Singapore’s insurtech startup UEX raises US$1M from Verspieren to expand its SME offerings
UEX, which targets SMEs and individuals, enables customers to personalise insurance and price in a few clicks
Singapore-based insurance technology startup UEX has received SGD1.3 million (US$1 million) in funding from its seed investor and French insurance broker Verspieren.
The insurtech startup will use the money to strengthen its presence in the local market, enhance its focus on developing its tech platform, and enlarge its range of health insurance products targeting SMEs.
“Many partners are expecting us to expand abroad and that is our intention, but for the beginning of the year, we have decided to focus on our community by developing our customer relationship management and our automatic referral process named UEX POP,” said UEX Founder and CEO Grégoire Rastoul.
Started in 2016, the UEX app enables customers to personalise insurance and price, for one person or more, in a few clicks. Its products are catering to both individuals and small and medium enterprises (SMEs).
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For SMEs, it offers an online distribution platform for both HR, admin and employees. The firm believes its model will enable employers, employees and their families to ease their purchase of health insurances and be appropriately covered with a one-stop shopping solution.
According to the company, the SMEs market has a great potential as it represents 99 per cent of the ACRA- registered companies in Singapore, with 64,000 new business entities created in 2016.
“Health insurance is the main focus of our insurtech,” said Rastoul. “We want to reconnect the dots between the coverage offered by the employer with a potential insurance top-up by the employees. We also want to cover major business risks through a better awareness and insurance.”
The firm said that UEX realised that a large majority of SMEs do have an appropriate insurance to cover any potential risks. SMEs should be aware of certain risks like public liability, professional indemnity, or work injury compensation that could lead to the end of their activity.
Early this month, UEX’s competitor Vouch Insurtech raised SGD 1 million (US$755,000) in seed funding from GREE Ventures, Nogle Capital Management and several unnamed angel investors. Recently, local insurtech startup fundMyLife acquired rival ConsultWho.sg.
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