Bankbazaar Singapore – February 26, 2018
Singapore: Singapore-based insurance technology (insurtech) start-up UEX has received S$1.3 million investment from their seed investor, French insurance broker Verspieren. This investment is seen as a strategic move by Verspieren to access the Asian market.
UEX’s mobile application allows both individuals and SMEs to obtain personalised insurance policies with just a few clicks. They now plan to use this investment amount to further develop their technology platform to not just expand their presence in Singapore but to also add more health insurance products that target small and medium enterprises (SMEs).
Founder and CEO of UEX, Gregoire Rastoul, stated that they plan to expand their operations in greater Asia towards the end of this year and the beginning of the next. Adding new features to their mobile application to bridge the gap between individual and corporate plans is a feature that they are looking to improve. He also stated that despite the insurance market in Singapore being quite aggressive, there was still room for more players.
Established in 2016, UEX currently works exclusively with AXA in Singapore and two other insurers outside of Singapore.