Singapore-based insurance startup Surer has recently launched an Instant Quote marketplace that lets insurance intermediaries get swift access to insurance quotations. The company noted that they have observed an imbalance between demand and supply of general insurance, primarily because of the tiring and slow workflow process between insurance intermediaries and carriers. Additionally, the licenced general insurance agents in Singapore will now be able to represent a maximum of three insurers, but data showed that only 9.9 percent are being able to maximise and completely take advantage of it.
In order to help people understand this issue, Instant Quote Marketplace came up with a collaborative platform that will help intermediaries access information faster. The platform will also help insurers to distribute their products more efficiently so that the customers have a complete and sound idea of the product. This helps business match demand with supply.
Derren Teo, co-founder of Surer told the media, “Surer helps intermediaries save 95 percent of their time on product quote sourcing and 70 percent of time spent dealing with administrative processes. The digitalisation of their workflow leads to greater speed and efficiency. With more time, intermediaries can increase their focus on prospecting and advising clients, including the 70 percent of uninsured or underinsured SMEs in Singapore. The launch of our Instant Quote Marketplace allows intermediaries access to instant quotations and furthers our value-proposition to the entire insurance ecosystem, where intermediaries can be more efficient in quote sourcing whilst insurers can be more effective in product distribution and recruitment.”