Another busy month and we see more investments pouring into the region. Warburg Pincus is investing $350m to set up a Southeast Asian digital general insurance platform called Oona Insurance. Similar to other players Oona starts with a range of existing insurance assets including Indonesia’s PT Asuransi Bina Dana Arta Tbk and Philippines’ Mapfre Insular Insurance Corp.
Hong Kong based YAS completes a US$4.5M Pre-Series A round to focus on its Web3 insurance on-chain offering. The InsurTech also announced it is joining forces with fellow InsurTech Avata to launch an embedded NFT warranty service worldwide.
Bolttech is in the news again as well. The InsurTech secured a Series B investment led by Tokio Marine. In Indonesia, bolttech acquires majority shareholding in broker Axle Asia and in Singapore AVA Insurance Brokers and AVA Insurance Agency, which bolttech had acquired in February 2022, have been rebranded to bolttech.
In India, PhonePe announced that it has more than doubled its revenue. The payment company has a broker license and offers insurance products on its mobile wallet which contributed to the revenue growth.
Singapore-based HealthTech DocDoc and QBE announced the launch of Asia’s first proactive group health insurance solution. For DocDoc, this collaboration personifies the evolution from an insurance technology provider to becoming the primary architect of game changing health insurance solutions.