Malaysian-based Insurtech platform InsureComFree will see its services growth exponentially following a recently secured partnership with KT Cap Consulting Pte Ltd (KTCC), a Singapore-based management consultancy firm.
Speaking on the collaboration, InsureComFree’s CEO and founder Mohd Faizol said: “We are thrilled to partner with KT Cap Consulting as it brings a tremendous amount of expertise in product development and structured insurance solutions, which supports InsureComFree’s vision of building a scalable ecosystem for its product suite.”
Dedicated to creating value for money insurance and takaful products to promote greater financial literacy among underserved segments, InsureComFree was valued in the range of RM 10million to RM 15million in a funding round.
InsureComeFree will see the funds used to contribute to team growth, product line expansion and new technology. And the investment terms of which will remain confidential will enable InsureComFree to double in size over the next two years by expanding into new markets and services and growing the team.
Headquartered in Singapore with offices in Malaysia, KT Cap Consulting is a management consultancy firm focusing on potential startups in the Insurance, Healthcare and Motor space. “We are delighted to work with the InsureComFree team and we believe it will provide additional value for our clients especially in the area of structuring insurance solutions for our corporate clients” KT Cap Consulting Senior Partner in Malaysia & CEO Interstellar Sdn Bhd Marsha Salam said.
“Our goal is to bring the most competitive products into the market while examining the risk factors facing our population,” added Mohd Faizol.
“Technology has brought new opportunities, but it comes with certain risk factors that we must manage with care, and this is where we, at InsureComFree, come into the picture with our focus on customers who do not want to incur additional distribution expenses when protecting their digital footprint. Cost should not be a reason to compromise one’s safety and this partnership with KT Cap Consulting would provide more scale.”
Prior to this, InsureComFree’s product platform in collaboration with fellow Insurtech platform SingViva rolled out a series of innovative insurance designed for digital customer base such as Critical illness, Professional Indemnity and Personal Cyber Insurance (full support) Its Personal Cyber Insurance has also attracted interests from major ecommerce/healthcare platform in SEA given its low-cost structure and provision of full services targeting digital customers from education, banking and healthcare sectors.