Synagie eyes 'pocket insurance' market with new mobile app

Synagie eyes 'pocket insurance' market with new mobile app

Michelle Zhu
18/03/19, 08:04 am

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. 

Don't demonise China but neither be its vassal state: Ho Kwon Ping

SINGAPORE (Apr 23): The current United States and China trade tensions, businessman Ho Kwon Ping thinks, is not about a trade war but about a paradigm shift towards China becoming a major global player who does not want to play by Western rules. Ho says: “The current US-China tensions are not only not about the trade war, it is not even about geopolitical or geo-economic rivalry. It is about an entire paradigm shift in civilisational relationships which has not happened for the last 200 to 300 years ever since the ascendancy of Western civilisation to become the dominant civilisation in t....

UOB Kay Hian remains positive as SPH turns to student accommodation to arrest flagging media business

SINGAPORE (Apr 23): Despite continued weakness in its core media business, UOB Kay Hian is staying positive on Singapore Press Holdings (SPH) on the back of its foray into the student accommodation segment. SPH last week announced it has acquired a portfolio of three purpose-built student accommodation (PBSA) assets in the UK for £134 million ($237 million). See: SPH expands UK student dorm portfolio with $237 mil acquisition The assets span three cities in the UK – Southampton, Sheffield and Leads – and has a total capacity of 1,243 beds, bringing SPH’s total portfolio to over....

Ascott transforms digital ecosystem to support expansion

SINGAPORE (Apr 23): The Ascott Limited, CapitaLand’s wholly-owned lodging business unit, is embarking on a digital ecosystem transformation to support its expanding global lodging portfolio. The company aims to drive revenue growth, improve operational efficiency and enhance value to its customers and business partners through a comprehensive front-to-backend systems makeover. As part of its digital transformation, Ascott has launched the Ascott Star Rewards, the world’s first loyalty programme in the serviced residence industry to offer full flexibility to earn and redeem points. It....