Insurtech Startup Symbo Platform Raises $9.4 Mn In Series A Round
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Singapore-headquartered insurtech platform Symbo Platform Holdings on Thursday announced the completion of a $9.4 million funding round led by CreditEaseFintech 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, the company 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 fund has also been earmarked for investment into its Indian affiliate. In India, Symbo is focused on context-based customer need-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 a 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.
“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,” Anik Jain, co-founder, and chief executive officer, Symbo India Insurance Broking (SIIB).
As an insurance broker, Symbo has partnered with the majority of insurance companies in India and has three distribution mechanisms: enterprise, affinity, and point of sale Partners (PoSP). The 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 company said.
Incorporated in 2017, the comprehensive 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, the company also serves AXA Affin General Insurance Berhad (Malaysia), PMCare (Malaysia) and also has large clients in Indonesia.