SINGAPORE (Sept 16): Revez Corporation’s subsidiary, IOIO Lab, has signed an agreement with Superfunds Venture (SFV) to enhance the latter’s InsurTech platform.

SFV’s InsurTech platform, InstaProtection, insures smartphone users in Malaysia against cracked screens.

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The service is backed by reputable insurance provider and the platform allows for hassle-free registration and claims-processing, making it easier and faster for smartphone owners to repair or replace cracked screens on their smartphones.

SFV was one of the first to provide InsurTech services in Malaysia when InstaProtection was launched in August 2018. It has since been adopted successfully by more than 1,000 mobile phone retail outlets.

SFV aims to expand its InsurTech services into other Asia-Pacific countries in the coming years by partnering with well-known insurance companies.

SFV expects to see its user base grow by a compounded monthly growth rate of 23.25% to reach 60,000 by the end of the year.

Revez says the enhancement of the InstaProtection platform will use both artificial intelligence (AI) and business analytics (BA) technologies to continuously provide the InstaProtection development team with real-time insights on user data.

The continuous support provided by Revez on an ongoing basis will allow the team to optimise the user interface and experience (UI/UX) of the app, as well as enable SFV to create a better customer-centric relations and combating fraud detection for their partners and helping their partners to develop more targeted products and services that better meet users’ needs.

The improved InstaProtection platform will be available both as a mobile and web application, providing a seamless end-to-end user experience throughout various touch-points along the user journey -- both for consumers as well as service providers who provide the repair services.

Victor Neo, CEO of Revez, says, “At Revez Corp, we have always been about leveraging on the latest technology to enhance the user experience. Insurance is a high-value market that has yet to keep up with the demands of a new generation of digital natives. The InstaProtection project will allow us to enter the rapidly expanding InsurTech space by partnering with Superfunds Venture to help enhance, grow and roll out the platform to new markets in the Asia-Pacific region.”

These enhancements will not only help InstaProtection users process their claims faster through robotic process automation (RPA), but also aims to combat potential fraud through the use of machine learning to detect and flag suspicious claims for review. The upgraded platform is expected to launch in 1Q20.

Shares in Revez closed at 24 cents on Monday.