Insurance penetration in Singapore is the highest in South East Asia, but yet 85% of Singaporeans are under insured. This means that based on their current income and assets vs expenses and liabilities, most Singaporeans do not have adequate coverage. Many may conclude that the main issue is because insurance products are highly complex. However, we realized the cause for is much closer to heart.
Insurance portfolio management is the real problem, having to manage your car, home, travel, life, health, critical illness. Not to mention for your spouse and your dependents every single year. This means dealing with renewals, price increases and shopping around. The result? You don’t find the time to do it and you end up spending hundreds to thousands of dollars too much, thus feeling frustrated with the entire ordeal.
Today, most insurance policies we currently have are still hard copy documents locked away in a file in the top shelf. Some of us may have it better where we do have digital copies of our policies but having bought from different insurance providers over the years, we have to access multiple insurer's portals just to access them which does not give us a clear visibility of what we have.
In addition, since most insurance products are highly complex, we rather buy our insurance from an insurance agent whom we think could better advise us. Unfortunately, due to the lack of visibility in what we currently have and us not willing to disclose actual data of our current income and assets vs expenses and liabilities, we unknowing create that gap that results in insurance agents not being able to provide a better customer service and us not being able to make better informed decisions.
We believe that sometimes the simplest approach can make the largest impact. The Insuree platform allows you manage all your insurance agents and to consolidate and digitize all your insurance policies across all insurers in one place. Coupled with our insurance checkup tool, you are able to have clear visibility of what you have and should have. In addition, you can purchase new policies via the platform. We reward you with credits for every insurance policy purchased and more credits when you make no claims or no lapse in your policy payments.
With Insuree, we aim to take away your frustrations from managing your insurance portfolio and bring back the value and purpose of insurance.