Digital re broker Symbo raises capital for expansion
Singapore-based re/insurance broker Symbo is raising fresh capital to expand its fully digital platform, Anurag Jaroli, head of reinsurance of Symbo, told SIRC Today.
The platform is predominantly suitable for facultative insurance and includes around 25 products such as marine, liability, property, miscellaneous, credit and aviation.
“Most of the products that are reinsured under a facultative regime can be placed through the platform and the facilities,” said Jaroli.
On Symbo’s platform, reinsurers specify the parameters of their underwriting preferences including products, geographies, industries and on which basis they want to underwrite. A cedant or broker places the risk on the platform and an algorithm selects reinsurers that are willing to underwrite the business.
Cedants can then approach the reinsurers via the platform and take the negotiations further. “There is no manual intervention involved,” Jaroli explained.
“Once you do the transaction through the platform, everything is digitally recorded. Your documents are always all in one place,” he added.
This introduces efficiency to the process, similar to what Lloyd’s is trying to achieve via PPL, its electronic placement platform.
“That’s how you bring efficiency in the business. These days when rates are low and business is very competitive, whatever efficiency you add to your business increases your margins,” Jaroli said.
Symbo is considering including treaty deals on its platform but is still debating what real value it can add through the platform.
Symbo operates via a licence in India but it is in the process of applying for a licence in Singapore.
“We will be a full digital platform servicing both retail and reinsurance business,” Jaroli said.
“Having introduced a lot of innovation in India we are now in the process of getting a licence in Singapore and reproducing our approach in India,” he said.
Symbo wants to expand in south-east Asia, to Indonesia, Malaysia, Cambodia, Laos, Vietnam, the Philippines and Thailand.
“We are raising the next round of capital with investors very soon to finance further expansion,” Jaroli concluded.
