<article>Singapore-based insurtech platform <a href="https://www.dealstreetasia.com/?s=UEX" target="_blank" rel="noopener">UEX</a> has raised S$1.3 million (nearly $1 million) in funding from its seed investor <a href="https://www.dealstreetasia.com/?s=Verspieren" target="_blank" rel="noopener">Verspieren</a>, a French insurance broker, to strengthen its presence in the Singaporean market.</article>

Singapore-based insurtech platform <a href="https://www.dealstreetasia.com/?s=UEX" target="_blank" rel="noopener">UEX</a> has raised S$1.3 million (nearly $1 million) in funding from its seed investor <a href="https://www.dealstreetasia.com/?s=Verspieren" target="_blank" rel="noopener">Verspieren</a>, a French insurance broker, to strengthen its presence in the Singaporean market.
UEX will use part of the proceeds to enhance its focus on developing its tech platform, and to enlarge its range of health insurance products that address the SME’s needs through a sub-brand called UEX for business, it said in a press statement on Wednesday.
SMEs market has a great potential as it represents 99 per cent of the ACRA registered companies in Singapore with 64,000 new business entities that have been created in 2016.
According to UEX, a large majority of SMEs do have an appropriate insurance to cover any potential risks. SMEs should be aware of certain risks like public liability, professional indemnity or work injury compensation that could lead to the end of their activity.
“Health insurance is the main focus of our insurtech” said Grégoire Rastoul, CEO and founder of UEX. The startup firmly believes that its model will enable employers, employees and their families to ease their purchase of health insurances and be appropriately covered with a one stop shopping solution.
“We want to reconnect the dots between the coverage offered by the employer with a potential insurance top-up by the employees. We also want to cover major business risks through a better awareness and insurance,&#8221; Rastoul added.
The company claims to combine its strengths in customer centricity through its technology and its 90/10 policy: 90% online and 10% advisory. The latter is essential for expatriates who have just arrived as it allows them to have a better knowledge of the healthcare system in Singapore, it feels.
&#8220;Many partners are expecting us to expand abroad and that is our intention, but for the beginning of the year, we have decided to focus on our community by developing our customer relationship management and our automatic referral process named UEX POP,&#8221; Rastoul said.
The startup wants to Uberize insurance thanks to an alternative online multichannel model. To create this change, the insurtech can allow a trusted third party to distribute insurance by connecting to UEX’s generic API on any website, blog, Facebook page, etc, it said.
Also Read:
<a href="https://www.dealstreetasia.com/stories/singapore-insurtech-startup-axinan-seriesa-nsi-ventures-92420/" target="_blank" rel="noopener">Singapore: Insurtech startup Axinan closes Series A led by NSI Ventures</a>
<a href="https://www.dealstreetasia.com/stories/singapore-gree-ventures-backs-759k-seed-round-of-vouch-insurtech-91800/" target="_blank" rel="noopener">Singapore: GREE Ventures backs $759k seed round of Vouch Insurtech</a>
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UEX will use part of the proceeds to enhance its focus on developing its tech platform, and to enlarge its range of health insurance products.

Singapore: Insurtech startup UEX raises nearly $1m from France's Verspieren

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Singapore: Insurtech startup UEX raises nearly $1m from France's Verspieren

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