When we get asked why insurance, a deep found excitement sparks within us to begin unwrapping this age-old method of distributing risk.
The first methods of transferring or distributing risk in a monetary economy were practiced by Chinese and Babylonian traders in the 3rd and 2nd millennia BC where if a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen or lost at sea.
Today, the insurance market globally is worth trillions of dollars but highly fragmented, coupled with highly complex products and a negative perspective especially in South East Asia.
The insurance industry is on the brink of a major revolution as adoption of insurtech enters a new phase with data being the driving force for these innovations. However, there are no quick fixes to this industry to transform insurance from an arcane policy-led industry into one that succeeds by placing the consumer at the heart of everything it does. It is not just about digitizing the legacy business of insurance, but about demonstrating a different way of working that doesn’t only present risk, but brings positive energy, new opportunities and rewarding outcomes. This means moving beyond tinkering with components of the value chain and seeking to implement solutions that will transform the entire industry.
With a clear need to bridge the gap between stakeholders in the insurance industry, we embarked on our journey to build Insuree, a consumer-centric platform to automate the various pain points faced by consumers, insurers and insurance agents.
At Insuree, our approach is to empower consumers to make better informed decisions while enabling insurance providers and agents to deliver quality customer experience. Which is why by branding ourselves "Insuree", we identify ourselves with "the insured" and "policyholders" of insurance.
We invite you to join us in our ambitious goal to digitally transform the industry from the core by providing greater transparency to bring back the original purpose and value of insurance to society.