BackInsurtech startup Symbo Platform raises $9.4 million to scale in India
Symbo’s technology platform is used by individual agents, third-party administrators, brokers and corporates across India and Southeast Asia to distribute, purchase and administer a wide range of insurance products spanning life and general insurance.
PremiumSymbo Platform Holdings, Singapore-based InsurTech platform said that it has raised $9.4 million led by CreditEase Fintech Investment Fund and San Francisco based investment firm Think Investments, with participation from existing investors Integra Partners, Insignia Ventures and AJ Capital.
A large proportion of the funds will be used for investment into Symbo’s Indian affiliate, Symbo India Insurance Broking Pvt Ltd. (SIIB). SIIB has been working towards simplifying insurance for customers, helping them to buy covers based on their personalized needs.
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The insurtech’s engagements in India include Bajaj Finserv Health, eyewear retailer Lenskart, corporates and large insurance players.
“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," said Anik Jain, co-founder & CEO of Symbo India Insurance Broking (SIIB).
Additionally, Symbo will continue investing in its core technology and leadership team to bring its offerings to scale. It will also invest in hiring across technology and product functions along with senior business development hires in Singapore, Malaysia and Indonesia, the startup said in a statement.
Symbo’s 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 platform claims to have over 80,000 agents and 45 technology licensing partners, supporting over $100 million in annual GWP (gross written premium) across India, Malaysia, Singapore and Indonesia. Internationally, Symbo also serves AXA Affin General Insurance Berhad (Malaysia), PMCare (Malaysia) and has large clients in Indonesia.
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