Insurtech anycover raises US$450k pre-seed led by Powerhouse Ventures, with 1337 Ventures, Khairil Abdullah among its investors
By Digital News Asia May 23, 2022
- Aims to reinvent product warranties, help SME retailers differentiate
- Q3 product launch in Singapore, M’sia, Indonesia expansion at year end
Singapore-based insurtech startup anycover announced a US$450,000 pre-seed funding round led by Powerhouse Ventures, with participation from Malaysian based 1337 Ventures and two angel investors – Walter de Oude, founder and former CEO of Singlife, and Malaysian, Khairil Abdullah, CEO at Dutch based Veon Ventures and former CEO of Axiata Boost.
Kshitij Golwalkar, General Partner at Powerhouse Ventures expressed support for anycover on its mission to bring product protection to the booming e-commerce market in Southeast Asia. “We see great opportunities in the space and in leveraging a B2B2C distribution model to efficiently unlock access for merchants.”
Anycover strives to transform the traditional extended warranties game by providing small and medium-sized online merchants with a plug-and-play API solution that enables them to easily launch and manage their own extended warranty programs without having to create them from scratch.
Bharad Ogirala, co-founder and CEO of anycover said the e-commerce space in Southeast Asia is expected to double in gross merchandise value by 2025, while insurance penetration remains low. “We believe that our solution is now more relevant than ever as the recent direct-to-consumer shift has created a sellers boom, which further intensifies an already competitive landscape and requires merchants to differentiate. Our mission is clear – to support small and medium-sized merchants in successfully growing their online business by providing a value-added service centred around elevating the customer experience.”
While many large retailers have already implemented successful digital extended warranty programs, small and medium-sized merchants face significant roadblocks in setting up their own due to long commercial onboarding times and minimum premium requirements by insurers.
This is a missed opportunity as these programs help merchants generate incremental revenue, boost conversion, and increase customer loyalty. Anycover addresses these challenges by streamlining the onboarding process and pre-negotiating terms with leading insurers.
For consumers, anycover aims to overhaul the traditional in-store experience by embedding extended warranties seamlessly at the online point of sale. Recognising the frustrations with legacy programs, anycover’s warranties come with transparent terms, flexible coverage options, and a hassle-free claims process via a 24/7 online chat.
It is looking to launch its product by Q3 2022 in Singapore, with plans to expand into Malaysia and Indonesia towards the end of the year.
Related Stories :