Vouch Insurtech Raises Seed Round to Launch P2P Scheme
Singapore-based Vouch Insurtech announced it has raised $759K in a Seed round led by Nogle Capital Management and GREE Ventures.
The startup, established in 2016 and led by Yujun Chean, is a P2P-slash-cash back scheme for car insurance buyers. Here’s how it works: one buys coverage, one is grouped with safe drivers based on similarity in driving and claims history, one doesn’t claim, and one gets up t0 15% cash back on top of the ‘No-Claim’ discount.
Coverage is provided by NTUC Income, Sompo Insurance Singapore or Tokio Marine Singapore.
Bottom Line: the first in Singapore to give policyholders 15% cash back on premiums paid.
PS. There are 3 P2P insurance startups in Singapore. Look.