Exploring Singapore Central’s Insurance Startups: Innovation in Asian Insurtech Scene

January 30, 2024

Asia has seen a surge in innovative startups that are reshaping traditional industries with next-generation technology. Especially in the insurance industry, fresh players have emerged pushing boundaries and utilizing modern technology to offer unprecedented services to consumers and businesses alike. This article will explore some of the Insurance industry startups in Singapore that were founded in or after 2020 and are making waves in the insurance space.

From harnessing the power of blockchain technology, to simplifying insurance distribution, to optimizing health and wellness benefits, these startups are demonstrating the transformative potential of innovative solutions in the Asian marketplace. These companies not only redefine the insurance industry but also contribute to the overall growth of the startup ecosystem in Singapore.

Let’s unfold their stories and delve into their endeavors in reshaping the insurance industry – one innovative solution at a time.

InsurAce Protocol

Founded by Oliver Xie, InsurAce Protocol operates at the intersection of blockchain, cryptocurrency, cyber security, information technology, and insurance; it is a leading decentralized insurance protocol. The firm provides reliable, robust, and secure DeFi insurance services to its users. Notable for offering unbeatable portfolio premiums and sustainable investment returns, the startup seeks to insure smart contracts against hacks and secures user investments against risks. Find them on Twitter, Facebook, and LinkedIn.

LivWell Asia Pte Ltd

LivWell is a blockchain-based membership programme founded by Nikhil Verma and Vikas Dhar. The platform encourages users to keep fit and earn rewards. In partnership with Vietnam’s largest fitness chain, LivWell offers micro-insurance policies protecting members from personal accidents. LivWell coins earned can be spent across a network of partners on health, wellness, nutrition, beauty, travel, and learning. Check out their LinkedIn page for more details.

Surer

Founded by Derren Teo, Gordon Tay, and Renfred Tay, Surer is a cloud-based platform that solves inefficiencies within the insurance industry. The platform assists intermediaries in their interactions with clients and insurers through automation. Follow the team on Twitter, Facebook, and LinkedIn.

Azentio

Offering critical, vertical-specific software products for the banking, financial, and insurance sectors, Azentio Software was founded by Tony Kinnear and Vivek Sethia. Their product range includes Kastle™, AMLOCK™, Premia™ Astra, Orion™, and MFund™ Plus. Stay connected via their Twitter account, Facebook page, and LinkedIn page.

Mazecare

Founded by Ambroise Couissin, Mazecare is a digital healthcare platform that connects patients, health providers, and insurers. It aims to reduce healthcare IT and operational costs, thereby bringing down insurance premiums. The platform covers every aspect of the patient journey. Follow Mazecare on Facebook and LinkedIn.

IXT

IXT is a creation of Alex Leung operating in the Information technology, insurance, InsurTech and software sectors. Stay in touch with IXT on Facebook and LinkedIn.

Only Insure

Only Insure offers personalized automobile insurance options based on a driver’s skills. It lets users customize their premium packages after assessing their driving style through the application. Follow their journey on LinkedIn.

Ocktolife

Dealing with employee benefits, health care, and insurance, Ocktolife is yet another innovative startup disrupting the insurance industry in Singapore. Connect with Ocktolife on LinkedIn.

Bolttech

With its roots in Singapore, Bolttech was initiated by Richard Li and is aiming to build the world’s leading, technology-enabled ecosystem for protection and insurance. They currently serve customers in 30 markets across North America, Asia, and Europe. Stay updated with their journey on Facebook and LinkedIn.

Agiliux Cloud Insurance

Agiliux, co-founded by Mohandeep Singh and Sarabjeet Kaur, offers cloud-based insurance software, specializing in insurance companies, brokers and agencies in the Asia Pacific region. Connect with Agiliux on Twitter, Facebook, and LinkedIn.

Cyber Sierra

In the realm of cyber security and insurance, Cyber Sierra is committed to increasing the odds of startup success by eliminating luck from the equation. Stay tuned to their journey on LinkedIn.

These startups are just a few amongst many that are revitalising the insurance sector with innovative, technology-driven solutions. Their contributions in the field of insurtech are not just revolutionary; they also showcase the dynamic potential of Singapore’s startup ecosystem.

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