Vynn Capital collaborates with Malaysian based BIB Insurance Brokers to Bridge Gap to underserved markets
By Karamjit Singh April 1, 2020
- Partnership will see better products & solutions in more cost efficient manner for customers
- Need to breakdown walls, think out of the box on how to leverage innovation and create
Vynn Capital announces collaboration with insurance brokerage firm, BIB Insurance Brokers to introduce innovation into the insurance and financial sectors, as a response to the ever-changing climate of societies and communities.
Vynn Capital, a Southeast Asian focused early stage venture capital firm, announced a collaboration yesterday with Kuala Lumpur based BIB Insurance Brokers, an insurance brokerage firm to create additional revenue streams for BIB Insurance and the Malaysian operations of Vynn Capital’s investee companies, specifically Dropee, Carsome and Epost.
With more and more technology firms being active in the financial and insurance industries, Vynn Capital believes that a partnership with BIB Insurance will result in better products and solutions for customers which can be provided to them in a more productive and cost-efficient manner. The venture capital firm also plans to bring more products and solutions to untapped markets such as Sabah and Sarawak, especially through Sabah based Epost, which it recently invested in and has begun offering insurance products to customers there.
At the same time, the still revebrating impact of the coronavirus pandemic demands businesses to respond with business unusual.
“We believe the recent virus outbreak as well as the pace of market movements that have never been witnessed before are not just impacting economies but have also changed our view on how we should live as human beings. As such, we need to breakdown walls and think out of the box on how we can leverage on innovation to create new ways to protect and enhance economies and societies,” says Victor Chua (pic, right), Vynn Capital’s Founding & Managing Partner.
Elaborating on where innovation comes in, Chua explains, “For me, the first step to any innovation is to get access. By combining the traditional insurance businesses to tech platforms, allowing more creativity, we can come up with new products and approaches to push for financial inclusion. The next step will then be about building on to the infrastructure and invent.”
Vynn Capital believes that it is important for traditional businesses to be “traditionally innovative” and for technology firms to look at the larger picture on how to collaborate, rather than re-invent the wheel.
For instance, both Dropee and Carsome, have already expanded their business models to offer financing services, which has proven to be successful.
Meanwhile Kenny Thing, CEO of BIB Insurance expects this collaboration with Vynn Capital to pave the way for similar partnerships with players in the digital economy ecosystem. “We need an ecosystem of partners, not do it alone, to create sustainable value for the underserved segments.”
Thing points out that the constantly changing business environment and with customer expectations of service and communication, means that business as usual is no longer an option for traditional insurance brokers like them.
Responding to this he says, “we see an opportunity to provide better and more innovative services to serve this new economy.” BIB Insurance believes that by partnering with a leading early stage venture firm such as Vynn Capital allows it to access underserved segments and tailor digital solutions for SMEs and digital platforms.