Singapore insurtech attracts $1m investment from France

Singapore-based insurtech UEX has raised S$1.3 million (approximately $1 million) of funding from French insurance broker Verspieren 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 small and medium enterprises' (SME’s) needs through a sub-brand called UEX for business, the company said on Feb. 21.

“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. This is made possible thanks to a simplified onboarding process and a flexible way to personalize each SME’s insurance plan. 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,” Rastoul added. "UEX realized that 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. Through a simple user experience and real business experience, UEX offers a personalized insurance plan based on the SME’s activities.”

The startup aims to become the expat health insurance leader in Singapore.

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