APN News

  • Thursday, March, 2021| Today's Market | Current Time: 02:00:42
  • Mumbai: Symbo Platform Holdings (“Symbo”), an InsurTech platform headquartered in Singapore, announced the completion of a US$9.4 million funding round led by CreditEase Fintech Investment Fund and San Francisco based investment firm Think Investments, with participation from existing investors Integra Partners, Insignia Ventures and AJ Capital.

    With the proceeds of this round, Symbo intends to continue investing 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.

    A large proportion of the funds has also been earmarked for investment into Symbo’s Indian affiliate. In India, Symbo is focused on context based, customer need oriented focused insurance and has been working towards simplifying insurance for customers, helping them to buy covers based on their personalized needs. The insurtech startup offers innovative and small-ticket products such as marathon, fitness, and spectacle covers in the country. Notable engagements in India include Bajaj Finserv Health, India’s leading eyewear retailer Lenskart, major corporates, and large insurance industry incumbents.

    Speaking on the investment, Anik Jain, Co-founder & CEO of Symbo India Insurance Broking (“SIIB”) said, “Our vision and mission is to be an innovative insurance business providing best-in-class claims, consulting and buying experiences to our customers and partners. 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 majority of insurance companies in India and has three distribution mechanisms: enterprise, affinity and point of sale Partners (PoSP). Symbo’s sophisticated technology platform is used by individual agents, third-party administrators, brokers, insurers and corporates across India and Southeast Asia to seamlessly distribute, purchase and administer a wide range of insurance products spanning life and general insurance across personal and commercial lines.

    The powerful technology platform empowers over 80,000 agents and 45 technology licensing partners, supporting over US$ 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.