Seed funding has been closed by an insurance technology startup, Gigacover based out of Singapore. The funding was led by Silicon Valley and Southeast Asia fintech startups.
Other investors in the funding round included Hong Kong’s Vectr Fintech Partners, Singapore’s Quest Venture Partners, and Alto Partners. However, other details such as the terms of finance are unknown.
A digital insurance stack is operated by the insurtch, that leverages machine learning and analytics catering to the flexible insurance needs of rapidly changing workforce, in particular targeting those in the booming gig economy. The company was founded by Amerson Lim and Chua Cheng Xun, in the year 2017. Initially, MIT alumn and internet entrepreneur Wong Toon King backed the insurtech startup through his early-stage fund FarSight Capital.
According to Mark Munoz, the Vectr Fintech Partners, 60% of the employment in Southeast Asia is informal employment and the number is growing. The gig economy has governments and companies rethinking pay structures, health insurance and other incentives for their people.
It is believed that Gigacover will bridge the gaps that currently exist in freelance worker protection, given the current trend he shared further.
The region’s first prolonged medical leave income protection product and a suite of general insurance products backed by Etiqa and AXA; is one of the new insurance solutions co- created by Gigacover which has been greatly innovative as well.
To offer extensive earnings protection to its driver-partners, an exclusive partnership with Indonesian unicorn Gojek was recently revealed by the company.
Strengthening its position in Singapore as well as expanding into other Southeast Asian markets along with furthering its growth, are the main goals Gigacover plans to achieve with the freshly acquired funds.