There is a growing view in local fintech circles that insurtech will be the next big thing in SEA. The main advancements so far have been in delivering efficiencies (price comparisons, product aggregators, digital brokers) thereby reducing costs for insurance companies and facilitating cheaper coverage for consumers.
ZENSUNG Singapore Pte Ltd has developed something more. At its core it is about promoting safer driving and targeting some of the highest road fatality rates globally - which are in emerging and developing markets. DRIVESUNG calculates a safe driving score for every trip calibrated from parameters identified during extensive discussions with insurance risk specialists, supplementing traditional risk measures. So it delivers the insurers benefits - but goes a lot further on value add for consumers. This mobile app has been successfully tested by Android and IOS users in multiple markets.
DRIVESUNG just been released as a free download from the Apple store in Singapore. I have been helping to trial this in Singapore for the last few months and can vouch that it has dramatically increased my awareness of driving faults and encouraging corrective action. Don’t just take my word for it try it yourself!
The awareness and usage of DRIVESUNG is growing rapidly through:
safe driving competitions (India, Sri Lanka, Mauritius)
white label insurance offering (Indonesia)
250k+ hits on adverts, 30k + downloads
https://www.youtube.com/watch?v=jaFrhqoaM7Q
…..and yes, I am advising on capital raising!