Philippine insurtech startup Saphron clinches $1m seed funding

It will optimise AI and real-time data analytics for customer service.

Philippine-based insurtech startup Saphron secured $1m worth of seed funding from VC fund Sage and Talino Labs, reports e27.

According to Saphron founder and CTO Kiko Reyes, Jr., the platform will be optimised with Artificial Intelligence and real-time data analytics for underwriting and customer service.

“It will have a multi-platform payment gateway that can accept payments from mobile payment platforms, which is now the payment method of choice in Indonesia, Malaysia, and Thailand. And we will build a blockchain-based know your consumer system with biometric identity verification for secure payments processing,” Reyes added.

Insurance penetration in the ASEAN is at 3.4% of gross domestic product (GDP) compared to the global average of 6.3%.

“There is a serious need to make insurance radically accessible around the region by helping address the risks that set back millions of vulnerable families and drive them further into debt,” Reyes said.