Singapore – Technology company Synagie, launched Kiasu.me on March 18 (Monday). The new on-demand lifestyle insurance mobile app and cloud insurance platform provides instant and affordable protection for consumers in Singapore and Southeast Asia.
In the press release, Synagie noted how the on-demand app targets the “pocket insurance market” and can provide low premiums that can be paid with pocket change. It offers policies powered by artificial intelligence for protection against cyber risks for users who are active in the digital world.
“Kiasu.me was founded based on the belief that most traditional policies do not work for the on-demand economy and the current insurance policies that consumers buy are likely larger than what they require as they pay higher premiums for coverage that they might not use,” stated the press release.
The first product offering from Synagie is a 12-month accidental screen damage protection called Device Shield. It comes with an app-based concierge service for free pick up and returns during the repair of the gadget.
The product will be launched in a scratch card form and will be made available at leading mobile phone retail outlets in the country.
The screen damage protection is available for brand new mobile phones that cover the cost of one screen repair for all major brands.
Co-Founder and Executive Director of Synagie, Ms Zanetta Lee said, “When you buy a new mobile phone which today can cost above two thousand dollars and you accidentally crack the screen, the cost of repair can run up to a few hundred dollars. In addition, you will have to bring the phone to the authorised repair centre and wait in line to submit it for repair. That is technological trauma for the consumer and a huge pain point that Device Shield will solve at a very low price.”
Synagie mentioned how in the US, over 95 million smartphones are dropped and damaged in a year giving rise to a potential market to fill with Device Shield.
The company is using Singapore as a test market and intends to extend the distribution of Device Shield to other countries in the region.
The e-commerce enabler is working on other innovative insurance products including cyber risks and family insurance that will be available online soon.
“Traditional insurance policies are probably two sizes bigger than they should be. Imagine a pair of sneakers that is two sizes up from your normal size. Would you pay extra to buy them? We have been working with our A-rated insurance partners to provide custom-fit protection for consumers for an affordable monthly price. Our policies work like a subscription where you pay a low monthly fee for the lifestyle coverage you need and have the freedom to add on more protection or cancel anytime,” said Ms. Lee.