Symbo raises 9.4 million

Singapore-based insurance comparison service Symbo announced the completion of a $9.4 million funding round led by CreditEase Fintech Investment Fund and San Francisco based investment firm Think Investments, with participation from existing investors Integra Partners, Insignia Ventures and AJ Capital.

Symbo operates in India and is expanding into South East Asia through Singapore and Indonesia. In India, Symbo is focused on context based, customer need oriented focused insurance and has been working towards simplifying insurance for customers, helping them to buy covers based on their personalized needs.

“Our vision and mission is to be an innovative insurance business providing best-in-class claims, consulting and buying experiences to our customers and partners. The funding will be used to strengthen our technology and expand our agent and partner footprint so we can continue to drive insurance penetration in the country.” – Anik Jain, Co-founder & CEO of Symbo India Insurance Broking.

As an insurance broker, Symbo has partnered with majority of insurance companies in India and has three distribution mechanisms: enterprise, affinity and point of sale Partners (PoSP). Symbo’s technology platform is used by individual agents, third-party administrators, brokers, insurers and corporates across India and Southeast Asia to distribute, purchase and administer a wide range of insurance products spanning life and general insurance across personal and commercial lines.

Symbo serves AXA Affin General Insurance Berhad (Malaysia), PMCare (Malaysia) and also has clients in Indonesia.