by cutting edge technology. fees and diagnostic costs, with packages starting at ₹299 ($4) products across eight categories.
modelling is both comprehensive in geographic scope, and
per month. In India, over 60% of healthcare costs are paid out
The company counts AXA, Canopius, Suncorp, Securis dynamically adjusts as the climate evolves. This gives re/insurers Co-Founders Aniruddha Sen and Dhiraj Goel previously held
of pocket: over five times more than the US, and almost double
Investment Partners and Global Parametrics as clients. It has much needed additional accuracy to price climate change- senior roles at Cigna TTK Health Insurance, as SVP and Head of
that of China.
also partnered with third-party distributors Geosite, ImageCat related risk: all the more vital given the growing impact of climate Digital, and Chief Actuary. In February Kenko added Zomato’s
and Eigen Risk, and most recently partnered with flood risk change on extreme weather, leading to increased board level Following a $1.7m raise in August 2021, Kenko secured a $12m dining head Aman Priyadarshi as Head of Product.
modeller Fathom to create combined wind and flood models. It scrutiny on the environmental component of ESG. Series A in February 2022. The round was led by Sequoia, and
Kenko Health is also in the process of obtaining a general
has also teamed up with Descartes Underwriting and Swiss Re included existing investors BEENEXT, Orios, 9Unicorns and
The leadership team also includes CEO Jamie Rodney, who insurance license, while focusing on providing cashless
Corporate Solutions to enable them to underwrite parametric Waveform. At the time, it had 50k users across 40 cities in India.
joined the company from catastrophe bond, private ILS and treatments, tailored corporate plans, and enhancing
windstorm insurance. With 10-fold growth in 2022, it now has over 2m customers and
reinsurance linked investment manager, Twelve Capital. interoperability within the Indian healthcare system.
200 corporate partners. Much of Kenko’s explosive growth is the
Founded in 2018 by Thomas Loridan (previously a Lead Data Previously he worked with Reask on a hurricane research
result of focusing on middle-income households in Tier 2 and 3
Scientist at Risk Frontiers and Cat Modeller at Moody’s-owned partnership utilising the company’s artificial intelligence
cities, typically not covered by health insurance schemes.
RMS) and Nick Hassam (Senior Analyst at Willis Re and Head of capabilities to predict seasonal and future impacts of tropical
modelling at AIG-owned Talbot Underwriting) it closed a Seed cyclone risk. In December, the company also hired Munich Re
investment round in January 2022. Targeting global expansion, Capital Partners’ David Schmid as Head of Parametric Products
including the London market, the raise was led by Tencent with to drive growth in this key business vertical.
LOCATION FOUNDED FUNDING FUNDING ROUND CLIENTS LOCATION FOUNDED FUNDING FUNDING ROUND CLIENTS
Australia 2018 Undisclosed Seed AXA, Canopius, India 2019 $13.7m Series A 2m+ customers
Suncorp, Securis 200+ corporate partners
Investment Partners
ADDITIONAL COMMENTARY ADDITIONAL COMMENTARY
and Global Parametrics
The Reask team, is doing something rare in this space, using cutting-edge Much of Kenko’s explosive growth is the result of focusing on middle-income households in Tier 2 and 3
approaches that are deeply rooted in the underlying physical science. cities, typically not covered by health insurance schemes.
HONEY INSURANCE
03
HONEY INSURANCE
Q&A
HONEY INSURANCE
Rich Joffe
CEO/Founder
Honey Insurance is Australia’s first smart home insurer, Aggregator Specialist Finance Group (SFG) followed in What excites you most about the What advice do you wish you had
providing customers with three sensors to help proactively September, digitising and embedding the insurance application
protect their homes from common perils including fire, changes in its mortgage processing platform, a persistent source of
insurance market right now? received earlier in your entrepreneurial
in temperature, water leaks and theft. delay in the Australian market. With 70% of home purchases
There are so many opportunities. With journey ?
being facilitated through a broker, it is extending this capability
By utilising these sensors – which are wireless and can be self- advancements in technlogy we can now move Focus will be the most important thing you will
to the SFG broker network. Honey also partnered with McGrath
installed in minutes – policyholders immediately get a discount
on their premium. They automatically send alerts when an issue
Estate Agents in November, extending its offer to landlords, at a pace that customers expect. need to know. To be successful you need to
homeowners and tenants. McGrath has over 34k properties
is detected so appropriate action can be taken. Customers can know what the few things are that will make a
under management.
also generate a quote in just three minutes. In June 2021, just real difference to your business and remain
a year after its inception, Honey raised the largest Seed round Honey’s executive team includes founder and CEO Richard Are there any key trends that are
in Australian tech history, worth approximately $10.1m, led by Joffe, also co-founder and CEO of Stella Jobs, an AI-powered focussed at all times on those handful of things.
insurer RACQ – also Honey’s underwriter. recruitment platform which raised $25m and merged with
fuelling the growth of your business? You need to be able to know the difference
Trustaff & Faststaff at a $1bn valuation. He was also co-founder Building out an omnichannel customer
Last year it inked five key strategic partnerships. First, in between what is a distraction and what is worth
and CEO of parking sensor network Park Assist, which sold to
February with Finsure and PEXA, and then in April with the Bank experience across the entire customer exploring and you need to be able to remain
Dutch smart technology business TKH after launching in 20
of Queensland, gaining access to its 400k retail customers.
countries. lifecycle. In a post-pandemic world, customers disciplined no matter what shiny ideas present
expect to be met where and when they want themselves to you.
to be met, and insurance is no different. From
signup to policy servicing and renewals, Honey
is personalising the digital experience to make Are there any key challenges you’ve had
each customer interaction simple, engaging to overcome to get to this point?
and efficient. Too many to mention.
What do you think the future of Are there any exciting plans for your
insurance will look like? business that you’d like to share with our
A true partnerhip between the customer and audience?
the insurance provider working together to So many, we are moving at an incredible pace
reduce the risk in homes. and later this year we will be extending our
industry-first Proactive Protection offering with
additional benefits and features that help people
maintain their homes in ways that reduce the
risk of avoidable accidents and issuing claims.
Watch this space.
LOCATION FOUNDED FUNDING FUNDING ROUND CLIENTS
Australia 2020 $29.8m Series A -
ADDITIONAL COMMENTARY
In June 2021, just a year after its inception, Honey raised the largest Seed round in Australian
Tech history, worth AUD$15.5m, led by insurer RACQ – also Honey ’s underwriter.
GROWMO ENSURO
04
GROWMO
05
ENSURO
GroMo is a social commerce platform that helps drive inclusion Co-Founder and CEO Ankit Khandelwal has exited three As the first licensed, decentralised (re)insurer on a public Co-Founder and CEO Marco Mirabella is also co-founder of
in the $300bn Indian financial product market. It connects companies in different sectors: Priyaasi (acquired by Mensa blockchain, Ensuro brings DeFi to the insurance world. another blockchain startup, Cartesi, which is listed on Binance.
agents with insurers and financial services providers via a Brands), Unicommerce (acquired by Snapdeal) and DezignUp It gathers capital in the form of cryptographic stablecoins Gian Giacomo Della Torre (co-founder and Chief Risk Officer)
mobile app, featuring over 100 financial products. It also (acquired by LivSpace). Darpan Khurana, Co-Founder and (USDC, USDT or BUSD, for example) from institutional and retail is also a data scientist at FNA, a supervisory and regulatory
includes certification, 24/7 customer support, training and Tech, Product and Growth Lead, is the former Director of providers through a liquidity pool governed by smart contracts. technology company. CTO Guillermo Narvaja is also the
instant commission payouts, all with zero set up cost. It already Strategy & Investments at Snapdeal. Ensuro provides both competitive returns to liquidity providers, co-founder of RadiotCut in Argentina, and Sistema Fierro, a
has 1.4m agents in its network, and aims to reach 5m. and competitive capacity for parametric insurance MGAs, management system for publishers and bookstores, which
Already backed by Y-Combinator, in September GrowMo raised
opening up the insurance market to new players and sources today supports the operations of more than 300 companies,
In addition to insurance, agents can sell products like credit $11m Series A, led by SIG Venture Capital. Other backers
of capital. billing together $200m/year.
cards, loans, savings, investments, and lines of credit from included Beyond Next Ventures, Das Capital, Goodwater
brands including Axis bank, Jupiter Money, IndusInd bank, DFC Capital and Soma Capital. Angel investors include Kuna Shah, The capital pool is reinvested into DeFi protocols, such as In May last year, Ensuro partnered with cryptocurrency
First Bank, NiyoX, Paytm Money, Freecharge and Bajaj Finserv. Niraj Singh, Ramakant Sharma and Alok Mittal. The company Compound and Aave. Because of their high liquidity, Ensuro infrastructure provider Teller Finance, connecting liquidity
It says its agents can earn upwards of ₹1 ($1.2k) per month. said it would use the funds to double headcount over the next can redeem the funds immediately, while offering ROI of up providers with travel insurtech Koala, and allowing it to hold risk
12 months. GrowMo also secured an insurance broking license to 8% – a favourable arrangement compared to traditional directly on its balance sheet.
last year. reinsurers. The company also employs a Quality Assurance
Ensuro was a finalist at the Taipei Entrepreneurs Hub in August
System to monitor and certify the performance of each risk
2022, and later took part in its International Startup Softlanding
model during the integration process.
Project in November 2022. It raised a $230k Pre-Seed round in
November 2021 from Chinacelerator and SSOV.
India 2019 $11.6m Series A 1.4m agents Singapore 2021 $230k Pre-Seed Teller Finance

Connecting agents with insurers and financial services providers via a mobile app, it already Ensuro provides both competitive returns to liquidity providers, and competitive capacity for parametric
has 1.4m in its network, and aims to reach 5m. insurance MGAs, opening up the insurance market to new players and sources of capital.
INSURESMART PROTOS LABS
06
INSURESMART
07
PROTOS LABS
Based in Shanghai, Insuresmart is the highest entry from China China Life Insurance, ZhongAn, Taikang Pension, Asia Pacific Singapore-based Protos Labs helps (re)insurers and enterprises Co-Founder and CEO Joel Lee was the former head of Cyber
in the Forward50. Founded in 2018, it is an insurance and Property & Casualty Insurance and Changan Liability Insurance; understand their cyber risk exposure. Through its proprietary Threat Intel and Risk Management at Booz Allen Hamilton
health services platform, aiming to create an ecosystem of adding to an impressive existing roster of Ping An, CIIC machine learning risk quantification platform, NEXUS, it in Singapore, a mentor with Tech Nation, and the founder of
insurance companies, healthcare providers and patients. It is Shanghai, CDP and Pacific Insurance. It has also built close generates continuous cyber attack reports that dynamically recruiting business, Employment Services Company. Having
owned by Yinshuoju Technology. Leveraging machine learning relationships with pharmaceutical supply chains companies and assess the resilience of its clients, and suggests the most achieved 40-fold growth in its first year, he managed to
and medical natural language processing (NLP) technology to mobile service providers to develop innovative health insurance significant threats they face. This creates two target markets: successfully steer the business to exit in January this year.
standardise medical data, it has built a smart and end-to-end products and manage risk. underwriters looking to more accurately price risk and reduce
Lee met co-founder Simeon Tan, who was with Booz Allen
insurance medical service platform for health insurance. loss rations, and large enterprises with an existing cyber risk
Before joining Insuresmart at its inception, CEO Annie Hamilton as a senior consultant, and also led the Cyber Threat
management programme.
Shuoju Technology’s brands Blue Cloud Insurance, Huiankang, (Xueying) Huang held senior roles as a Vice President at an Intelligence capability in Singapore’s Cybersecurity Information
Yaoanfu and Smart Claims focus on developing inclusive and affiliate of Taiping Insurance Group (China’s first multinational Protos counts FWD Insurance, Pacific Insurance, CSA Sharing and Analysis Center for the Global Resilience
cost-effective health insurance – including pricing and design – comprehensive insurance financial group) and CIO at China Singapore, SP Group and Nanyang Technological University Federation.
plus employer liability, and health management products, and Pacific Insurance Group, as well as Partner with Accenture. Singapore among its clients. It has been handed numerous
Protos received its latest funding round in September, securing
an intelligent claims system to contain fees. Insuresmart’s founding team consists of insurance executives, accolades, including in October 2022, when it won the GoWare
an undisclosed sum from investors including Plug and Play,
software consultants, tech leaders, as well as professional Cybersecurity Risk Assessment Start-ups Showdown. In the
In 2020, Insuresmart completed a Pre-Series A funding round 1337 Ventures, Investible and FWD-backed VC, Tim Ventures.
medical claim experts and underwriters. same month it became a provider for Pacific Insurance’s newly-
from Suzhou Kaifeng and CreditEase. It also partnered with
launched Cyber Insurance product.
China 2018 Undisclosed Pre-Series A China Life Insurance, Singapore 2020 Undisclosed Seed FWD Insurance,
ZhongAn, Taikang Pacific Insurance, CSA
Pension, Asia-Pacific Singapore,
Property & Casualty SP Group, Nanyang
In 2020, Insuresmart completed a Pre-Series A funding round…and partnered with Insurance, Changan Through its proprietary machine learning risk quantification platform, NEXUS, Technological University
China Life Insurance, ZhongAn, Taikang Pension, Asia Pacific Property & Casualty Liability Insurance it generates continuous cyber attack reports that dynamically assess the Singapore
Insurance and Changan Liability Insurance; adding to an impressive existing resilience of its clients, and suggests the most significant threats they face.
roster of Ping An, CIIC Shanghai, CDP and Pacific Insurance.
FINSALL PAZCARE
08
FINSALL
09
PAZCARE
Founded in 2018, Bengaluru-based Finsall Resources is a In January 2022 it secured a $1.4m Pre-Series A raise, bringing Also hailing from Bengaluru, Pazcare is a health insurance In June 2022, Pazcare obtained a $48m valuation after
platform for insurance premium financing. It is positioned as a its total funding to $1.94m, from investors including Unicorn platform that lets users design and manage employee benefits completing a $8.2m Series A funding round, led by Jafco Asia,
partner for insurers and their sales channels, embedded within India Ventures – which cited the company’s 70% m-o-m growth programmes. It seeks to address low insurance penetration in 3one4 capital, and BeeNext Ventures. This followed a $3.5m
the customer’s purchase flow, and integrated via API. since its initial investment – and SEA Fund. It has used the funds India via employers, and has 500 companies accounting for round in October 2021, and took total funding raised to $12m.
to scale its platform, sign new insurance partners, and is also over 130k employee members on its books.
The proposition removes the need for proof of income, offers CEO and co-founder Sanchit Malik was the Co-Founder of
looking into developing lending partnerships with banks and
an instalment payment model, and lets customers take out Pazcare offers health, term and accident insurance and Townscript, an event and ticketing platform, acquired by
financial companies.
products in fewer minutes. Initially focused on motor and outpatient health benefits. Its clients which – include Mamaearth, Bookmyshow. Co-Founder and CTO Manish Mishra was Director
health insurance for retail customers, it has also branched out Finsall has three co-founders: Tim Matthews, CEO, was Upekkha, Levi’s, Cash Karo and Open Financial – consult of Engineering of ClearTax India, and before that for MindTickle,
to property and group health. Managing Partner at investment advisor, Flair Capital; CCO Pazcare advisors, create their plan, select from a panel of also now a Pazcare client. In December the company appointed
Prabal Khanna, is former innovation specialist at Swiss Re and insurers and then layer on health & wellness benefits, including Kinshuk Chaturvedi as VP of retention and operations. He has
Finsall offers both a self-serve and intermediary-assisted
consultant at Accenture; and Director Promod Khanna, the dental and mental health and doctor consultations. held roles with Bridgestone India, Smart Living Retail, and Clear.
journey, which includes quotation, customer and application
former CEO of Genins India Insurance.
tracking. Through its network of over 30k agents, it services
over 500 cities and towns, and accounts for over 70k
customers.
India 2018 $1.94m Pre-Series A Mamaearth, Upekkha, India 2020 $12m Series A 70k+
Levi’s, Cash Karo,
Open Financia
Through its network of over 30k agents, Finsall services over 500 cities It seeks to address low insurance penetration in India via employers, and has
and towns, and accounts for over 70k customers. 500 companies accounting for over 130k employee members on its books.
TRENDSPEK
10
SENANG INSURANCE
11
TRENDSPEK
The highest entry from Malaysia in the Forward50, Senang Senang’s partners include Allianz, UNCDF, NVS, Pacific Trendspek is a drone-based data solution for asset managers, After a successful pilot in 2018, Trendspek launched in Australia
Insurance is an insurtech platform that provides on-demand Insurance, Takaful IKHLAS, Penjana Capital and Zurich, who carrying out complete visual inspections from any web browser. the following year. The UK and EU followed in 2021, and the
insurance solutions for startups, corporates, and SMEs. underwrote a product for Makeover Guys’ property clients, Its Precision Asset Intelligence (PAI) technology can map detail United States in 2022. Clients include CBRE, NationalGrid,
powered by Senang in 2019. Its clients include GoGet, Cap, at 1mm intervals, without the need of a site visit, building a Applus+ and PGIM Real Estate, who use Trendspek for due
Its subscription-based products – which can last a day, week or
Sentuh, EasyStore, Anyway and ServisHero. complete and easy to understand picture of asset condition in a diligence with new acquisitions.
month – include business, cleaning, travel, personal accident,
fraction of the normal time.
gadget, freelance event management, delivery and checkout The company’s founder Sharian Raj is also Managing Director of In 2020, it also raised a $1.1m Seed round, led by Sydney
insurance. Companies can integrate into the Senang platform NVS Group Malaysia, and formerly of Allianz. Focusing on hard to reach critical infrastructure such as Angels investment syndicate. In December last year it closed
via API, or access and distribute directly to customers via chimneys, mobile and water towers and warehouses, customers a $6.3m Series A raise, led by Taronga Ventures. The capital
Senang concluded a successful Seed raise in February 2022.
its Merchant Portal. Its Senang Claims solution also allows can inspect differences in digitised, true-to-life, 3D-generated is being used to grow headcount and accelerate product
The amount was undisclosed.
documents to be filed in less than five minutes. models, side by side. Sophisticated tools allow for customer development. Trendspek was also part of IAG’s Firemark
management including annotation and export for sharing. It Venture’s 2022 Accelerator Programme, with the insurance giant
Customers can purchase annual insurance products on its
also has a trend, or ‘flyover’ monitoring solution to capture making a strategic investment in the company.
website, including public liability insurance, work from home,
deterioration over time and suggest maintenance, giving the
personal belongings, housekeeping, equipment for business, CEO Derek Feebrey was the co-founder of Hoverscape, one
proposition a clear risk management application.
logistics, travel via its Yoodo brand, and warranty cover. of Australia’s first commercial drone services. There he worked
with CEO Mitch Deam and Director, Fiona Church. All three are
former pilots for Qantas, and co-founders of Trendspek.
Malaysia 2018 Undisclosed Seed Allianz, UNCDF, NVS, Australia 2019 $7.4m Series A CBRE, NationalGrid,
Pacific Insurance, Applus+, PGIM Real
Takaful IKHLAS, Estate
Penjana Capital, Zurich
Senang’s partners include Allianz, UNCDF, NVS, Pacific Insurance, Takaful After a successful pilot in 2018, Trendspek launched in Australia the following
IKHL AS, Penjana Capital and Zurich, who underwrote a product for Makeover year. The UK and EU followed in 2021, and the United States in 2022. Clients
Guys’ property clients, powered by Senang in 2019. Its clients include GoGet, include CBRE, NationalGrid, Applus+ PGIM Real Estate, who use Trendspek for
Cap, Sentuh, EasyStore, Anyway and ServisHero. due diligence with new acquisitions.
ASSUREKIT
12
ASSUREKIT
Cloud-based infrastructure play Assurekit is a platform for health & wellness and logistics sectors, and insurance partners
The world’s #1 platform and services
insurance distribution, designed to improve the experience for including Bajaj Allianz, Future Generali, ICICI Lombard, TATA business for insurtech scouting and
both buyers and sellers. Its end-to-end product management AIG, Raheja QBE and Digit. Overall, it has relationships with
platform includes the ability to create tailored products and over 20 incumbents, reaching over 200k consumers via over open innovation management.
deploy them rapidly, either via its own portal or within clients’ 75k distribution points.
own ecosystems.
Adarsh Chokhani, CEO, is former Strategic Alliances and New
The proposition consists of two core products. AssureDash
allows companies to create their own insurance ecosystem,
Business Initiatives Manager at Acko. Prior to that, he was
Co-Founder and COO of Rapid Delivery, a logistics company.
It is a subscription platform and services
featuring lead gen, data management, policy and claims,
certification, reconciliation and compliance under one roof.
Assurekit COO Avinash Ramachandran founded seed-stage
insurtech, Perilwise, and Abhinav Gujral (Chief Business
provider used by some of the best
AssureGate is a fully customisable embedded solution for
clients’ own customer journeys and marketing channels –
Officer) is the former President and National Head Business
Development & Corporate Relations with HealthIndia Insurance
known insurance campanies globally.
website, app or even WhatsApp – that can pull across existing TPA Service, and former VP at Marsh & McLennan’s Energy
customer data to assist with form filling. They can be integrated Practice.
via a single link or API.
In February last year Assurekit concluded a Series A raise with
The platform and service offerings
Off-the-shelf products include motor and health insurance,
with life insurance in the pipeline. Working with intermediaries
Saama Capital, Mayfield and others worth $4.05m bringing total
funding to almost $6m.
are backed up a team of consultants,
and tech players, Assurekit has clients across the retail, travel, researchers and analysts who support
clients in discovering and creating new
business opportunities.
Start your 14-day free trial
www.sonr.global
hello@sonr.global

India 2019 $6m Series A Bajaj Allianz, Future
Generali, ICICI Lombard, Trusted by businesses like:
TATA AIG, Raheja QBE,
Digit
Assurekit has clients across the retail, travel, health & wellness and logistics
sectors, and insurance partners including Bajaj Allianz, Future Generali, ICICI
Lombard, TATA AIG, Raheja QBE and Digit… reaching over 200k consumers via
over 75k distribution points.
MEDICONCEN
13
MEDICONCEN
Q&A
MEDICONCEN
William Yeung
Co-Founder and CEO
Hong Kong-based MediConCen is an insurtech company that The company is serving over 600k policyholders, 14 insurance What excites you most about the Are there any key challenges you’ve had
automates insurance claims for insurance companies utilising AI partners, and 1.2k contracted medical providers. The business
and Hyperledger Blockchain. It was founded in 2018. has three co-founders. CEO William Yeung is an actuary and
insurance market right now? to overcome to get to this point?
was Founding Member of ZhongAn Technologies International
It offers a digitalised journey for in-patient and out-patient claims, The innovation of generative AI and how it can I think it would be helpful to learn about more
Group. COO Kelvin Yeung works at China Life Franklin Asset
leveraging smart contracts that can be automatically triggered help automate the things traditionally done markets before we start building the products.
Management, and is a mentor at HK Tech 300. Chief Marketing
when terms are met. Its AI-driven decision engine instantly
analyses images, documents, maps diagnosis and surgery to
Officer Jenny Lau is a former Product Specialist at CICC. by human. It will help us speed up the R&D and it is faster
international codification and detects fraudulent claims. to ride on previous work by pioneer then to
recreate from scratch.
Are there any key trends that are
fuelling the growth of your business?
The internet economy, where customer wants Are there any key challenges you’ve had
instant feedback and instant services. They to overcome to get to this point?
want a claim experience that doesnt involve Talking to people. As a technical guy, it is always
paperwork and that is effortless and fast like not easy for me but I have to overcome that to
usage experience of other products. drive our company ’s growth.
insurance will look like? business that you’d like to share with
I think in future we will see fully automated our audience?
insurers that runs solely on blockchain. As We are creating interesting adaptation of
insurance is by nature a contract with objective generative AI to solve insurance company ’s pain
terms, it can be run by programs if AI and points. We love new technology and new way
Blockchain is advanced enough. of solving problems, as it is insane to repeat
existing ways but expect a different outcome.

Hong Kong 2018 Pre-Series A Accelerator/ Blue Cross,
Incubator FWD, China Life
MediConCen automate insurance using AI and Blockchain.
DEARTIME PLUM
14
DEARTIME
15
PLUM
DearTime is a life insurance company based in Kuala Lumpur. Customers can also give up 10% of their premium to the The third entry from Bengaluru, Plum is a health insurer for Co-Founder and CEO Abhishek Poddar was CPO at
It was founded in 2019, and offers five products: medical, death, DearTime Charity Fund, which effectively sponsors eligible startups and SMEs. It provides affordable cover with no hidden HyperTrack, and a Product Manager at Google. Saurabh
critical illness, disability and accident cover for individuals and individuals with their own insurance. costs and out-of-pocket expenses. The business is grouped Arora, Co-Founder and CTO, was founder and CEO of
groups. It works with a panel of around 300 hospitals. into four areas: Plum Insure, Plum Health (telehealth), Plum Airwoot, a social concierge desk for businesses, acquired by
Founder and CEO Jon Ng has held roles at Zurich Insurance,
Wellbeing, and Plum Care, a human-led customer support and Freshworks.
With only 4 in 10 Malaysians having life insurance, DearTime Tokio Marine, and MCIS Insurance Berhad.
claims support service.
is attempting to close the penetration gap, with a proposition Plum raised $15.6m in Series A funding in 2021, led by Tiger
Chief Risk & Compliance Officer Vhinodhan Veerapalan is
based on simple products and processes, with no commission The company offers life, group health and personal accident Global. Tanglin Ventures and Surge Venture also took part
a former Compliance Director at AIA Malaysia, and Sun Life
or tax, all via mobile app. The buying process takes around 5 insurance. The health proposition includes doctor check-ups in the round. Plum was also part of accelerator programme,
Malaysia Assurance Berhad.
minutes, with ID verification, a medical survey (with medical and consultants, fitness, mental wellness, nutrition and dental Surge – run by existing investor, Sequoia. At $20.65m in total,
practitioners on its panel able to assist, with any charges being In October, DearTime became the first life insurer in the Bank care. Its 24/7 telehealth service, which began as emergency Plum is the second most capitalised name on this year’s
reimbursed), and no need for a medical check up. Policy Negara Malaysia Sandbox. relief during the second wave of the pandemic in 2021, has Forward50 Asia.
amends can be completed in around a minute, while claims can around 60 doctors and 20 specialists, with appointments
be submitted via face scanning, take around 7 days to process, booking taking just 10 minutes. In 2022, the service saw
and are delivered via tokenisation; this means DearTime does over 100 appointments per day, and in May of the same year
not need to hold its customers’ bank details. reached 10k completed online consultations. It also has plans
to roll out a pay-as-you-go consultation model. In March 2022,
Plum launched telehealth consultations for pets.
It is already working with 3k businesses, including Twilio, Groww,

Oyo, Swiggy and Unacademy, covering over 300k lives.
Malaysia 2019 Undisclosed Accelerator/ China Life, DBS, India 2019 $20.65m Series A Twilio, Groww, Oyo,
Incubator Heng An Standard Swiggy, Unacademy
Life, Hong Kong Life,
Avo Insurance,
The company has over 600k policyholders, 14 insurance partners, Watsons and BowTie Plum raised $15.6m in Series A funding in 2021, led by Tiger Global. Tanglin
plus over 100 hospitals and 1.2k contracted medical providers. Ventures and Surge Venture also took part in the round. Plum was also part of
accelerator programme, Surge – run by existing investor, Sequoia. At $20.65m in
total, Plum is the second most capitalised name on this year’s Forward50.
CREDIFY SURER
16
CREDIFY
17
SURER
Credify is an embedded finance platform that offers solutions In May last year Credify embedded HDI’s 365 Insurance on Surer is a cloud-based platform for insurance workflow Also in March this year, it launched a new marketing feature
for service providers, marketplaces and customers. Its products the HouseCare app. Other partners include Bao Minh, MB, and process automation. It helps intermediaries secure for intermediaries, allowing them to build and launch their own
include standard and BNPL loans, credit cards and insurance. OCB, VIB and Med247. In September Credify organised the customers and insurers enhance distribution. Based in website in minutes.
Based in Singapore, its primary market is in Vietnam, but it also Embedded Finance Summit 2022, bringing together more than Singapore, it is targeting other markets including Malaysia,
In October 2021, the company raised a $1m Seed round from
operates in Japan. 400 leaders and experts in finance, retail, healthcare, education Hong Kong and Taiwan. Between 2021 and 2022, its user
investors including Kistefos and Markel Digital Investment
and the gig economy. base more than doubled.
Credify’s cross-platform offering, serviceX, leverages secure to enhance its platform and scale in Asia. Antler joined its
data passporting technologies, and empowers companies Makoto Tominaga, co-founder and CEO, is also founder and Surer’s technology digitises manual tracking work, systemises previous round in February of the same year.
to embed their products and services within complementary Chairman of Syntec Ventures, an angel investor at Sway processes and facilitates networking and resource sharing.
Darren Teo, CEO and co-founder, was previously Key Account
ecosystems, offering tailored recommendations for customers. Commerce, and Business Strategy Advisor at DareNFT. Co- Insurers can list their products on its platform, which includes
Manager at Henner Group, a social protection company.
Unlike traditional lead gen platforms, serviceX strikes a balance Founder and Director of Engineering, Shuichi Nagao was the an ‘instant’ quote feature, and leverage the Surer intermediary
Gordon Tay, also co-founder, was Category Director at
between the growing need for data-driven leads and the highest first iOS engineer at Tokyo fintech, AnyPay, and was also part of force as an additional channel.
Carousell, a consumer marketplace, and also spent four
level of user privacy and control. It says it can lower client an Ethereum-based blockchain project to build an STO platform.
The company’s insurer partnerships include Markel years at PropertyGuru. Surer’s third co-founder, Renfred Tay,
acquisition costs by up to 75%.
Credify has raised $3.4m to date, with half of that sum coming International, with whom they launched an Accountants founded Shake Salad, an online provider of health foods.
While finance and insurance providers can expand their reach in August 2022, from Beenext, Deepcore, TIS INTEC and Professional Indemnity Insurance product with Windward
by gaining access to a network of marketplaces, ServiceX also Touchstone Partners. Insurance Brokers last year, and more recently, Zurich. Surer
includes a dedicated solution for fully digitalised customer on- will integrate with the insurer’s Swift Marine Cargo division to
boarding, from verification to form filling. drive operational efficiencies.
Singapore 2019 $3.4m Seed HDI, Bao Minh, MB, Singapore 2020 $1.1m Seed Markel International,
OCB, VIB, Med247 Windward Insurance
Brokers, Zurich,
Surer.
Unlike traditional lead gen platforms, Credify ’s ServiceX strikes a balance between Based in Singapore, it is targeting other markets including Malaysia, Hong Kong
the growing need for data-driven leads and the highest level of user privacy and and Taiwan. Between 2021 and 2022, its user base more than doubled.
control. It says it can lower client acquisition costs by up to 75%.
VITRAYA UPCOVER
18
VITRAYA
19
UPCOVER
Laying claim to be the world’s fastest healthcare claim InsureCo’s claims, with that number expected to rise to 70% Also claiming to be the fastest of its kind – able to generate a The raise also included support from sponsors at QBE, Global
settlement platform, Vitraya enables automated decision making within months. quote with just two questions – former gig economy insurance Life APAC, Bricks and Agent, and Etika. Upcover raised
for insurers, and real-time payouts to hospital and healthcare specialist Upcover protects small businesses, startups and around $155k in pre-seed funding from Antler, in August 2019.
A consortium of investors led by Xceedance invested $4.1m
providers. Its medical digitisation and clinical judgement engine independent contractors. Its quote and bind APIs allow brands Upcover offers insurance products backed by Professional
in Vitraya’s Series A in March 2023. With its previous raise
uses AI and blockchain technologies to automate payments, and marketplaces to easily embed and distribute affordable Risk Underwriting Pty Ltd (ProRisk), and some of its partners
garnering $1.5m, the company’s total funding now stands at
scan and match medical reports and codes, and administer and simplified business insurance to their SME customers and include on demand wellness company Blys, and football coach
over $10m.
benefits. The technology also allows the client to detect ID and contractor workforces. marketplace Treiner.
document fraud forgery, and obtain instant approvals. Co-Founder and CEO Mrinhal Sinha is the former COO of
Upcover’s products, which cover around 500 types of business, Co-Founder and CEO Skye Theodorou was a Project Manager
MobiKwik, and Co-Founder and Executive Director of Brattle
As a result, healthcare providers benefit from reduced claims includes public, private and cyber liability, health, and specialist at Zurich, and a Senior Policy Advisor at the NSW Department of
Foods, which grew to $10m in revenues before selling. Co-
administration costs and improved transparency and efficiency, cover for startups. More recently, it added professional Finance Services & Innovation. She is also a Non-Exec Director
Founder and Head of Technology, Ankur Shrivastava is the
insurers lower their processing costs and fraud-related losses, indemnity, commercial motor (including rideshare and delivery), of Insurtech Australia. Co-Founder and COO Anish Sinha
former CTO of ZappFresh.
and policyholders receive instant decisions and payments. personal accident and management liability, and COVID-19 was part of the Leadership Team at NewBuy, a O2O services
bounceback insurance to its portfolio. It also launched a product marketplace with over 10m users.
Vitraya’s insurer partners include InsureCo, who adopted its
for nurses in April this year.
end-to-end solution and achieved a total cost reduction of 15%, In October 2022, the company said it was growing 30% month-
driven by improved accuracy. Within 12 months of scaling up After growing its sales 70% quarter-on-quarter to reach 5k on-month.
the operation, Vitraya was automatically processing 30% of businesses, the company raised $4.7m in July 2022 from
early-stage venture capital firms Antler Australia and Betterlabs.
India 2019 $10.6m Series A InsureCo Australia 2019 $4.8m Seed 5k+ businesses

Vitraya’s insurer partners include InsureCo, who adopted its end-to-end solution and achieved a total After growing its sales 70% quarter-on-quarter to reach 5k businesses, the company raised $4.7m
cost reduction of 15%; within 12 months Vitraya was automatically processing 30% of its claims. in July 2022 from early-stage Venture Capital firms Antler Australia and Betterlabs.
RISKCOVRY YAS DIGITAL
20
RISKCOVRY
21
YAS DIGITAL
Riskcovry is a full-stack platform that offers a range of plug-and- is the former National Head of Broker Relationships & Global YAS is an on-demand, blockchain-based microinsurer focusing YAS also offers web3 warranty through its partnership with Noiz,
play products, plus the capability to create bespoke offerings Accounts at Liberty Videocon General Insurance Company, on the web3 economy. Functioning much like an app store, its and product care protection with YOHO. Other partners include
with partners across general insurance, life and health. and National Head (Affinity) of the Royal Sundaram Alliance products cover experiences across lifestyle and mobility – from Therabody, WeLend and Bloom.
Insurance Company. running to flying – and can be activated at any time via the YAS
The all-in-one platform contains no-code configurations to build, The company raised a $4.5m Series A round in September
app. It also claims to have developed the world’s first insurance
embed and customise insurance packages, plus extensions to In March 2021, less than a year after it concluded its Pre-Series 2022, led by Noria Capital, Zemu VC and JKL Capital. YAS
for NFTs.
help with digital processes to deliver, scale and manage leads. A raise, led by Bharat Inclusion Seed Fund, the company closed Digital is headquartered in Hong Kong, and has operations in
Notable partnerships include Taskmo, providing the B2B gig a $5m Series A raise, led by Omidyar Network India (ONI). All In partnership with Generali, in 2021 YAS launched its public Vietnam and Malaysia. It has targeted the Middle East as a key
marketplace with usage-based insurance offerings in May last existing investors, including Varanium Capital Advisors and transport offering, RYDE, in Hong Kong. More recently, it rolled market for expansion.
year. In October it teamed up with Housing.com, offering rent Better Capital also took part, while new participants included the out YASMobility (or YASMO), with its ‘Drive to Earn’ feature,
It grew policies 300% in 2022, including over 11k customer
protection and a range of other products including critical illness Pune-based emerging technology-focused VC Fund, Pentathlon which records trips and promotes safer driving. YASMO’s API
journeys, and says 97.3% of its claims are successful.
from ₹99 ($1.20) a month. Ventures, and Delhi-based DMI Sparkle Fund. connects with partners and brands to unlock special rewards
via a global leaderboard. The YASMO Beta is live across North
The company has four founders, including Chiranth Patil, also At the time, Riskcovry said it had over 50 enterprise customers;
America, Europe, Japan, Korea, and Southeast Asia, including
co-founder and Partner of Betaplus Capital Partners, and former by February 2022 Patil said the company was ‘growing 100%’
Malaysia and Vietnam.
Head of Ecosystem Development at insurtech ecosystem every year. The following month, annual premium had grown to
builder, Medici Global. Suvendu Prusty (Co-Founder, Director) almost $20m (₹163 Cr).
India 2018 $5m Series A 50+ enterprise Hong Kong 2019 $10.1m Seed Generali, Noiz,
customers Therabody, WeLend,
Bloom
In March 2021, less than a year after it concluded its Pre-Series A raise, Functioning like an app store, its products cover experiences across lifestyle
Riskcovry closed a $5m Series A raise, led by Omidyar Network India (ONI). and mobility, and can be activated at any time via the YAS app. It also claims to
have developed the world’s first insurance for NFTs.
MEDPAY
22
MEDPAY
COMING SOON...
MedPay is building the digital infrastructure for the unorganised These kinds of services account for close to 70% of health
outpatient centres such as stand-alone pharmacies, clinics and spending in India, with medicines, consultations and diagnostics
diagnostic centres enabling them for discovery and ecommerce. the top three items. Using a comprehensive and reliable
MedPay’s API platform enables insurance companies and national network, insurers can target and acquire new customer
other digital health platforms to access its hyperlocal outpatient segments while lowering per transaction costs.
network, known as the Connected Care Network (CCN), the
Founded at the start of the pandemic in April 2020, MedPay has
largest of its kind in India.
raised $2.7m funding from Entrepreneur First (where founders
End users can experience cashless and seamless services from Ravi Chandra and Arun Bhatia met), GrowX ventures and Sony
their trusted neighbourhood service providers. More than 65 Corporation. Ravi Chandra, Co-Founder & CEO of MedPay,
healthcare platforms including insurers such as ICICI Lombard has been a serial entrepreneur with more than 14 years of
have already partnered with MedPay. The CCN has over 37k experience in healthcare, while Arun Bhatia, an alumnus of IISc
pharmacies, 17k doctors, 3k diagnostic centres pan India. In Bangalore comes with an experience of building AI products for
FY 2022-23, it has grown by 4.5 times by generating additional companies based out of US and Japan. EUROPE
business of $6m sales for OPD providers in its network.
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India 2020 $2.7m Seed 65+ healthcare
platforms your hands on a copy at time of launch.
MedPay ’s integrated network of pharmacies, clinics and labs, known as the Connected Care Network
(CCN), is the largest of its kind in India. 65 healthcare platforms such as ICICI Lombard have signed
up to consume the network for providing hyperlocal cashless experience.
EAZY DIGITAL
23
EAZY DIGITAL
Q&A
EAZY DIGITAL
Harprem Doowa
Founder
The sole representative from Thailand in the Forward50 APAC, Founder and CEO Harprem Doowa was also co-founder and What excites you most about the What advice do you wish you had received
Eazy Digital provides a SaaS digital marketing and distribution CEO of Frank Insurance, an online digital broker, acquired by
solution for SME insurance companies, allowing them to Bolttech in 2020, where he served as Chief Disruption Officer.
insurance market right now? earlier in your entrepreneurial journey ?
compete with larger competitors. Its digital agency management Head of Operations and co-founder Maethavee Sukulhas was
There is so much to change in the industry. So Get traction as quickly as possible and try for as
platform supports clients with operations, referrals and Senior Operations Manager at Benix, a Flexi-Benefits insurance
engagement. broker. CTO John Srivorakul was also co-founder and CTO at many products and platforms still need to be long as you can to run off your own cash flow.
workforce management solution Workmate (acquired by Persol) updated and digitised leaving room for so much
Product features include quotations, campaign tracking,
and aCommerce (Under IPO process).
onboarding, profile management, dashboards, training and a opportunity in such a large industry.
leaderboard to drive competition among participating agents. Are there any key challenges you’ve had
It counts Aegon, Thaisri Ergo, Dhipaya Insurance, and Igloo as to overcome to get to this point?
clients. In January, Eazy Digital raised $850k in a Seed funding
round, led by Wavemaker Partners, with Seedstars International
Are there any key trends that are Too many to count. Every challenge is an
Ventures, Wing Vasiksiri, and Sasin Bangkok Venture Club fuelling the growth of your business? opportunity to better yourself. My challenges are
also participating. With six investors in total, the round was
oversubscribed. While the majority of insurtech companies are not going to be the same as yours but what’s
looking to replace agents by going direct or important is the mindset behind tackling such
embedding their solutions, I want to help enable challenges. See them as opportunities for solving
distribution and the efficiency of insurance a puzzle rather than something to deter you.
companies.
Are there any key challenges you’ve had

What do you think the future of to overcome to get to this point?
insurance will look like? My one job in the company is to get money for
I see a lot of consolidation in the near future the company, whether it comes from clients or
on the insurance companies’ sides as larger investors. So hopefully some good news from
companies invest more for scale and the either of those 2 segments.
smaller ones fold or get acquired as they are
unable to compete with the deeper pockets.

Thailand 2022 $850k Seed Aegon,
Thaisri Ergo, Dhipaya
Insurance, Igloo
Helping insurance companies digitise with Saas platforms.
ZHIBAO CLOUD FARM INFINITY
24
ZHIBAO CLOUD
25
FARM INFINITY
Founded in 2018, Chengu-based Zhibao Cloud is one of the It has partnered with over 130 insurance companies, including As its name suggests, digital platform Farm Infinity is a credit NBFCs had given loans to more than 2,500 farmers via Farm
more mature companies on this list. It provides insurers, banks, Generali, Huakang Insurance, MIBG and Rencn Insurance. It scoring service that provides easy access to financial services Infinity in the Northeast of India alone. It plans to onboard 25k
MGAs and intermediaries with cloud-based, omni-channel also has deep relationships with several banks via its Cloud for small and marginalised farmers and agribusinesses in India. nationwide by 2025, increase loan amounts up to ₹4 (~$494k)
insurance solutions, including back-end systems and front- Banking division, including the Bank of China’s insurance Combining 600 datasets and over 10m data points filtered into for individual farmers and Cr2 (~$24.6m) for farmer collectives,
end marketing tools. Its products include a management and arm, and Ningxia Zhongning Qingyin Rural Bank. Its bespoke 80 parameters, its proprietary algorithm calculates a credit and obtain a banking license within five years.
compliance platform, an aggregator channel and Dudaiyun, solution drives operational efficiencies, including the need score for every applicant. These details are passed to financial
Alok Ekka is the businesses’ co-founder and CEO. He is a
which serves independent agents. In 2021, Zhibao Cloud to manually re-enter customer details at the point of cross- institutions via digital dashboard, improving efficiency and
former Team Leader at fintech Seynse Technologies, where
started the construction of Xinchuang, a core systems sale. Overall Zhibao has 400 intermediaries spread across 4k reducing risk.
he helped build the platform’s credit lending model, Loan
architecture for Chinese companies to remove dependency on branches, plus over 500k insurance agents under its umbrella. It
Farm Infinity’s FS partners have been able cut operating costs Singh. He has also worked for ICI Bank and the Bank of
big tech giants’ infrastructure. does not hold an insurance sales license.
five-fold, and application processing times by a factor of six. India. Fellow co-founder Gunajit Brahma is an award-winning
Zhibao Cloud’s dashboards and smart reports analyse and CEO Guo Lebin is formerly of Taikang Life Insurance, AIA and The platform is free for farmers to use, and generates revenues social entrepreneur, and has a decade of experience in the
summarise agencies’ compliance and risk control operations, Huimeng Insurance Agency, while COO Zhang Cheng was from partners through a combination of subscription and agribusiness and renewable energy sectors, and multinational
while its customer service management platform includes Product Manager at Tencent, Product Director of China Mobile success fees. knowledge process outsourcing companies.
reminders for key customer dates including renewal, and Fetion and GM at Woqu.com.
Farm Infinity’s products include crop and livestock insurance, In March this year, the Indian government granted Farm Infinity
supports various stages of the consumer life cycle, including
Zhibao completed a Series A raise for an undisclosed sum in and loans. Applicants can apply via its multilingual mobile app, a patent for its technology.
acquisition, application, claims and complaints.
2021. Over the course of the same year, life insurance premiums and gain access to credit within 48 hours. As of April 2022, five
exceeded ¥5bn ($775m).
China 2018 Undisclosed Series A Generali, Huakang India 2020 $153.2k Non-equity -
Insurance, MIBG, assistance
Rencn Insurance
It has partnered with over 130 insurance companies, including Generali, deep relationships with several Farm Infinity ’s partners have been able cut operating costs five-fold, and application
banks via its Cloud Banking division, plus 400 intermediaries and 500k insurance agents. processing times by a factor of six
LIFEPAL
26
INSURANCE SAMADHAN
27
LIFEPAL
Insurance Samadhan is an insurance complaint resolution With 15 featured partners, including Indus Leap, Compass, With around 4m monthly visitors, as of August 2021, Jakarta- Coverwatch, and Benny Fajarai was co-founder of Qlapa, a
service, offering case assistance for mis-selling, hidden terms Good, ERB and M2W Capital, it manages over 2.5k advisors, based Lifepal was the only online insurance marketplace in marketplace for homemade products.
& conditions, and the delay and rejection of genuine claims. has over 10k customers, and in December had resolved a total Indonesia. Its trifecta of educational content, live agent support
Having grown 12-fold in 2020, in August 2021 Lifepal nabbed a
It works across life, health and general insurance, including 14.5k cases worth ₹800m ($97m). and comparison engine has served over 17k customers since its
$9m Series A from investors led by ProBatus Capital, a venture
microfinance, and to non-resident Indians. foundation in 2019.
In the same month, and less than two years after raising $1.5m, firm backed by Prudential Financial, and Cathay Innovation.
The company was founded by a team of five industry experts it secured a further $3m Series A, bringing total funding to over Lifepal passes applications from a portfolio of over 500 Existing investors Insignia Venture Partners, ATM Capital and
including Sanjay Aggarwal and Deepak Bhuvneshwari Uniyal $5m. At the same time, IIFL’s early-stage Fintech Fund acquired products – including health, life, property, motor, travel and Hustle Fund also returned, taking total funding to $12m.
in 2018. It uses an algorithm to filter and auto-select genuine a 16% stake in the company for an undisclosed amount. sharia insurance – directly to 40 insurer partners, including
Around only 3% of Indonesians have insurance. In December,
complaints, and then communicates with insurance companies, Manulife, AXA, Cigna and Sun Life. However, qualified agents
Before founding the business, CEO Uniyal was a partner at Lifepal said that 60% of its customers were first-time buyers,
regulators and legal entities as necessary. in its customer service team are engaged by around 90% of
Max Life; Aggarwal has worked in various legal companies and with much of the remainder shopping around for their car
applicants.
Samadhan’s Polifyx app helps claimants speed up filing their invested in legal news app, IndiaInCourt News. insurance.
claims, plus upload and scan their policies to check for errors Its founders come from Lazada, Rocket Internet and Y
Samadhan is planning to expand its enterprise in the Middle
and inconsistencies. It also includes a digital vault feature to Combinator. CEO Giacomo Ficari also co-founded neobank
East and Africa in the next few quarters.
store family insurance documents and review the portfolio for Aspire; Reza Muhammed was CEO and co-founder of
gaps in coverage.
India 2018 $5m Series A - Indonesia 2019 $12m Series A Manulife, AXA,
Cigna, Sun Life
With 15 featured partners, including Indus Leap, Compass, Good, ERB and M2W Capital, With around 4m monthly visitors, as of August 2021, Jakarta-based Lifepal
it manages over 2,500 advisors, has over 10k customers, and in December had resolved a total is the only online insurance marketplace in Indonesia.
14.5k cases worth ₹800m ($97m).
28
JAGUAR TRANSIT
Q&A
JAGUAR TRANSIT
Japhire Gopi Kannan
CEO and Founder

Jaguar Transit is a Singaporean insurtech solution, developed After concluding two raises in 2020 and 2022 worth $1.1m, the What excites you most about the What advice do you wish you had received
by JA Secure Pte Ltd, to address the challenges faced by company is gearing towards Series A in the next few months.
the trillion-dollar cash, gold, and valuables in-transit industry. Details of the amount being raised is not disclosed.
Combining on-demand insurance, high-security bags, and a risk The increasing use of technology and data analytics to I consider the journey of trials and triumphs as a valuable
Founder and CEO, Japhire Gopi Kannan, is well-versed in
intelligence technology platform, it offers an innovative approach improve risk assessment and pricing, the rise of Insurtech blessing. It is a common occurrence for individuals to
Insurtech solutions. He has founded several successful ventures
to in-transit insurance. Jaguar Transit stands as the world’s startups offering innovative solutions, the expansion of encounter various advice throughout their entrepreneurial
in the insurance industry. Notably, he established DoctorShield,
first device-as-Insurtech service, with bags embedded with insurance coverage to underserved markets, and the endeavours. However, the true impact and significance of
a prominent online platform for medical indemnity in Malaysia.
insurance and connected to the risk intelligence platform.
Additionally, he is a founder of Haxsafe, an online platform development of new products to address emerging risks. that advice tend to resonate and be fully absorbed when
The platform collects crucial data on trips, routes, carried value, offering cyber insurance for SMEs (Small & Medium Enterprises) Additionally, the growing focus on customer-centricity the individual is truly ready to receive it.
and the types of businesses involved. Additionally, the Jaguar in Singapore, Malaysia, and Hong Kong. Furthermore, he and personalised insurance experiences is generating
Transit mobile application facilitates operational tasks like trip founded Tate & Livingston, an online platform specializing in excitement in the industry.
assignments, monitoring, and unlocking bags upon arrival. By relocation insurance based in Hong Kong. What key challenges have you overcome
effectively reducing operational and insurance costs, Jaguar
to get to this point?
Transit provides businesses transporting cash and valuables
Are there any key trends fuelling the I encountered and overcame numerous key challenges
with savings of over 40%.
growth of your business? that have shaped me and my business. Initially starting
Market readiness for innovative solutions! Clients are as a life insurance agent, I embarked on a continuous
increasingly open to embracing innovative approaches learning process, consistently seeking ways to improve
and technologies and are increasingly willing to adapt and experimenting with novel approaches. Along the way, I
and embrace change, recognising the importance of experienced both successes and failures, recognising that
staying ahead in a rapidly evolving landscape. Additionally, the path to success often involves learning from setbacks. I
the availability of advanced technological tools has am incredibly grateful for the unwavering support I received
empowered us to deliver efficient and tailored solutions. from well-wishers, mentors, friends and family.
insurance will look like? business that you would like to share
A seamless integration of insurance and risk with our audience?
management into the fabric of individuals’ and In the upcoming weeks, we will be expanding Jaguar
corporations’ lives. Traditional processes of seeking Transit to the USA . This expansion will allow us to offer
advice from agents, filling out lengthy forms, and waiting our innovative InsurTech solution for cash, gold, and
for quotes will become less prevalent for most risks. valuables transit to a broader market. Furthermore, we
Leveraging the wealth of accurate data being collected, are currently engaged in discussions with distributors
insurers will gain the ability to proactively identify risks in several countries, including Brazil, Mexico, Indonesia,
and offer tailored support to policyholders. Insurance Thailand, and India. These discussions hold enormous
will be intricately embedded as an integral part of the potential for further growth and establishing a global
broader ecosystem, ensuring comprehensive coverage presence for Jaguar Transit. We are confident that our
LOCATION FOUNDED FUNDING FUNDING ROUND CLIENTS and peace of mind for individuals and businesses alike. solution will revolutionize the industr y, bringing enhanced
Singapore 2019 $1.1m Pre-Series A - efficiency and securit y to the realm of cash and valuable
asset transportation.
The company is gearing towards Series A in the next few months.
KANOPI
29
KANOPI
Q&A
KANOPI
Nigel Fellowes-Freeman
Founder and CEO
Kanopi enables insurers to build, launch, manage, embed and Kanopi’s most recent innovation is an AI-powered chatbot - Co- What excites you most about the What advice do you wish you had received
scale new products into alternative, digital distribution channels. pilot. Trained on an insurer’s documents, Co-pilot uses ChatGPT
It is designed to dramatically increase speed-to-market, reduce to deliver accurate and personalised responses to customer
costs and support ongoing scalability whilst also making inquiries in real-time.
Insurance is an important sector with large It’s hard - so grit, determination and perseverance
implementation simple.
Kanopi is backed by leading VC companies, along with dominant players, but emerging technologies are all important traits. Try to exhibit them whilst
New insurance partners are able to launch a new product to investments from industry leaders such as Hollard and Fairfax.
market in weeks if not days. Also, as a full-stack insurance
are creating opportunities across the insurance valuing all the people around you and you will
The platform has been recognised by the industry, as
platform, it provides everything insurers need to get to market, value chain. Examples of this are technologies create the opportunity. You may miss, just keep
evidenced by its inclusion in FinTech Global’s 2022 Insurtech
from quote-bind, self-service policy management and claims like generative AI, large language models and creating the opportunities to take the shot.
100 list, Aperture & Co.’s Embedded Insurance 2.0 Report and
FNOL.
Market Map, and Australia’s Fastest Growing Fintech Startups geospatial imaging expanding the scope of
Implementation is also streamlined with no internal engineering in 2022 by Fintech Energy. Additionally, Kanopi was a finalist
resource requirements, since the Kanopi team handles any at the Insurtech Connect Asia 2023 Roadshow and was part
insurance, providing insurers, insurtech and
What key challenges have you overcome
implementation required to integrate into a new distribution of Austrade’s delegation to the ITC Asia Conference in 2022. digital enablers with more ways to engage
partner. This flexibility enables customers to take an Most recently, Kanopi won the final of the Zurich Innovation to get to this point?
with underserved audiences. The last and
experimentation-led approach to new product development and Championship - Australia.
distribution.
most important piece of this is the seamless A key learning I’ve picked up is to strive for
integration of these technologies with current authenticity and openness, both with yourself and
insurance service models to bridge the ever- your team. The more open and honest you are
evolving insurance-technology gap. with your team, the more you’ll be able to achieve
together. This also helps to combat imposter
syndrome and the pressure you might feel to
Are there any key trends fuelling the prove yourself to everybody all the time. Another
growth of your business? important thing I have come to realise is that as
The acceleration of the digitisation of insurance, a founder, you’ll always have good days and hard
the sectors growing understanding of the need days. But the lows are never as bad as you may
for the use of real-time accurate data in every think. You’ll have good days and hard days but
part of the value chain, and the emergence of always celebrate every small win.
large language models, which all combine to set
the environment for a platform such as Kanopi.
Are there any exciting plans for your
business that you would like to share
What do you think the future of with our audience?
insurance will look like? We are doing a huge amount of work in the
In the future, insurance will be invisibly integrated data, IoT and generative AI spaces which will
Australia 2019 $4m Seed QBE
into every sphere of life and it will shift from a fundamentally change how both the insurers of
current state of ‘repair and detect’ to ‘predict tomorrow build and launch products and how
ADDITIONAL COMMENTARY and prevent’. the consumer interacts with the policies that
Kanopi aims to empower global companies with user-friendly, intelligent, contextual insurance. Our vision is to protect them.
enable insurers to bring new products to market within two days instead of the usual 12-18 months, significantly
reducing costs and facilitating integration into multiple ecosystems without substantial upfront investment.
SALADIN HEALTHYSURE
30
SALADIN
31
HEALTHYSURE
A composite of the words salad and insurance, Saladin is a Hailing from Vietnam, Saladin works with various insurers, Founded in Mumbai by Anuj Parekh and Sanil Basutkar in April year, those figures had ballooned to 200 and 100k. In May 2022,
full-stack insurtech platform that offers health, life, accident, including Liberty, MSIG, VNI and Baoviet, with whom it 2021, Healthysure provides employee health protection for it said it had generated $1m revenue in less than a year.
property, motor and travel insurance. It creates both tailored partnered in September 2022 to design and deploy an the chronically underserved SMEs and startup markets via its
In September Healthysure teamed up with Delhi-based start-
products for insurers, and sells directly to customers. embedded insurance proposition. Other collaborations include digital platform.
up, Visit Health, to add primary healthcare services for its
Zalo Pay, Ahamove, Shopee and Lazada.
Its model, likened to assembling a salad ingredient by It offers curated health & wellness offerings, including group customers, including consultations, diagnostics and other OPD
ingredient, allows the customer to add, subtract and personalise Saladin’s early stage investors are Sequoia Capital, Paramar health insurance from ₹49 ($0.6) per month, group accident services. The following month, it partnered with ManipalCigna
each product component based on their specific needs and Capital, and Venturra Capital, from whom it secured funding in insurance, life insurance and critical illness cover, health Health to launch the country’s first flexible top-up insurance
budget, as well as purchase online using a range of payment March last year. checkups and gym memberships. Policies are issued within product, allowing employees to adjust and upgrade their
methods. The platform also has an integrated benefits 30 seconds of purchase, and its claims experience is also corporate health insurance plans. Customers can opt to retain
Co-Founder and CEO Le Thi Thanh Van is the former Chief
proposition for more tailored and comprehensive protection. In fully digitised. their cover even if they leave their employer.
Mobility Officer of Be Group, and CPO and CMO for Home
June last year it said it was generating an average 1m insurance
Credit Vietnam, a consumer finance company in Vietnam After raising an undisclosed sum in December 2021, in February CEO Parekh was a Management Consultant at Virgin Hyperloop,
products per month through connecting and customising
serving tens of millions of customers. 2022 the company secured $1.2m from Inflection Point Ventures and also part of the founding team of SmartShift, a consumer
solutions from its insurer partners.
in a Pre-Series A funding round. It also saw participation internet company acquired by Mahindra. Basutkar, Head of
from We Founder Circle, Dexter Angels, Campus Fund and Product and Marketing, was previously with Torre Capital, a
HEM Angels. At the time it said it was working with over 70 next-gen alternative investment platform.
organisations and covering over 20k customers; by early this
Vietnam 2021 Undisclosed Early Stage VC Liberty, MSIG, India 2021 $1.38m Pre-Series A Visit Health,
VNI, Baoviet ManipalCigna Health
In June 2022 Saladin said it was generating an average 1m insurance products Healthysure managed to generate $1m revenue in less than a year.
per month through connecting and customising solutions from its insurer
partners.
FI LIFE ANYCOVER
32
FI LIFE
33
ANYCOVER
Fi Life offers life insurance, critical illness cover, and medical Fi Life is a participant in Bank Negara Malaysia’s Regulatory Another Forward50 Asia representative from Singapore, $450k in pre-seed funding, led by Powerhouse Ventures, with
insurance targeting foreign professionals, entrepreneurs, Sandbox, which grants the capability to underwrite its own Anycover aims to transform the extended warranty industry, 1337 Ventures, and notable angel investors, such as Walter de
homeowners and women, with cover limit stretching to over policies. The first of these was launched in February, and enabling SME e-commerce merchants to seamlessly create and Oude and Khairil Abdullah, also taking part in the round. It has
RM1m ($200k). It is one of the first Insurtech companies from guaranteed any woman below the age of 55 the lowest life offer embedded extended warranty programs. built collaborations with major e-commerce platforms, such as
Malaysia, and is among the largest online platforms offering insurance premium – or else the difference refunded. Before Shopify and WooCommerce, allowing merchants to easily add
Its API-based, plug-and-play solution allows for easy integration
term life insurance in the country. then, Fi Life had been a distributor for insurers Tokio Marine Life warranty programs via the respective app stores.
with online stores at the point of sale, generating incremental
and AXA Affin.
It was created in 2018 from the acquisition of U For Life revenue and boosting both customer conversion and loyalty. The company plans to expand its presence into Malaysia and
from German reinsurer Hannover Re (also Fi Life’s existing Co-Founder Jiann Meng Tan was an Executive at Opus Asset Anycover pre-negotiates coverage terms with insurer partners other regional markets in the future. Co-Founders Bharadwaj
Reinsurer), and New Zealand underwriting software company, Management. Co-Founder Malek Ali is also an Asia-Pacific and manages claims swiftly via its virtual claims assistant – Ogirala and Jan Rothkegel met at global VC, Antler, where they
Intelligent Life. To assist the purchasing process, the product is Advisory Board Member at Harvard Business School, and also including automated form filling – and 24/7 customer service participated in the SG8 entrepreneur cohort. Between 2022 and
tailored to life stages, such as a wedding or new parents. There founded BFM 89.9, a business radio station, in 2008. Fi Life is team. Merchants also receive dashboards with real-time 2025, the Southeast Asian e-commerce market is expected
is no medical check-up, and cover can be live within as little as backed by BFM Capital. revenue and customer reporting. to double in value to $363bn; a 20% increase from previous
15 minutes. estimates.
Among the 25+ merchants who are already using Anycover are
Illy, Synced, myFirst, and Metapod. In April 2022, it obtained
Malaysia 2018 Undisclosed - - Singapore 2021 $450k Pre-Seed 25+ merchants

The first of these products was launched in February, and guaranteed any woman below the In April 2022 anycover obtained $450k in Pre-Seed funding, led by Powerhouse Ventures.
age of 55 the lowest life insurance premium – or else the difference refunded.
SYNC TECHNOLOGIES
34
ENSUREDIT
35
SYNC TECHNOLOGIES
Ensuredit enhances insurance companies’ distribution and The company was founded in 2019 by Amit Boni (CEO), who Sync Technologies specialises in offering digital twin solutions capture experts and deploy Sync Technologies’ advanced tools,
product experience with its AI-based product platform, ICE. was previously VP and Chief Business Officer at computing and tailored to the property, insurance, and construction industries. seamlessly integrating them into their workflows.
It uses context-relevant machine learning to deliver focused electronics manufacturing company, Smarton. Rohit Sadhu, They use a range of technologies such as 3D modelling,
Notably, SyncTech’s digital twin solutions have garnered
customer journeys and provides detailed analytics and also co-founder and COO, held senior roles at EY and PwC, and building information modelling (BIM), drone mapping, and
considerable success, with nearly 5k users utilising their digital
optimisation tools, including an end-to-end sales proposition to Co-Founder Vikas Ranga also founded data entry automation virtual reality to streamline the building and assessment process
twins over 21k times. This has resulted in marked time and
drive customer acquisition and management. play, document.ai. and improve team efficiency. The platform provides visualisation
cost savings, amounting to approximately 7.7k working days.
of various types of sites, including residential, commercial, and
The proposition incorporates a range of insurance categories It raised $4.2m in Pre-Series A funding led by Cover Genius in The company’s achievements have been recognised through
industrial properties.
such as general insurance, life, commercial and bite-sized July last year. Other investors included CP Ventures, 9Unicorns, various accolades, including the 2023 ITC Innovation Award for
products, with an array of distribution channels and business VentureCatalysts and Inflection, with total funding approaching With AI-powered damage reports and simulations, the platform Australia. Furthermore, CEO and co-founder Carolina Dreifuss,
models including motor insurance service providers and OEMs, $5m. At the time, it said it aimed to deliver over 1m policies serves as an all-in-one solution for data collection, assessment, who boasts over a decade of experience in the construction
which it added to the platform in August 2022. It works with between April 2022 and March this year. management, and collaboration, effectively streamlining sectors across the APAC region, has recently been honoured as
over 30 insurers, brokers, intermediaries and NBFCs, including business processes. SyncTech’s insurance applications a winner of the Top 100 Women in Construction.
BAJAJ Allianz, ICI Lombard, ICI Prudential, MAGMA and Digit. empower stakeholders involved in the claims management
Sync Technologies secured AUD$879k in Pre-Seed funding in
process to assess properties conveniently through their
2021, with investments from Antler, 77 Partners, and Brisbane
desktops. Additionally, the company’s service portal enables
Angels. Overall, Sync Technologies offers a state-of-the-art
customers to schedule appointments with specialised reality
digital twin solutions ecosystem, ultimately enhancing efficiency
and productivity for its customers.
India 2019 $4.9m Seed BAJAJ Allianz, Australia 2020 $662K Pre-Seed 5k+ users
ICI Lombard,
ICI Prudential,
MAGMA, Digit
It raised $4.2m in pre Series A funding led by Cover Genius in July last year. Sync Technology ’s product has been used by almost 5k and their digital twins have
At the time, it said it aimed to deliver over 1m policies between April 2022 been viewed over 21k times, resulting in saving over 7.7k working days to date.
and March this year.
CYBER SIERRA
36
CYBER SIERRA
37
HAIBAO TECHNOLOGY
Cyber Sierra provides a platform to strengthen cyber Based in Singapore, Cyber Sierra’s Co-Founders are Pramodh The third and final entry in the Forward50 Asia from mainland It surpassed 50k agents in August 2021, three months before
governance, risk management and compliance for businesses, Rai, the former CTO of flexible living startup Hmlet and CPO of China, Haibao Technology is a provider of cloud-based its second birthday. In November of the same year it completed
with insurance as an in-built offering. It supplies clients with tools digital lender Funding Societies, and Subhajit Mandal. insurance sales and intelligent management solutions, fostering an angel funding round, led by Xinyuan Capital, worth ‘several
including vulnerability scans, threat alerts and intelligence, anti- He is Co-Founder of the India Insurtech and Singapore FinTech digital transformation for around 70k insurance agents. Also million yuan’. Founder Sun Da has over 15 years’ experience in
phishing, training and governance features. Typically solutions Associations, and previously a Director with AXA and MetLife working with over 60 insurer partners including PICC, AIG, the insurance industry, and his leadership team includes former
for insurance, governance and cyber security are purchased with its Innovation Centre, LumenLab. He also worked as Allianz, AXA, and MetLife, it has signed/developed and employees of Ping An and Taikang.
separately. Cyber Sierra combines these into interoperable Head of Product at insurtech, Symbo. Founded in 2021, Cyber customised more than 200 products for customers.
The company has said it will roll out offline stores to complement
modules, mapping relationships between assets, employees Sierra raised a $4.3m Seed round in February 2022, led by
Its core solution is Hailiangbao, a mobile application that uses AI its digital offering, which will also evolve to include customer
and partners. It then overlays its threat assessment protocols, Leo Capital. It said it would use the funds to expand into new
and big data to deliver product comparison and policy storage service bots to support agents.
monitoring continuously and recommending appropriate cover geographies. Its backers include prominent angels in the
features. Its enterprise solution helps agencies with business
and controls. Cyber Sierra also offers an embedded insurance industry as well as institutional investors such as AppWorks,
development, scouting for attractive customer segments,
offering to help customers enhance their cyber security posture. Hustle Fund and Saison Capital. It serves clients in APAC, and
and tracking and managing performance. Haibao also offers
is headquartered in Singapore.
business operations services including risk management, data
analysis, claims and settlement.
Singapore 2021 $4.3m Seed - China 2019 Undisclosed Angel PICC, AIG, Allianz,
AXA, MetLife
Even with clear overlaps, purchase behaviour for solutions in cyber insurance, governance Working with over 60 insurer partners including PICC, AIG, Allianz, AXA, and MetLife, it has
and security are isolated and thus present an opportunity. Cyber Sierra combines these into signed/developed and customised more than 200 products for customers.
interoperable modules, mapping relationships between assets, employees and partners.
BIMA GARAGE BIMAPLAN
38
BIMA GARAGE
39
BIMAPLAN
BIMA GARAGE builds tailor-made claims processing solutions The company, which claims to be Asia’s first Health Insurance Bimaplan is building India’s largest insurtech platform to 500 cities. Bimaplan has been actively enabling credit life
for insurance service providers, hospitals and policyholders, and Credit business service provider for customers and provide essential insurance products to people who are insurance distribution among the rural population by partnering
integrating the ecosystem into a single platform. hospitals, has over 5.6k partners in its distribution network and currently underserved by existing solutions and lack access to with clients such as New street tech, Niyo bharat, Credit wise
has settled $98m in claims. formal risk protection. capital, Prayas
Its suite of products include its flagship policyholder platform,
HobNob, which enhances the claims experience, simplifies Founded in Thane in 2018, and launching in June 2020, BIMA Their full-stack embedded insurance platform UNO, enables To date they have provided insurance to over 500k customers
policies and securely stores all family insurance and medical GARAGE was incubated in the Atal Incubation Center (AIC) businesses to distribute highly personalised and relevant and onboarded more than 55 partners. With a month-on-month
records in one place. It has around 45k members and over programme. Its CEO and co-founder Sandesh Mishra was insurance products to their customers, seamlessly. These growth rate of 20%, the startup is projecting they will reach over
10k app downloads. HobNob Desk enables the provision of an Zonal Head at Apollo Munich Health Insurance Company. It has products are at a low premium ($5 to $50 per year) and 10 million users by the end of FY 2025.
end-to-end claim service to in-hospital patients. BG Desk is a received two Seed rounds, most recently a $692k raise in July focus on life, health, travel, group medical and accident
Bimaplan raised $2.5m in Pre-Series A funding in June
manned desk service for hospitals, and CPC is a remote, pay- 2021, taking total funding to $875k. along with wellness products such as daily hospital cash
2021, led by global VC Funds Amino Capital and Goodwater
per-use service to deliver cashless claims. BIMA policyholders and teleconsultation.
Capital, together with existing investors. This came just three
can also receive discounts on future claims if they take out an
It partners with financial services companies, technology months after a $500k Seed round from Titan Capital and Y
annual subscription.
startups, e-commerce platforms, and companies in various Combinator. Vikul Goyal was previously co-founder and CEO of
segments to build customised insurance products for their aftermarket sales and services platform, Carcrew, a technology
users. In July last year, it partnered with Zingbus to offer real- subsequently acquired by TVS Group.
time travel insurance to its 2m customers and network of over
India 2018 $875k Seed - India 2020 $3m Pre-Series A 500k+ customers
55+ partners
The company, which claims to be Asia’s first Health Insurance and Credit business service In September 2022, the company revealed it had begun talks to raise between $8m and
provider for customers and hospitals, has over 5.6k partners in its distribution network and $10m in Series A funding to scale its team and technology. It said it was onboarding 50k
has settled $98m in claims. users every month, and was targeting 1m by the end of this year.
KOVERNOW SENTRO
40
KOVERNOW
41
SENTRO
KoverNow is a lifestyle, on-demand mobile insurance platform. KoverNow’s services are available directly via the app and Founded in Auckland in 2020, Sentro is a cloud-based Co-Founder and CEO Rob Ellis was an Independent Director
The app, which launched in Singapore in June last year, provides through its affiliate programme launched recently. KoverNow is group insurance and group benefits platform. It works with at Chubb Life NZ, and is an Advisory Board Member at
protection for high value items like watches, jewellery, laptops, now looking to add new products for pets and e-mobility as well insurers, brokers, MGAs and benefits providers, streamlining InsurTech NZ, while Co-Founder Hans Frauenlob was Head
cameras and designer handbags, recently adding an “8-clicks” as additional jurisdictions. operations throughout the value chain. It offers fully digital of Operations and Marketing at Belong Services Limited, a
travel cover for the owner. quotation, binding and issuance and employer and employee GroupInsurTech specialist.
Founder and CEO Stephan Kaiser is a former Managing Partner
self-service portals.
The app contains KoverNow’s proprietary ‘Vault’, where at Galton-Partners, and Managing Director at Barclays. CRO Sentro’s clients and partners include Delta Insurance, Pinnacle
policyholders register their items, check real-time values, and Co-Founder Robert Clara was Global Vice President, Insurers can proactively manage their group business, including Life, Partners Life, HBM and Microsoft, leveraging the tech
and switch insurance cover on and off to meet their lifestyle Marketing at SAP Hybris and a leading technology marketing billing and renewals. Sentro rolled out a one-click feature to behemoth’s Azure platform. In November, Canadian life and
requirements. Coverage is time-based, global, and aligned to expert. The company is bootstrapped to date, and received replicate all elements of an existing scheme in September, health insurer Humania Assurance selected Sentro as its new
market values, dynamically sourced in real-time. a proof-of-concept grant from Singapore’s Financial Sector and a bulk deactivation functionality for administrators of large core group insurance policy administration platform.
Technology Innovation programme in 2021. plans in March this year. Sentro also has features to support
distribution, deliver white label digital service experiences, and
even bundle in non-insurance services.
Singapore 2020 Bootstrapped Non-Equity - New Zealand 2020 Seed Later Stage VC Delta Insurance,
assistance Pinnacle Life,
Partners Life, HBM,
Microsoft
KoverNow ’s services are available directly via the app and through its affiliate programme Sentro’s clients and partners include Delta Insurance, Pinnacle Life,
launched recently. Partners Life, HBM and Microsoft, leveraging the tech behemoth’s Azure platform.
42
IGNATICA
Q&A
IGNATICA
Manuel San Miguel
CEO
Ignatia is pioneering the digital transformation of the insurance to their business, instead of needing to adapt their internal What excites you most about the but of the technology itself mitigates this risk and
industry with an API-driven, cloud-native platform that enables systems. This focus on hypermodulisation and customisation
insurers to meet the real-time needs of its customers quickly and tools, combined with cloud-native deployment and portability
insurance market right now? delivers on the time-to-market and time-to-value
affordably. Their cloud native solutions help build and launch across multiple cloud providers, are what ignatica believes
The most exciting thing about the market right insurers need to stay relevant with new market
insurance products in days and to transform customer interactions. positions them as the first truly scalable and felxible operating opportunities.
system for the insurance industry. now is the opportunity to reinvent itself. Whether
The reductions in time-to-market delivered by Ignatica’s Product
Cloud is backed up by their Admin Cloud’s policy administration Ignatica has raised a total of $7.8m in funding, including
it is in terms of newer distribution models like
capability. This supports the end-to-end lifecycle of policies from $1.75m in June 2021 from the Hong Kong Government-backed embedded insurance or concepts like dynamic What do you think the future of insurance
products as diverse as Cyber and Unit-Linked Life – all easily Innovation and Technology Venture Fund (ITVF). Other investors products, the perfect storm of rapidly evolving
integrated though event-driven APIs. Their approach to data include Artesian, Lingfeng Capital and SOSV. Before co- will look like?
management means insurers can leverage real-time access to all founding the company in 2018, CEO Manuel San Miguel spent tech and even faster changes in consumer
The impact of generative AI on the industry cannot
transactional data whether it is across products, policies, or even almost a decade at Manulife APAC, serving most recently as expectations provides an opportunity seldom
individual benefits. CTO. Adhish Pendharkar (Co-Founder and CTO) was President be overstated. I fully expect many distribution
seen in this industry. There has been talk about
of Adhvent, previously he was a Digital Engineering Lead, also models and tools will become increasingly
Underlying the platform is a robust developer framework and digital transformation for quite some time, but
at Manulife. Travis Callahan (co-founder and President) founded
SDKs designed to help clients to customise the platform to align replaced using this technology, driving the
and served as Executive Chairman of Milon Capital. recent acceleration in technologies like AI and
focus of the industry away from channel-and-
the pace at which consumer expectations are
distribution-driven strategies and into product and
changing are finally shifting that talk from a
service-focused value propositions for clients.
strategy item into an opportunity that needs
immediate attention - and none of it is possible
with technology and operations processes What advice do you wish you had received
designed over 20 years ago. earlier in your entrepreneurial journey ?
There is strength and value in numbers.
Are there any key trends fuelling the Ecosystems and strong partner networks
growth of your business? are a very effective tool especially as you get
established in the market.
The increasing need for fast digital offerings in
the market across channels is of course a key
driver, but more than that, the fact that several What key challenges have you overcome
high-profile transformation projects have failed to get to this point?
or run into challenges in implementation has
The biggest challenge anyone looking to drive
actually been a boost to our business. Insurers
change in an industry faces is of course the
have realised that buying black-box systems
resistance to that change. Insurance is famously
or services presents a huge challenge when it
LOCATION FOUNDED FUNDING FUNDING ROUND CLIENTS risk-averse, which has translated into an industry-
Hong Kong 2018 $7.8m Seed - comes to the integration and the customisation
wide culture of aversion to change. Building the
required to truly work within their enterprise.
right level of trust and moving past that cultural
ADDITIONAL COMMENTARY Our approach which embraces hyper-
insurers can leverage real-time access to all transactional data whether it is across products, hurdle is essential to be effective in delivering the
customisation of not just insurance products
policies, or even individual benefits. results clients expect.
KOBA INSURANCE
43
KOBA INSURANCE
Q&A
KOBA INSURANCE
Andrew Wong
Founder
Australian insurtech KOBA Insurance is a pay-per-KM data- After launch KOBA grew 50% month-on-month in its first What excites you most about the What advice do you wish you had received
driven insurance agency, offering comprehensive motor year, resulting in a number of award wins. In July 2022,
insurance to low-usage drivers. Using a self-service, plug KOBA partnered with Uber Carshare to launch Australia’s
and play device called the KOBA Rider, KOBA leverages only car-sharing focused insurance product; integrating
Access to data is changing everything. With Think slow, act fast.
IoT technology to connect directly to the car’s onboarding technology to create a clear demarcation between
computer, and through connected GPS data, charge drivers for commercial and personal use. more connected cars on the road and increased
the insurance they use. In real-time, customers can track their use of telematics, insurers get a real time
As a digital-first insurer, KOBA has created a cloud-based
KM travelled, costs and policy information. What key challenges have you overcome
tech stack utilising AWS, Socotra, Zendesk, and Finrater as its understanding of risk to offer truly personalised
Their leadership team includes Founder Andrew Wong backbone as it looks to expand its portfolio to include fleets, to get to this point?
services, and importantly, drive consumer
(previously Global Director of Digital IT at Reckitt Benckiser); rideshare, motorcycles and boats.
Head of Insurance & Underwriting Nick Bell (previously Head of benefits beyond the immediate insurance As a new insurance provider, we rely heavily on our
Product and Underwriting at Progressive Australia); and Senior product. partners and as such, place a lot of importance
Advisor Don Rossell (previously COO of Toyota Aioi). on making sure our strategic visions align. We’ve
been fortunate, and have worked hard, to forge
Are there any key trends fuelling the some really strong partnerships…most of which are
growth of your business? working out longer term, some which unfortunately,
At KOBA we focus on offering value beyond have not.
insurance. Most of our consumers don’t
make a claim in an average year. We want our
consumers to gain value from KOBA through
business that you’d like to share with our
our connected car ser vices and benefits. Our
audience?
goal is to reset the meaning of car insurance
from a grudge purchase to a valuable ser vice. We’ve got a lot going on behind-the-scenes and
Let ’s shift the conversation from car insurance look forward to sharing Australia-first launches
that you need, to choosing a car insurer that soon…. 2023 and 2024 are ramping up for us with
you want. new products, new distribution and new partners,
so we’re excited to see where it takes us next.
What do you think the future of

insurance will look like?
AI is coming, rapidly. And with that, it’s fair to say
all facets of car insurance will change. It may not
happen as quickly as other industries, but it will
Australia 2020 $1.25m Equity -
come.
Crowdfunding
In July 2022 KOBA partnered with Uber subsidiary, Car Next Door, offering its members car
sharing insurance. In September it raised over AUS$540k in crowdfunding; previously, it raised
AUS$1m in just five days.
MIXCARE HEALTH
44
MIXCARE HEALTH
Q&A
MIXCARE HEALTH
Alex Wong
CEO and Founder
Founded in 2020, MixCare Health is now the largest B2B SaaS services and engage clients through the platform. Currently, What excites you most about the What advice do you wish you had received
health and wellness marketplace for enterprises and insurers MixCare operates in South Korea and Hong Kong, collaborating
in Hong Kong. The company boasts a network of thousands of with strategic MNC clients and partners such as China Life,
medical and wellness service providers, offering discounts of up Mercer, Manpower Group, Chubb Life, and PwC, and serving
The microinsurance and how easily you can buy Hire slow, fire fast.
to 70% off. MixCare focuses on six pillars of health and wellness: more than 20k end users.
medical, fitness, diet, mental, beauty, and sleep, and employs insurance now without any tedious underwriting
The founding team of MixCare Health has a solid background in
cutting-edge tools such as vendor management, electronic
insurtech, wellness, and tech startups. Co-Founders Alex Wong
process.
medical records, and health data integration. What key challenges have you overcome
and Kelvin Chu are both serial entrepreneurs with a successful
MixCare’s core product is a white-label and API-enabled exit from a travel tech solution startup, which was invested in by to get to this point?
employee wellness and engagement portal that allows 500 Startups. Are there any key trends fuelling the
companies to provide health and wellness benefits to their
Hire the right people and go home to see my little
employees or customers. Additionally, end consumers can
growth of your business? daughter and wife.
access vendors directly for discounts, insurers can integrate We can see strong demand in various wellness
MixCare to enhance their offerings, and vendors can distribute
services from insurers and how it can package
with the group insurance product to engage
business that you’d like to share with our
with employees and drive more usage. How
audience?
Open AI can empower employers to analyse the
usage of the wellness services together with Entering new market including South Korea and
health data, for future employee benefit solution Singapore.
strategic planning and decision.

insurance will look like?
I think the future of insurance will be another
“wellness” solution that can truly motivate you to
become healthier and drive your holistic health.

Hong Kong 2020 $500k Seed China Life, Mercer,
Manpower Group,
Chubb Life, PwC
The platform offers tailored recommendations to customers, an
e-wallet feature for payments, and discounts of up to 60% versus
typical walk-in costs.”
AMAN
45 AMAN
COMING SOON...
Aman empowers companies to set up and manage their Assaf Wand, and Abhinay Peddisetty, co-founder and CEO of
employee benefits programmes, positioning itself as an all-in-one fellow native startup, BukuWarung.
platform that combines insurance, health tech and HR. It offers a
The company was founded in Jakarta in 2020 by Le Khanh An
customer acquisition portal for brokers, a web app for partners,
and Steven Tannason, who was previously Strategic Partnerships
and a mobile app for employees, who can check their coverage,
Lead, Southeast Asia for ByteDance. Before that, he held a
submit claims, and chat with Aman’s customer service team.
similar role with Google.
The proposition is spread across five verticals: health check-up
Aman now works with over 50 partners including Flip, Gooroo,
packages, GP and specialist consultation and telecare, group
Xendit, Stockbit and Eden Farm. The company says it has
health insurance cover (including inpatient, outpatient, and
delivered improvements in operational efficiency for 99% of its
maternity) mental health, and vitamins and supplements.
clients, while reducing employees’ benefit queries by over 40%.
In May 2022, Aman raised $1.2m in Pre-Seed funding. The round
was led by Trihill Capital and Global Founders Capital, with 1982
Ventures, Atlas Global Kapital and Alto Partners Multi-Family
AMERICAS
Office also participating. Angel investors included Hippo CEO
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CLIENTS
Indonesia 2020 $1.2m Pre-Seed Flip, Gooroo, Xendit,
Stockbit, Eden Farm
Aman works with over 50 partners including Flip, Gooroo, Xendit, Stockbit and
Eden Farm, delivering improvements in operational efficiency for 99% of its
clients, while reducing employees’ benefit queries by over 40%.
REY.ID
46
REY.ID
Q&A
REY.ID
Evan Tanotogono
CEO & Co-Founder
Another entry from Indonesia, Rey provides membership-based, It has over 10k customers, and plans start at around $2.5 per What excites you most about the What advice do you wish you had received
end-to-end health solutions that not only focuses on helping its month. Rey also offers a digital claims process, along with the
members to get better when they are ill but also tangibly putting ReyCard, a debit card for supported healthcare providers.
efforts in ensuring the betterment of one’s health. If customers integrate activity tracking into the app, they are
Everyone is becoming aware that the insurance You can’t make everybody happy.
eligible for discounts on products, delivered in the form of
Emphasising simple health protection, delivered almost market, especially in health and life, is an under-
ReyCoin.
exclusively via mobile phone, Rey creates a wellness ecosystem
through partnerships with pharmacies, telemedicine and The platform is supported by a partnership with insurance
disrupted industry, and trying to give an end-
Are there any key challenges you’ve had to
cashless payment providers, giving customers access to broker PT Premier Investama Bersama. The company raised to-end solution to so many untapped potential
fitness features, on demand doctor chat, medicine delivery, and $4.2m in Seed funding in July 2022, led by the Trans-Pacific overcome to get to this point?
customers - for them to get access to an
consultation booking. With additional health protection varies Technology Fund, Genesia Ventures, and RDS. It brought total
critical illness and life insurance for individuals, families and funding to $5.2m, following a $1m Pre-Seed funding round in affordable and end-to-end health solution - really We are creating the market and fighting the status
small businesses Rey has all of its data points merged into one September the previous year, also from Trans-Pacific. is the goal we’re trying to achieve. quo, which is tough at most times. Hence internally
single e-medical records that can deliver a more effective and we have to keep believing and having the spirit of
Co-Founder and CEO Evan Tanotogono is the former Head
personalized health care and solutions.
of Digital Channels at PT Asuransi Jiwa Sequis Life, one of insurgency.
Indonesia’s largest insurers. Prior to that, he was an Associate Are there any key trends fuelling the
at BCG. Co-Founder and CTO Bobby Siagian was lead
growth of your business?
software engineer at Tokopedia, and Rosi Setyo Nugroho
(co-founder and VP, Product) has held a range of senior roles Are there any exciting plans for your
Growing awareness of health and wellness in
at native startups, including Product Management Lead at business that you’d like to share with our
healthtech, Prixa.ai.
general, and at the same time realising current
audience?
conventional solutions could not address it.
We are still putting in the fundamentals in ensuring
that the end-to-end experience of using our
What do you think the future of platform and product is as impeccable as possible.
insurance will look like? So, we’re currently hyper focused on doing this
On one side, something very simple (travel, right now.
belongings) will be addressed by embedded
insurance platforms i.e. few clicks and done. On
the other side, something very personal (health)
will revert back to its nature as a product of risk
and service i.e. vertically integrated E2E.

Indonesia 2021 $5.2m Seed PT Premier Investama
Bersama
With over 10k customers, Rey creates a wellness ecosystem through partnerships with
pharmacies, telemedicine and cashless payment providers, giving customers access to fitness
features, on demand doctor chat, medicine delivery, and consultation booking.
47
LIVWELL ASIA
Q&A
LIVWELL ASIA
Nikhil Verma
Group CEO and Co-Founder
LivWell Asia is a Health, Wellness, and Insurance platform During its two-year stint so far it has won various awards What excites you most about the What advice do you wish you had received
powered by blockchain technology that caters to the needs including qualifying for the International Financial Services
of the younger generation. The platform focuses on providing Centres Authority (IFSCA) Sandbox, Top Insurtech with 1337
General Insurance Products tailored to this demographic by Ventures FWD Studio and recently nominated as Most Ambitious
Pace of innovation brought in by insurtech’s, Things will never go as planned and the
leveraging gamification techniques. This includes encouraging Insurer Award at Insurtech Insights Europe 2023.
users to engage in physical activities in reward for LivWell coins. reforms led by regulators in markets where we importance of storytelling!
LivWell Asia’s executive team boasts accomplished individuals
These coins can be earned through fitness-related actions operate and quest to make health, wellness and
who bring a wealth of Insurance and Fitness experience with
performed either within the app or in collaboration with its
Founder Nikhil Verma, having a notable background that insurance as core proposition.
extensive network of partners. Are there any key challenges you’ve had
includes serving as Deputy CEO of Aviva Vietnam, has held
The activity data of users to offer zero medical underwriting senior executive roles at prominent institutions like HSBC, to overcome to get to this point?
products that are designed to be bite size. These products Prudential, AXA, and Generali across Asia. Co-Founder and
are integrated with various fitness-oriented partners such Chief Product and Technology Officer Vikas Dhar, a tech expert,
Are there any key trends fuelling the Certainly, our journey has not been without
as Gym Memberships, Smartwatches, and even co-working has contributed his skills from G4S, Publicis Sapient, and Tech growth of your business? challenges. As with any ambitious endeavour, we
memberships. By adopting this embedded approach, LivWell Mahindra. Co-Founder Pedro Baliza, with experience from
Asia has carved out a niche in the market by focusing on fitness Rocket Internet, Lazada, and FLG, leads LivWell Asia’s Vietnam Awareness for Health and Wellness, partners have encountered obstacles along the way that
chains, sports events, and smartwatch manufacturers. business, leveraging his expertise in the market. having an open mind towards embedded required careful navigation and strategic problem-
Headquartered in Singapore, piloting initially in Vietnam, it They have formed strategic partnerships with industry leaders insurance and introduction of gamification to solving. These challenges include establishing
gained 151k active users and over 51k policyholders since such as Allianz Partners, PVI, and California Fitness and Yoga, insurance. strong partnerships, adapting to regulatory
April 2021. It was selected to join the Flipkart Leap accelerator Vietnam’s largest fitness chain. Through these partnerships,
programme, which included an equity investment, taking total LivWell Asia provides micro-insurance policies to ensure the
frameworks, building a robust technological
funds raised to date to $1m. protection of its members. infrastructure, and gaining market traction.
Future plans include launching a life insurance company in
India by the end of 2023. This upcoming venture will have a insurance will look like?
strong focus on Protection, specifically catering to Term, Credit, Are there any exciting plans for your
and Group Protection. Moreover, LivWell Asia will emphasise
It will be like a game, which will unlock various
insurance solutions! Engagement, Gamification business that you’d like to share with
activity-based underwriting and engagement strategies within its
health and wellness ecosystem, providing a personalised and and use of blockchain drive new insurance our audience?
engaging experience for its customers.
companies. We are in process of applying for our Life insurance
LivWell Asia’s ultimate vision is to become a regional Health and
license in India as a Protection focused Insurer with
Protection-focused insurer, with a specific focus on the younger
generation. Anchored by its gamified wellness ecosystem, insurance solutions delivered in a gamified format.
LivWell Asia aims to provide comprehensive insurance solutions
and foster holistic well-being among its target audience with its
OnelifeLivWell credo.

Singapore 2020 $1m Seed California Fitness
& Yoga, Pebble
Smartwatches, Allianz
Partners, PVI,
We are in the process of applying for our Life InsuranceLicense Sentry Co-working
in India as a Protection focused insurer with unsurance solutions
delivered in a gamified format.
48
EZYPOLIS
49
MEDICI VIETNAM
EzyPolis is an end-to-end travel and personal accident Several members of the leadership team – including Head Of Medici Vietnam is a one-stop healthcare and insurance platform. Customers can also search for products, manage their policies
insurance provider, servicing both retail and corporate clients. Partnerships, Silvia Helga Afwilla, and CEO Ahmad S. Hasibuan It operates an agency model, with a network of over 15k advisors and track claims via its app.
Through a network of insurer partners, it also offers insurance – previously held roles at partner Mega Insurance. Hasibuan who use its MediciPro product with its suite of tools including
In September 2022 it secured a Series A round from Jungle
products across health, life, critical illness, property, pet, bike was Head of Business Development before joining EzyPolis e-training, content for personal branding, customer insights,
Ventures, Insignia Ventures Partners and Wavemaker Partners,
and roadside assistance. in 2020. He is also the Insurtech Expert at the Association relationship management and data processing. It helps match
with the undisclosed funds being used to scale its technology
of Indonesian Qualified Insurance and Reinsurance Brokers customers with the right policies, driving the country’s insurance
Founded in Jakarta in 2019, EzyPolis acquired broker Manggala infrastructure. At the time Medici had 35 offices; it now has
(APARI). penetration rate higher from its current mark of less than 3%,
Artha Sejahtera in the same year. Its partners now include over 50, plus partnerships with the country’s top 10 insurance
with many urban areas remaining underserved. Nonetheless,
Zurich, Asuransi Simas Insurtech, Mega Insurance, Takagul companies: Cathay Life, Liberty, Bao Viet, PVI, PTI, VBI, MIC,
healthcare insurance is growing at double digit CAGR.
Umum General Insurance, MPM Insurance and ABDA Asuransi. Bao Minh and most recently, Chubb Life.
In September 2022 it partnered with Sompo Indonesia and Medici leverages an ecosystem of hospitals, clinics and online
chauffeur service OPER to provide damage and loss protection healthcare communities and over 80 offices to deliver quality
for its vehicles. Other clients include Permata, Jaris & K, care. Earlier this year it launched Medici Care, an extensive,
Dr. Specs and Kredito and Citilink, for whom it developed a personalised and customisable health insurance product,
COVID-19 policy to cover medical expenses and compensation providing coverage including telemedicine, health checks,
for death due to the disease. maternity and personal accident, with the aim to reduce patient
waiting times, which otherwise can last years.
Indonesia 2019 Unfunded N/A Zurich, Asuransi Vietnam 2019 Undisclosed Series A Cathay Life, Liberty,
Simas Insurtech, Bao Viet, PVI, PTI, VBI,
Mega Insurance, MIC, Bao Minh, Chubb
Takagul Umum Life
Clients include OPER, Permata, Jaris & K , Dr. Specs and Kredito and Citilink, General Insurance, At the time of its Series A, Medici had 35 offices, Now has over 50,
for whom it developed a COVID-19 policy to cover medical expenses and MPM Insurance, ABDA plus partnerships with the country ’s top 10 insurance companies.
compensation for death due to the disease. Asuransi.
LIFEBID
50
LIFEBID
Working with industry partners, LifeBid is building an end-to-end, Mutual and Integrity, plus advocacy partners including Insurtech
open architecture, digital insurance advisory platform – cutting Australia and the Association of Financial Advisors.
cost to serve by as much as 90%, and benefitting customers,
LifeBid Founder Brett Wright holds several other senior positions
advisors, and (re)insurers.
– all rooted in cross-industry collaboration – including Director
LifeBid’s all-in-one platform allows IFAs and agents to and Platform Manager of Key Person Risk Management
understand, find, analyse, pre-assess and issue advice to Platform, the SMSF Life Insurance Reviews Platform, and
customers. Users can also connect with potential and existing Director of Insurance advisory and planning service, Business
customers, preparing renewal packs and reviewing offers. Funding & Planning. Head of Platform and Development Daniel
Meanwhile insurance, accounting, mortgage and legal partners Condie is the former Lead Software Developer of EasyCompany, Thanks for reading We hope that you’ve enjoyed the report and of course,
can use the platform to simplify client engagement and generate and former Senior Web Developer for 4mation Technologies.
if you would like to know more about the companies featured or how Sønr
referrals. LifeBid also offers claims management, certification and
Advisors generate approximately 70% of new life insurance
distribution-enhancing capabilities. can help you then please do get in touch. We’d love to talk.
cover in Australia, and look after just under 50% of existing
The company is supported by a range of industry incumbents policies.
including Zurich, Neos, One Path, MLC Life Insurance, PPS
Mattf@sonr.global
t: +44 7 738625337
www.sonr.global

Australia 2019 N/A Privately Funded Zurich, Neos, One Path,
MLC Life Insurance,
Integrity
LifeBid is building an end-to-end, open architecture, digital insurance
advisory platform – cutting cost to serve by as much as 90%

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