Symbo Platform raises USD 9.4 mln from CreditEase Fintech Investment Fund, others

The Singapore-headquartered company also saw participation from existing investors, Integra Partners, Insignia Ventures and AJ Capital.

With the proceeds from this round, Symbo intends to continue investing in its core technology and leadership team to bring its offerings to scale, a statement said.

The key areas of investment will be recruitment across technology and product functions along with senior business development hires in Singapore, Malaysia and Indonesia, it added.

A large proportion of the funds has also been earmarked for investment into Symbo's Indian affiliate.

In India, Symbo is focused on context-based, customer need-oriented focused insurance and has been working towards simplifying insurance for customers, helping them to buy covers based on their personalised needs.

The startup offers small-ticket products such as marathon, fitness, and spectacle covers in the country in partnership with Bajaj Finserv Health, Lenskart, major corporates, and large insurance industry incumbents.

''Our vision and mission is to be an innovative insurance business providing best-in-class claims, consulting and buying experiences to our customers and partners. The funding will be used to strengthen our technology and expand our agent and partner footprint so we can continue to drive insurance penetration in the country,'' Symbo India Insurance Broking co-founder and CEO Anik Jain said.

As an insurance broker, Symbo has partnered with majority of insurance companies in India and has three distribution mechanisms: enterprise, affinity and point of Sale Partners (PoSP).

Symbo's technology platform is used by individual agents, third-party administrators, brokers, insurers and corporates across India and Southeast Asia to distribute, purchase and administer a wide range of insurance products spanning life and general insurance across personal and commercial lines.

The platform empowers over 80,000 agents and 45 technology licensing partners, supporting over USD 100 million in annual GWP (Gross Written Premium) across India, Malaysia, Singapore and Indonesia.

Internationally, Symbo also serves AXA Affin General Insurance Berhad (Malaysia), PMCare (Malaysia) and also has large clients in Indonesia.