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July 21, 2020

Synergy to foray into Indian insurance market

By Verdict Staff

Hong Kong-based insurtech firm Synergy Strategic Solutions is reportedly planning to boost its international footprint by entering Indian insurance market.

The move follows the company’s overall expansion plans to bolster its operational presence in the Asia-Pacific region including countries such as Hong Kong, Singapore, Japan, Malaysia, Indonesia, and Philippines.

The company plans to launch its end-to-end technology solutions and services such as application development, smart automation, cybersecurity, and data analytics in the country.

In 2015, the company set up its knowledge and development centre at Bengaluru with over 100 engineers specialised in the BFSI domain.

Synergy Strategic Solutions co-founder and CEOPradeep Satya has been quoted by Times of India as saying: “Since inception in 2011, Synergy has emerged as the preferred partner to some of the biggest names in the insurance market in the APAC region. Our model engages insurers to understand their pain points and limitations and thereby crafting tailor-made digital solutions that help them with quick digital growth.

“It was natural for us to expand our offerings to the Indian market, to not only strengthen our market leadership in the region but, more importantly, to tap into one of the most promising markets.”

The insurance market in India is expected to touch gross premiums of $100bn this year. The company expects to obtain nearly 50% of its revenues from the Indian market in next 24 months.

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