Synagie launches lifestyle insurance app Kiasu.me

Kiasu.me's first product called Device Shield will come in the form of a scratch card which provides 12-month accidental screen damage protection for brand new mobile phones.
Kiasu.me's first product called Device Shield will come in the form of a scratch card which provides 12-month accidental screen damage protection for brand new mobile phones.PHOTO: SCREENGRAB FROM KIASU.ME

SINGAPORE - Catalist-listed Synagie Corporation has launched Kiasu.me, a mobile app and cloud platform offering "pay-as-you-use" lifestyle insurance policies, which cover personal gadgets, family and cyber risks to protect consumers from threats and hazards in their digital lifestyle.

Powered by artificial intelligence, the app looks to provide instant and affordable protection to Singapore and South-east Asia consumers, the e-commerce player said in a regulatory filing on Monday (March 18) before the bourse opened.

Kiasu.me's first product called Device Shield will come in the form of a scratch card which provides 12-month accidental screen damage protection for brand new mobile phones. Singapore will be a "test bed" for the product, from which the company intends to extend distribution to other countries in the region.

Device Shield covers the cost of one screen repair for all major phone brands, with coverage activation and automated claims being powered by the platform. In addition, insurance coverage includes a free, app-based concierge service which picks up the damaged phone for repair, and returns it to the customer after repair.

The platform's launch comes after Synagie acquired its insurtech subsidiary in April 2018, which has processed more than $500 million in insurance coverage and over 780,000 insurance policies. Looking ahead, Synagie plans to leverage its domain expertise and technology to penetrate the growing insurtech market in South-east Asia using the cloud insurance platform, it said.

Zanetta Lee, co-founder and executive director of Synagie, said traditional insurance policies are "probably two sizes bigger than they should be".

"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," she added.

Synagie Corporation shares closed at $0.065 on Friday, edging up 0.3 Singapore cent. The company debuted on the Catalist board on Aug 8, 2018 at $0.265 a share.