Singapore-headquartered insurtech startup Symbo Platform has raised $9.4 million in Series A funding led by CreditEase Fintech Investment Fund. The others who participated include San Francisco-based investment firm Think Investments and existing investors such as Integra Partners, Insignia Ventures and AJ Capital.
Symbo said in a statement that it will be using these funds to invest in its core technology and leadership team to bring its offerings to scale. Key areas of investment will be recruitment across technology and product functions along with senior business development hires in Singapore, Malaysia and Indonesia.
It added that a large proportion of the funds has also been earmarked for investment into Symbo’s Indian affiliate which is registered as an insurance broker in the country.
In India, Symbo is focused on context-based, need-focused insurance and aims to help customers buy covers based on their personalised needs. The insurtech startup offers innovative and small-ticket products such as marathon, fitness, and spectacle covers in the country.
Anik Jain, Co-founder & CEO of Symbo India Insurance Broking said, "The funding will be used to strengthen our technology and expand our agent and partner footprint so we can continue to drive insurance penetration in the country."
As an insurance broker, Symbo has partnered with a majority of insurance companies in India and has three distribution mechanisms: enterprise, affinity and point of sale partners (PoSP).
Symbo’s technology platform is used by individual agents, third-party administrators, brokers, insurers and corporates across India and Southeast Asia to distribute, purchase and administer a wide range of insurance products spanning life and general insurance.
Currently, this technology platform empowers over 80,000 agents and 45 technology licensing partners, supporting over $100 million in annual GWP across India, Malaysia, Singapore and Indonesia.
Internationally, Symbo also serves AXA Affin General Insurance Berhad (Malaysia), PMCare (Malaysia) and also has large clients in Indonesia.