There’s a New Insurtech in Town

Synagie, “one of SEA’s leading e-commerce enablers” is making its way into insurance with the launch of Kiasu.me, a web and mobile app offering “pay-as-you-use” lifestyle insurance policies.

“Powered by artificial intelligence” and underwritten by “various A-rated insurers,” the company’s first product is called Device Shield – a scratch card which provides 12-month accidental screen damage protection for brand new mobile phones. The product, which will be offered via “leading mobile phone retail outlets” in Singapore, covers the cost of one screen repair for all major phone brands, with coverage activation and automated claims being powered by the platform. In addition, insurance coverage includes a free, app-based concierge service which picks up the damaged phone for repair, and returns it to the customer after repair.

“Traditional insurance policies are probably two sizes bigger than they should be. Imagine a pair of sneakers that is two sizes up from your normal size. Would you pay extra to buy them? Our policies work like a subscription where you pay a low monthly fee for the lifestyle coverage you need and have the freedom to add on more protection or cancel anytime.” – Cofounder and Executive Director of Synagie, Zanetta Lee.