discovermarket secures two wins at Insurance Asia Awards 2024

It has made insurance more accessible to Southeast Asian markets, wherein the protection gap  remains high.

Global insurtech company discovermarket was recognised at the prestigious Insurance Asia Awards 2024 for its innovative digital embedded micro-insurance presence in Southeast Asia, which has made insurance affordable, accessible, and attractive for over 200 million customers across the nations it currently covers.

Since its establishment in 2021, the company has achieved remarkable growth in advancing its technology platform and business blueprint. It has also developed solutions that promise low transaction costs, scalability through ecosystems, and tailored customer journeys through its marketplace-as-a-service platform.

The platform is a cloud-based, application programming interface (API)-enabled, and no-code solution that empowers brokers, insurers, and service providers to deliver embedded insurance at scale to the unreachable and untapped customer segments, leveraging meaningful ecosystems and digital platforms.

Moreover, it orchestrates the entire insurance value chain such as seamless onboarding of partners, no-code product configuration through simple drag & drop features, customer journey integration, policy lifecycle management, claims registration and portfolio performance management.

The discovermarket platform also offers pre-built integrations with global data sources to track rain, temperature, typhoons, air quality, soil moisture, and solar energy, amongst others, to offer innovative parametric insurance propositions. At the same time, it intelligently identifies customers’ insurance needs through artificial intelligence and open-source data, ensuring timely and relevant product recommendations for conversion rates maximisation.

discovermarket has collaborated with esteemed hotel brands such as Sofitel and InterContinental to launch first-of-its-kind rain protection offerings for travellers in Singapore. This initiative addresses the untapped need for hoteliers to overcome revenue turbulence caused by unpredictable weather conditions and ensures hotel guests leave with a smile, regardless of the weather.

In the Philippines, the company has partnered with broker firm Philinsure and telecom giant Globe to tackle cyber threats and their associated consequential financial and non-financial losses, as well as provide cybercrime protection for corporate and retail customers. This goal has led to the introduction of CyberSecure, a tailored cybercrime protection product for corporate clients in the country and is now extending the offering to more retail segments to make insurance accessible for unreached customers.

CyberSecure ensures swift response to malware, hacking incidents, and data breaches, providing funds for emergency mitigation, investigation, and reimbursement of losses. It extends coverage to both direct and third-party losses incurred during cyber incidents. Its breach response services are also activated within 24 hours.

discovermarket has also forged a partnership with insurtech company Lexasure to extend parametric agriculture insurance to safeguard smallholder farmers in Indonesia. This collaboration demonstrates the commitment to empowering underserved communities, such as farmers, in the face of unpredictable weather. With versatile product functionalities, the company delivers compelling solutions and attractive offerings to bridge protection gaps across diverse industries such as fintech, e-commerce, ride-hailing and food delivery apps.

Its cutting-edge technology, integrated approach, and profound insurance expertise set it apart from other companies.

“Empowered by our consultative approach, our ecosystem partners navigate innovation with confidence, tapping into previously inaccessible customer segments, secure in the knowledge that our multidisciplinary team stands ready to offer strategic guidance spanning across strategy, sales, marketing, distribution, actuarial, underwriting and product development,” the company said.

For its outstanding performance in a region with dismally low insurance penetration, discovermarket bagged the Insurtech Start-up of the Year - Singapore and the Insurance Initiative of the Year - Philippines category wins.

Insurance Asia Awards celebrates insurance companies that have redefined traditional boundaries through groundbreaking innovation and have left a profound impact on customers and the industry.

The Insurance Asia Awards is presented by Insurance Asia Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's significant impact on its customers with exceptional products, services, and solutions in the insurance industry, please contact Julie Anne Nuñez at [email protected].