Symbo launches digital insurance platform in Singapore
By Digital News Asia March 5, 2019
- Marks first step in regional expansion across Southeast Asia
- Targets to expand into Indonesia and Malaysia first
SYMBO Platform Holdings, the Singapore-based regional all lines insurance business on March 4 announced that it has obtained an insurance brokerage license in Singapore, allowing it to bring its proprietary digital platform services to both retail and corporate customers in the Lion City.
Incorporated in Singapore less than two years ago, Symbo has established itself in developing technology innovations to streamline the entire insurance lifecycle while resolving some of the industry’s operational and customer pain points.
These include data utlisation, workflow automation and upcoming blockchain-based solutions. Symbo’s products are helping to enhance confidence in the industry and improve transaction speed with respect to purchasing, administration and claims disbursal.
The launch of Symbo’s digital insurance platform in Singapore marks the first step of the company’s expansion across Indonesia, Malaysia and the broader Southeast Asian region.
The platform provides both retail and corporate customers with sophisticated and proprietary digital solutions to quickly and seamlessly purchase and administer a range of general and life insurance products across personal and commercial insurance lines.
Siraj Ali, Symbo board member said, “We’re seeing a major opportunity to lean into the digital opportunity to transform insurance and reinsurance in the Asean region as digital penetration continues to leapfrog ahead of other regions and demand for risk cover continues to grow with changing demographics.
“Singapore’s leading innovation infrastructure and ecosystem provide the ideal launchpad for testing and bringing our digital platform and innovative insurance products to scale in this dynamic region.”
To drive the company’s expansion across Southeast Asia, Symbo has appointed Laurens Koppelaar as head of International, and Subhajit Mandal as head of Product.
Koppelaar brings many years of sales and market experience within the insurance industry in Southeast Asia. He joins Symbo from global insurance company Allianz, where he was head of Market Management for Southeast Asia for Allianz Global Corporate & Specialty, leading distribution strategy and market expansion for non-life insurance products across the region.
Subhajit’s career spans insurance, venture capital, proprietary trading firms and family offices. Prior to joining Symbo, Subhajit was a director at MetLife Innovation Centre (LumenLab), Singapore. He covered LumenLab’s fintech initiatives across Southeast Asia – launching Vitana, the first of a kind Blockchain enabled health insurance within the MAS Sandbox. He is also a founder and board member of Singapore Fintech Association.
In a joint statement, Symbo’s Board of Directors said, “The launch of Symbo’s online insurance broking business in Singapore is a major milestone for the company as we intend to participate in Singapore’s vibrant innovation ecosystem to expand across Southeast Asia.
“Our established team has strong experience bringing platform solutions to scale across the insurance and reinsurance value chains in Asia and we now look forward to applying their expertise to offer thought leading solutions in Singapore and the broader Asean region. We are thrilled to have Laurens and Subhajit join us in this journey and are confident that they will bring significant contributions to the business.”