Symbo, a Singapore-based insurtech startup has now secured $9.4 million in a funding round backed by the CreditEase Fintech Investment Fund and Think Investments.
The funding round also saw participation from Insignia Ventures, Integra Partners, and AJ Capital.
In a statement, the startup revealed a large portion of the fund that has been earn marked for investments in the Symbo’s India affiliate.
The Indian arm, Symbo India Insurance Broking, has been mainly working towards simplifying the insurance for clients. It is helping users buy covers personalized to their needs.
The startup said it provides small-ticket products such as spectacle, marathons and fitness covers. In India, Symbo, works with the customers, which include Lenskart, Bajaj Finserv Health and insurance industry incumbents.
“With the proceeds of this round, Symbo intends to continue investing in its core technology and leadership team to bring its offerings to scale,” the statement said. “Key areas of investment will be recruitment across technology and product functions, along with senior business development hires in Singapore, Malaysia, and Indonesia.”
“Our vision and mission are to be an innovative insurance business, providing best-in-class claims, consulting, and buying experiences to our customers and partners,” said Anik Jain, Co-founder and CEO of Symbo India Insurance Broking. “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.”
Symbo, was founded in the year 2017. It is a tech platform used by third-party administrators, individual agents, insurers, brokers and corporate entities across India and Southeast Asia for the purchase, distribution, and administration of insurance products.
In India, it has three distribution mechanisms: affinity, enterprise, and point of sale partners.
The startup claimed that it supports more than 80000 agents and 45 technology licensing products, thus supporting more than $100 million in annual gross written premium across Indonesia, Malaysia, India, and Singapore.