SINGAPORE (Mar 18): E-commerce company Synagie has launched an insurance mobile app called targeting the “pocket insurance” market, where premiums are low enough to be paid with “pocket change”.

Available on both iOS and Android devices, the app will focus on offering pay-as-you-use lifestyle insurance policies starting with its first product, Device Shield, a 12-month accidental screen damage protection policy for new mobile phones.

Device Shield comes in the form of a scratch card (pictured, main image) available for purchase at mobile phone retail outlets in Singapore.

Its coverage includes an app-based concierge service that arranges for the pickup and return of policyholders’ damaged phones for repairs, free of charge.

In a Monday filing, the group says its new app’s concept comes on the notion that most traditional policies do not work for the on-demand economy – and that current insurance policies are likely larger, or “two sizes bigger” than what consumers require as they pay higher premiums for coverage that they might not use.

“We have been working with A-rated insurance partners to provide custom-fit insurance protection for consumers for an affordable monthly price. Our policies work like a subscription where you pay a low monthly fee for the lifestyle coverage you need and have the freedom to add on more protection or cancel anytime,” says Zanetta Lee, co-founder and executive director of the group.

Synagie’s latest move comes after the recent acquisition of its insurance technology (insurtech) business, 1Care Global.

Going forward, the group says it intends to leverage on its domain expertise and technology, to penetrate the growing Southeast Asia’s growing insurtech market using its cloud insurance platform.

Shares in Synagie closed flat at 6.5 cents on Friday.