Revez partners Superfunds Venture to enhance insurtech platform with AI
By Digital News Asia September 17, 2019
- Expects their user base to reach 60,000 by the end of 2019
- InstaProtection aims to be one of the first regional insurtech platforms
REVEZ Corporation Ltd (Revez, or the company, and together with its subsidiaries, the group) announced that its subsidiary, IOIO Lab Pte Ltd has signed an agreement with Superfunds Venture Pte Ltd (SFV) to enhance SFV’s insurtech platform.
SFV’s insurtech platform, InstaProtection, insures smartphone users in Malaysia against cracked screens. The service is backed by insurance provider AAA/Stable/P1 insurer financial ratings by RAM Rating. The platform allows for hassle-free registration and claims-processing, making it easier and faster for smartphone owners to repair or replace cracked screens on their smartphones.
SFV was one of the first to provide insurtech services in Malaysia when InstaProtection was launched in August 2018. It has since been adopted successfully by more than 1,000 Mobile Retail Outlets.
SFV aims to expand its insurtech services into other Asia-Pacific countries in the coming years by partnering with well-known global insurance companies to provide mobile device users with peace of mind. According to SFV, they expect to see their user base grow by a compounded monthly growth rate of 23.25% to reach 60,000 by the end of 2019.
Revez’s enhancement of the InstaProtection platform will utilise both artificial intelligence (AI) and business analytics (BA) technologies to allow Revez to continuously provide the InstaProtection development team with real-time insights on user data.
The continuous support provided by Revez on an ongoing basis will allow the team to optimise the user interface and experience (UI/UX) of the app, as well as enable SFV to create a customer-centric relations and combating fraud detection for their partners and helping their partners to develop more targeted products and services that better meet users’ needs.
Revez Corporation Ltd chief executive officer Victor Neo (pic), explained the company’s decision to take on the project, saying, “At Revez Corp, we have always been about leveraging on the latest technology to enhance the user experience.
“Insurance is a high-value market that has yet to keep up with the demands of a new generation of digital natives. The InstaProtection project will allow us to enter the rapidly expanding insurtech space by partnering with Superfunds Venture to help enhance, grow and roll out the platform to new markets in the Asia-Pacific region.”
The improved InstaProtection platform will be available both as a mobile and web application, providing a seamless end-to-end user experience throughout various touch-points along the user journey - both for consumers looking to insure their mobile phones, as well as for service providers who provide the repair services.
These enhancements will not only help InstaProtection users process their claims faster through robotic process automation (RPA), but also aims to combat potential fraud through the use of machine learning to detect and flag suspicious claims for review. The upgraded platform is expected to launch in 1Q20.
Superfunds Venture director Joe Chang, also commented on the partnership, “Consumer needs are evolving with the rise in mobile computing. Our smart mobile devices like phones and tablets have become a critical part of our everyday lives, and with that comes a growing demand for device insurance.
“The global insurtech market size is expected to grow by almost US$15.63 billion in the next four years. We believe that this partnership will help us draw upon Revez Corp’s expertise in both analytics and UI/UX design, to help the platform gain more traction and improve user retention even as we expand into new markets with InstaProtection.”
The agreement is not expected to have a material impact on the earnings per share and net asset value per share of the group for the financial year ending Dec 31, 2019. None of the directors or substantial shareholders of the company has any interest, directly or indirectly, in the agreement, save for their respective shareholdings in the company.