One of the first InsurTech platform in Singapore has just raised 1.3 million SGD of funding from its seed investor VERSPIEREN (a French insurance broker) to strengthen its presence on the Singaporean market. UEX will use part of the proceeds to enhance its focus on developing its tech platform, and to enlarge its range of health insurance products that address the SME’s needs through a sub-brand called UEX for business.
With the startup’s growth over the past 6 months, UEX has confirmed its potential and aims at becoming the leader in both personalized individual health insurance and employee benefit program in Singapore.
SMEs market has a great potential as it represents 99% of the ACRA registered companies in Singapore with 64,000 new business entities that have been created in 2016.
The company is an accomplished challenger in its field by combining its strengths in customer centricity through its technology and its 90/10 policy: 90% online and 10% advisory. The latter is essential for expatriates who have just arrived as it allows them to have a better knowledge of the healthcare system in Singapore. However, the startup wants to flourish by growing into the number one health insurance for expats in the city-state by improving its customer-friendly approach of insurance.
One of the company’s growth potential is to connect user-friendly interface to its partners. The startup wants to Uberize insurance thanks to an alternative online multichannel model. To create this change, the InsurTech can allow a trusted third party to distribute insurance by connecting to UEX’s generic API on any website, blog, Facebook page, etc…