Taiwan venture capital firm Nogle Capital Management, Singapore venture capital firm GREE Ventures and several angel investors have participated in the seed funding round of SGD$1 million for Singapore startup Vouch Insurtech, a digital, peer-to-peer car insurance buying platform.
Founded in late 2016, Vouch Insurtech is a peer-to-peer group insurance buying platform that works together with multiple insurance companies to offer cash back motor insurance to safe drivers. The car insurance policy holders receive up to 15 percent cash back on top of the no-claim-rebate from insurance companies by forming groups with other safe drivers.
Insurers working with Vouch are promised an improved customer experience, transformation of the way insurance is distributed and profit improvements by paying fewer future claims.
In 2017, Vouch was selected by global reinsurer, Swiss Re, to participate in its InsurTech Accelerator Programme.
“In the traditional car insurance model, safe drivers are penalized with paying higher premiums to cover the risks of unsafe drivers,” Yujun Chean, CEO of co-founder of Vouch Insurtech said. “I realized that this was tremendously unfair, and saw an opportunity to work with insurance companies, to reward safe drivers. Insurance companies also want to encourage their customers to drive safely, as it means fewer claims.”
Earlier this month, Vouch Insurtech entered into a partnership with three established insurance companies — NTUC Income, Sompo Insurance Singapore and Tokio Marine Singapore. Moving forward, Vouch Insurtech aims to expand regionally in Asia targeting Thailand, Malaysia and Taiwan.