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June 28, 2019

Insurtech Gigacover secures seed funding to expand in Southeast Asian market

Gigacover, a Singapore-based insurtech start-up, has raised a seed funding from Hong Kong-based Vectr Fintech Partners along with local firms Quest Venture Partners and Alto Partners.

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Gain valuable insight on the Motor Insurance industry outlook for Asia Pacific

Asia-Pacific was the fastest-growing region globally during the review period (2016-2020), recording growth at a CAGR of 2.7%. China was the market leader, accounting for 52.9% of the region’s motor insurance premiums in 2020. To help you make the most of this significant growth, GlobalData’s has put together a comprehensive overview of the Asia Pacific motor insurance industry, including market sizing and forecasts. Read ‘Motor Insurance Industry Outlook in Asia Pacific’ for:
  • Analysis of leading insurers in the region
  • Details on regulatory requirements, including licensing rules, capital requirements, taxation regimes, and ownership quotas
  • Analysis of the impact of COVID-19 on the industry
  • Insight into key trends, technology developments, and potential disruptors in the motor insurance industry
  • Recent M&A activity in the motor insurance industry
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by GlobalData
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Gigacover offers a digital insurance stack which uses machine learning and analytics to meet the insurance needs of rapidly changing workforce, including the booming gig economy.

The insurtech firm plans to invest the funds to strengthen its position in Singapore and expand into other markets in Southeast Asia.

The company has developed new insurance solutions, including a prolonged medical leave income protection coverage and an assortment suite of general insurance products supported by Etiqa and AXA.

Additionally, the company forged an exclusive partnership with Indonesian firm Gojek to provide extensive earnings protection to its driver-partners.

Mark Munoz of Vectr Fintech Partners said: “In Southeast Asia, 60% of employment is in informal employment and growing. The gig economy has governments and companies rethinking pay structures, health insurance and other incentives for their people.

“Given the trend we believe Gigacover bridges the gaps that currently exist in freelance worker protection.”

Gigacover was established in 2017 by Amerson Lim and Chua Cheng Xun after it was backed by FarSight Capital, an early-stage fund.

Free Report
img

Gain valuable insight on the Motor Insurance industry outlook for Asia Pacific

Asia-Pacific was the fastest-growing region globally during the review period (2016-2020), recording growth at a CAGR of 2.7%. China was the market leader, accounting for 52.9% of the region’s motor insurance premiums in 2020. To help you make the most of this significant growth, GlobalData’s has put together a comprehensive overview of the Asia Pacific motor insurance industry, including market sizing and forecasts. Read ‘Motor Insurance Industry Outlook in Asia Pacific’ for:
  • Analysis of leading insurers in the region
  • Details on regulatory requirements, including licensing rules, capital requirements, taxation regimes, and ownership quotas
  • Analysis of the impact of COVID-19 on the industry
  • Insight into key trends, technology developments, and potential disruptors in the motor insurance industry
  • Recent M&A activity in the motor insurance industry
Improve your business strategy with our extensive report. Download it for free, now.
by GlobalData
Enter your details here to receive your free Report.

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