Singapore-based PolicyPal has secured an undisclosed seed funding from 500 Startups and a cohort of undisclosed angel investors. The InsurTech startup intends to use the funds to accelerate product development and level up the marketing.
PolicyPal also reveals it will be joining the Monetary Authority of Singapore (MAS)’s FinTech Regulatory Sandbox. The latter is basically a “safe environment” for financial institutions and fintech firms to test their new products and services. This implies, PolicyPal will be able to test its product, for which it has collaborated with insurance providers NTUC Income and Etiqa insurance.
The two companies will make their insurance products available for consumers via PolicyPal’s mobile app in a period of next six months. NTUC Income will also closely work with PolicyPal through its Income Future Starter programme, an equity-free insurtech accelerator.
MAS’s Chief Fintech Officer, Sopnendu Mohanty, in an official press statement, says,
In line with today’s fast-evolving Fintech landscape, we work closely with sandbox applicants to understand how we can facilitate meaningful Fintech experiments and enable financial institutions and start-ups to harness technology to deliver financial services and products that can benefit both consumers and the industry.
PolicyPal brings a convenient and sorted way to manage your insurance policies. With an aim to make buying and managing insurance simple for everyone, the users have everything served on a platter, from checking outstanding insurance payment amounts to being updated about the purchase mobility and DPI life insurance products, the platform really comes as a savior.
PolicyPal leverages Optical Character Recognition (OCR) technology to digitize the existing insurance policies in order to analyze and suggest improvements on the coverage. It is in talks with various insurers for potential collaboration opportunities. Val Jihsuan Yap, CEO of PolicyPal, says,
We partner with insurers to provide an alternative platform for consumers that will automate part of their insurance journeys such as the consolidation of insurance policies and answering basic consumer questions.
PolicyPal claims to have policies worth over $4.25 million available on its platform. The startup is also planning to invade another space – it intends to help the users with their claims services.