Entering the sandbox programme in March this year, PolicyPal is the first startup to graduate from it

The PolicyPal team

Singapore-based insurtech startup PolicyPal today announced its graduation from the Monetary Authority of Singapore (MAS) FinTech Regulatory Sandbox, the programme that aims to enable fintech startups and financial institutions to experiment with innovative solutions under a well-defined space and duration.

Becoming the first startup to have graduated from the programme, PolicyPal will commence operations as a registered direct insurance broker and exempt financial adviser under its subsidiary BaoXianBaoBao Pte Ltd., starting from September 1, 2017.

In a press statement, the startup stated that it will now focus on scaling product offerings to individuals and SMEs with the aim to help them analyse, manage, and ultimately optimise their insurance portfolio.

PolicyPal CEO and Founder Val Ji-hsuan Yap said that the startup was “delighted” to be the first to graduate from the sandbox programme, and is looking forward to operate and scale up.

“The MAS sandbox allowed us to experiment with technology applications and our product offerings in order to fulfill our vision of making insurance simple and convenient for all,” she said.

PolicyPal enables individuals and organisations to to streamline the management of their insurance policies, utilising artificial intelligence to simplify and digitise insurance.

Also Read: Malaysian insurtech startup PolicyStreet wins Seedstars Kuala Lumpur

Founded in April 2016, the startup joined the sandbox programme in March 2017, when it announced an undisclosed seed funding from 500 Startups and a group of undisclosed angel investors.

The startup also participated in an incubation programme run by payments giant PayPal, and is partnering with global insurance companies in Singapore such as AIG, Aviva, AXA, Etiqa and NTUC Income.

In a separate interview with e27, Yap hinted the company’s international expansion plan, which it is currently in talks with several companies in different region for.

According to the startup’s latest statement, their regional expansion strategy includes scaling their existing platform and operations beyond Singapore to include Japan, Taiwan, Indonesia and Thailand.

In July, PolicyPal announced that it is going to change the company’s logo following a legal threat from US-based insurance company Travelers, who claimed that the startup’s umbrella logo is too similar to the insurance giant’s. PolicyPal then decided to crowdfund a new design for the logo through a competition.

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