In this episode of the AIP News Roundup, the team talks about MicroInsurance, InsurTech in Singapore, and APIs. Riskcovry, an Indian based Insurtech startup focusing on API and distribution, has secured an undisclosed amount in Pre-Series A funding. JETCO, the Hong Kong Electronic Teller Services company, announced a partnership with insurtech start-up GoLion to offer insurance APIs via their API exchange platform JETCO APIX.
In Singapore, the Monetary Authority (MAS) together with the Singapore FinTech Association and AMTD Foundation, has set up a S$6 million FinTech Solidarity Grant to support startups impacted by the Covid-19 pandemic. Singaporean startup GoBear has received an additional US$17 million from its long-term Dutch investors Aegon and Walvis. This might be some additional cash to help the startup through COVID-19 and help them transform their business model.
Two exciting news items around MicroInsurance. India’s Rural InsurTech platform GramCover raises Pre-Series A Funding and Dubai based Democrance expands its partnership with AXA beyond UAE and Thailand to Egypt and Mexico. MicroInsurance for low-income groups is a large and widely untapped market but it comes with its own challenges around distribution. We are looking forward to more innovation happening in this space to bring insurance products to rural areas and vulnerable populations.
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