(Exclusive) PolicyPal Co-founder and Product Manager Yi Ming Ng quits
PolicyPal Founder and CEO Val Ji-hsuan Yap confirmed the news to e27, but did not divulge more details
The PolicyPal team with Yi Ming Ng (front row, second from left)
Yi Ming Ng, Co-founder and Product Manager of Singapore-based online insurance broker PolicyPal, has quit, a person with direct knowledge of the matter told e27.
PolicyPal Founder and CEO, Val Ji-hsuan Yap, has confirmed the news but did not divulge more details. “Yi Ming Ng was our product manager and he left 3 weeks ago. I am not sure about his next move,” Yap told e27.
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It is not immediately clear what circumstances led to Ng’s abrupt departure from PolicyPal, especially when the company is making good strides after it received approval from Monetary Authority of Singapore to commence operations as a registered direct insurance broker.
We have sent out multiple messages to Ng on his LinkedIn profile and also emailed him for details. We will update this article as soon as we hear from him.
A Mechanical Engineer from Imperial College (London), Ng started his career in 2009 as an intern with Pratt & Whitney in Beijing. A few years later, he joined insurance giant AIG in 2015 as Regional Business Analytics (Asia Pacific) in its Singapore office. Prior to starting PolicyPal, he worked at German insurance firm Munich Re Group.
PolicyPal was founded in 2016 by Yap and Ng. It is a mobile app that allows you to manage insurance policies. It uses Artificial Intelligence to simplify and digitise them. With the app, users can understand and track all their existing policies from different insurers and buy new one, so that they have quick access to them even if something unexpected happens.
Yi Ming Ng
Users can upload their policies to understand their coverage summary.
A free-to-use app, PolicyPal currently works only for policies purchased in Singapore regardless of citizenships. The company is now eyeing foreign markets to expand its business, Yap recently told e27.
In August this year, PolicyPal became the first startup to graduate from the Monetary Authority of Singapore (MAS) FinTech Regulatory Sandbox, a programme that aims to enable fintech startups and financial institutions to experiment with innovative solutions under a well-defined space and duration.
Early this year, PolicyPal secured an undisclosed sum in seed funding led by 500 Startups, with participation from unnamed angel investors.
In July, PolicyPal had to change its logo following a legal threat from US-based Travelers, which claimed the startup’s umbrella logo was too similar to the insurance giant’s.
The post (Exclusive) PolicyPal Co-founder and Product Manager Yi Ming Ng quits appeared first on e27.
