Singapore-based insurance start-up Surer has launched Instant Quote Marketplace, which allows insurance intermediaries get rapid access to insurance quotations.
According to Surer, there is a mismatch in demand and supply of general insurance because of the tedious workflow process between insurance intermediaries and carriers. Licensed general insurance agents in Singapore can represent a maximum of three insurers, but only 9.9{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} of them are able to fully maximise this.
To help address this issue, Instant Quote Marketplace is a collaborative platform to help intermediaries get information faster and insurers to distribute their products more efficiently. This helps match the demand with the supply.
“Surer helps intermediaries save 95{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} of their time on product quote sourcing and 70{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} of time spent dealing with administrative processes,” said Derren Teo, co-founder of Surer. “The digitalisation of their workflow leads to greater speed and efficiency. With more time, intermediaries can increase their focus on prospecting and advising clients, including the 70{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} of uninsured or underinsured SMEs in Singapore.
“The launch of our Instant Quote Marketplace allows intermediaries access to instant quotations and furthers our value-proposition to the entire insurance ecosystem, where intermediaries can be more efficient in quote sourcing whilst insurers can be more effective in product distribution and recruitment.”
Teo added that such a digital solution is beneficial for all insurance professionals in Singapore, due to the heightened alert situation that discourages face-to-face meetings.
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