PolicyPal

insurtechaggregators / policy management

FOUNDING YEAR: 2016
LOCATION: Singapore
Last Update: 18/10/2019

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

About

At PolicyPal, we create a digital insurance folder for you to organise all your existing policies, giving you a peace of mind, so that you always have access to your insurance policies even if the unexpected happens. We provide an independent review of your coverage and let you know the missing links. Never worry about overpaying or being under-insured. We are here to ensure that you and your family are always well protected.

MEDICI Analysis

PolicyPal is a digital insurance manager which aims to make the process of buying and managing insurance simple. The portal allows consumers to manage their insurance policies online.

Focus

PRODUCTS & SERVICES

Mobile-based insurance management app. The platform helps policyholders to manage their all policies on the smartphone.

REVENUE MODEL

Commmission per transaction

PRIMARY PROBLEM SOLVED

Consumers: Managing your insurance policies in paper files or excel spreadsheets is complex. You have to call your agent to get information regarding your policy during emergencies. Meeting an agent for consultation makes you feel obligated to buy a product. Insurers: Customer attrition rates is one of the key business metrics because the cost of retaining an existing customer is far less than acquiring a new one. Insurance sector currently suffers from 30% attrition rate.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

company provided insights

Traction

REVENUE

$0 - $99k

NUMBER OF TRANSACTIONS:

50.00

TRANSACTIONS VALUE:

3 K

TRANSACTIONS COMMENT:

PolicyPal focuses on user acquisition and policies management now.

ACTIVE USERS:

8000

ACTIVE USERS COMMENT:

Super convenient! I can access all my policies in one app and find out where I can save money on my insurance premiums. Fiona Maguire It brings simplicity to the table with an easy to understand and user friendly interface suitable for anyone to use. Mikail Raffee

People

FOUNDERS

Val Jihsuan Yap

Val Jihsuan

BOARD MEMBERS AND ADVISORS

Vishal harnal

NUMBER OF EMPLOYEES

1-10

INVESTORS:

500 Startups

BlockWater Management

Startupbootcamp

Startupbootcamp FinTech Singapore

COMMENT:

Val Yap was AVP in OCBC bank, helped non-profit organisations to raise funds, She previously worked in Risk Assurance in PricewaterhouseCoopers London. Val graduated from Imperial College London with MSc Business Management. The technology team have combined experience from MIT, A*Star,built world class software for investment banks,startups. They developed the first version of iOS, android,web app within 6 weeks.

Momentum

FUNDED

YES

DATE OF LAST FUNDING

Mar 2018

SEED PRIOR FUNDING COMMENT

An undisclosed fund raised in March 2017.

LISTED

NO

ICO

20000000

For Investors

FUNDING NEEDED:

$5 M

USES OF FUNDS RAISED:

1. Users acquistion

2. Policies distributions

3. Talents growth

EXIT STRATEGY

Acquistion

MONTHS LEFT WITH CURRENT CASH BURN RATE:

5 months from 19 Feb, 2017

COMPETITORS:

Knip

FinanceFox

Innovation Programs

BASICS

FOUNDING YEAR:

2016

LOCATION:

Singapore

Views:

195 VISITORS | 362 VIEWS
TOTAL EMPLOYEES
1-10

About

At PolicyPal, we create a digital insurance folder for you to organise all your existing policies, giving you a peace of mind, so that you always have access to your insurance policies even if the unexpected happens. We provide an independent review of your coverage and let you know the missing links. Never worry about overpaying or being under-insured. We are here to ensure that you and your family are always well protected.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

MEDICI Analysis

PolicyPal is a digital insurance manager which aims to make the process of buying and managing insurance simple. The portal allows consumers to manage their insurance policies online.

Focus+
Momentum+
Traction+
People+
For Investors+
Other+

Innovation Programs

Join the exclusive global FinTech community

Be a part of the global FinTech community on Slack

PolicyPal

About

At PolicyPal, we create a digital insurance folder for you to organise all your existing policies, giving you a peace of mind, so that you always have access to your insurance policies even if the unexpected happens. We provide an independent review of your coverage and let you know the missing links. Never worry about overpaying or being under-insured. We are here to ensure that you and your family are always well protected.

Focus

PRODUCTS & SERVICES

App based insurance policy management platform. PolicyPal is a digital insurance folder that makes insurance simple and transparent.

REVENUE MODEL

Commmission per transaction

TOP PROBLEM SOLVED

Consumers: Managing your insurance policies in paper files or excel spreadsheets is complex. You have to call your agent to get information regarding your policy during emergencies. Meeting an agent for consultation makes you feel obligated to buy a product. Insurers: Customer attrition rates is one of the key business metrics because the cost of retaining an existing customer is far less than acquiring a new one. Insurance sector currently suffers from 30% attrition rate.

PRODUCT DEVELOPMENT STAGE

COMMERCIAL LAUNCH

PRODUCT DEVELOPMENT COMMENT

Product is developed within 6 weeks, launched on iOS, android and web app.

KEY DIFFERENTIATORS

Asia's First Mobile Insurance Marketplace. The only end to end solution for insurance management and purchase.

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

STRATEGIC CLIENTS AND PARTNERSHIP

Finexis Advisory : Partner

Synergy : Partner

People

FOUNDERS

Val Jihsuan Yap

Val Jihsuan

NUMBER OF EMPLOYEES

11-50

KEY EMPLOYEES:

CEO, FOUNDER: Val Jihsuan Yap

CTO: Sunjin Lee

FOUNDER: Val Jihsuan

TEAM COMMENT:

Val Yap was AVP in OCBC bank, helped non-profit organisations to raise funds, She previously worked in Risk Assurance in PricewaterhouseCoopers London. Val graduated from Imperial College London with MSc Business Management. The technology team have combined experience from MIT, A*Star,built world class software for investment banks,startups. They developed the first version of iOS, android,web app within 6 weeks.

BOARD MEMBERS AND ADVISORS:

Vishal harnal

INVESTORS:

500 Startups

500 Startups

500 Startups

500 Startups

BlockWater Management

BlockWater Management

BlockWater Management

BlockWater Management

Startupbootcamp

Startupbootcamp FinTech Singapore

Startupbootcamp FinTech Singapore

Startupbootcamp FinTech Singapore

Startupbootcamp FinTech Singapore

Startupbootcamp FinTech Singapore

Momentum

FUNDED

YES

LISTED

NO

FUNDING SERIES