Startup News

CEFIF led Insurtech start-up Symbo raises $9.4M

Symbo Platform Holdings, a Singapore-based InsurTech platform confirmed to have raised $9.4 million as per reports.

CreditEase Fintech Investment Fund and San Francisco based investment firm Think Investments led the funding.

Moreover, the funding also involves participation from existing investors like Integra Partners, Insignia Ventures and AJ Capital.

Further, the start-up will use a large portion of these funds to invest in its core technology and leadership team.

The aim is to simplify insurance for customers thereby helping them to buy covers based on their personalized needs.

However, it offers small-ticket products such as marathons, fitness, and spectacle covers.

Founded in 2017, Symbol is a tech platform with users across India and Southeast Asia for distribution as well as purchase.

It’s users include individual agents, third-party administrators, brokers, insurers, and corporate entities.

In India, Symbo works with clients including Bajaj Finserv Health, eyewear retailer Lenskart, corporate entities, and insurance industry incumbents.

Internationally, Symbo renders services to AXA Affin General Insurance Berhad, PMCare and also has large clients in Indonesia.

The start-up supports more than 80,000 agents and 45 technology licensing partners.

This comprises more than $100 million in annual gross written premium across India, Malaysia, Singapore, and Indonesia.

Moving forward, it has three distribution mechanisms consisting of enterprise, affinity, and point of sale partners.

The ultimate goal of the funding is to strengthen the firm’s technology besides expansion of agent and partner footprint.

It’s mission is to provide best-in-class claims, consulting, and buying experiences to the customers and partners.

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