Surer, a Singapore-based startup providing a cloud-based platform for insurance firms and intermediaries, has raised US$1 million in seed funding.

Norwegian investor Kistefos, Markel Corporation’s insurtech investment arm Markel Digital Investments, and an unnamed angel invested.

Surer intends to use the fresh funding to bolster its core technology platform and strengthen the tech team to realise its product roadmap.

“We aim to solve the problem of a huge mismatch in demand and supply in a US$1.7 trillion general insurance industry,” said co-founder Gordon Tay.

Surer was founded in 2020 by Tay, Derren Teo, and Renfred Tay. They have earlier held different positions in PropertyGuru and Carousell. Previously, they also worked in major insurance companies, including AIG, MSIG and QBE.

Surer aims to create a fully connected digital ecosystem where insurance intermediaries and insurers can leverage its technology to streamline workflows, processes, recruitment and distribution of products.

Also read: Why now is the right time for disruption in the insurance industry?

Surer claims that it helps drive network orchestration, efficient communication and transmission of information to help intermediaries and insurers better serve the end policyholders. “That drives a ‘triple-win situation where policyholders can be served with greater quality because of a highly efficient intermediary sales force that can now scale their business without impediments,” added Tay.

Since its inception, Surer claims to have clocked 350 intermediary signups and demo requests. More than 1,000 insurance proposals have been sent, and over US$887,148 in gross written premiums are transacted on the platform.

The startup expects to achieve the GWP surpassing the US$1.5 million milestones by the end of 2021.

In 2020, global insurers suffered from a loss of around US$55 billion due to COVID-19 and looked for digitisation solutions to better serve their customers in a new context. Buoyed by this surging demand, global investors funded insurtech firms to an all-time high of US$7.5 billion last year and were expected to accelerate in the Southeast Asia market in 2021. 

Image Credit: Surer

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