
Vouch Insurtech
Insurance platform for private communities.
Date | Investors | Amount | Round |
---|---|---|---|
- | investor investor | €0.0 | round |
investor | €0.0 | round | |
* | $1.0m | Seed | |
Total Funding | 000k |
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Vouch Insurtech, operating as vouchinsurance.sg, is a Singapore-based financial technology firm that entered the motor insurance market in late 2016. The company was established by co-founders Chean Yujun, Prateek Jogani, and Thanasak Hoontrakul. CEO Chean Yujun, an alumnus of the National University of Singapore, brought experience in banking and big data analytics to the venture. The founding team's expertise was rounded out by CTO Prateek Jogani's background in software startups and Thanasak Hoontrakul's experience as a business analyst. The company was incubated by NUS Enterprise and was also selected for Swiss Re's InsurTech Accelerator program in 2017.
The firm's business model centers on a digital insurance platform that facilitates a social approach to car insurance. It operates by partnering with major insurance carriers—including NTUC Income, Sompo Insurance Singapore, and Tokio Marine Insurance Singapore—to offer a proprietary "No-Claim Rebate" (NCR) feature. This system provides a financial incentive for safe driving, allowing customers to receive up to 15% cash back on their annual premiums, supplementary to any existing No-Claim Discounts (NCD), if they do not file a claim. The platform enables drivers to form groups with friends, family, or other drivers with similar profiles to pool a portion of their premiums. If a member of the group makes an own-damage claim, a part of it is deducted from this shared rebate pool; if the group remains claim-free, all members benefit from the cashback.
This structure addresses the traditional insurance model where premiums from safe drivers often subsidize the costs associated with higher-risk drivers. For consumers, the platform offers a fully digital and transparent process, from obtaining a quote to managing policy information, which can be completed in minutes. For its insurance partners, Vouch provides a tool to better manage underwriting risks and attract a customer base of demonstrably safe drivers. Following its Singapore launch in February 2018, the company secured SGD 1 million (approximately US$755,000) in a seed funding round from investors such as GREE Ventures and Nogle Capital Management to fuel regional expansion, with an initial focus on Thailand. Data from Tracxn indicates the company is now considered deadpooled.
Keywords: car insurance, insurtech, No-Claim Rebate, peer-to-peer insurance, Singapore, automotive insurance, digital insurance platform, safe driving incentive, cashback insurance, motor insurance, Chean Yujun, NTUC Income partner, Sompo Insurance partner, Tokio Marine partner, NUS Enterprise, Swiss Re Accelerator, social insurance, group insurance, insurance technology, auto insurance