For homegrown insurance provider Assure General Insurance , digitalisation has been a game-changer. The firm does not offer its own insurance, but partners major insurers to match its customers with suitable policies from them, earning a commission for each sale.
In February 2021, AGI SG approached IMDA OIP to have its operations analysed so that a clear problem statement can be developed to crowdsource innovative solutions. “After we chanced upon the OIP, it was clear that we needed the professional consultancy support that came with it. From diagnosing our challenges to refining our problem statement, assessing proposals and setting key performance indicators to ensure the right outcomes, we received end-to-end support, and it was entirely free.”
The OIP also provided the start-up with a level playing field where it can compete with larger companies and have a chance at making an impact in the industry. Mr Ong notes: “Thanks to the OIP, we became aware of AGI SG and its associated issues, which we may not have discovered otherwise. Similarly, without our involvement in the OIP, AGI SG may not have been aware of our organisation and the potential benefits of our collaboration.
He continues: “Participating in the OIP innovation call process has allowed us to make significant improvements to our product, resulting in a more appealing offering to be presented to potential customers. In addition, the feedback we received from the OIP team has given us valuable insights which helps us improve our product to meet the evolving needs of our customers.”Participating in the OIP has yielded other dividends, he adds.