Company Name: WeCare Tech LLP
Name: F.J. Lim / Position: Founder, CEO
FOR IMMEDIATE RELEASE
Date: Jan 26th, 2018
MicroUmbrella.com is changing the way people buy and claim insurance. It is destined to be a game changer in an industry that has not changed much since 1666!
SINGAPORE: MicroUmbrella.com has announced that they are launching Asia’s first on-demand, mobile-first micro insurance platform in Singapore in February 2018. The mobile app introduces an artificial intelligence powered chat-bot that enables underserved consumers to buy and claim insurance, all within minutes. MicroUmbrella.com’s pioneering solution has landed itself as the top 10 finalists for FINTECH INNOVATION LAB ASIA PACIFIC 2017.
“I started my career as an insurance advisor, because I believe I can serve the people around me financially and emotionally. After 10 years in this industry, I noticed some shortcomings. Most insurers prefer to market bundled insurance products to middle and upper income groups, and claim payouts are not coming out fast enough to relief customers’ financial disaster. I felt that was not right, thus I decided to embark on a journey to revolutionize the insurance industry. I recruited a team who shares my mission and together we built a mobile app that allows customers to buy on-demand micro insurance, manage their plans, and make hassle-free claims, at the convenience of any smartphone!” said the founder and CEO, FJ Lim.
MicroUmbrella.com partnered with Hong Leong Financial Group, one of the leading financial groups in East Asia with USD 50 billion in assets, to offer customised insurance products catering to the lower median income groups. According to Singapore Department of Statistics 2016, 58% of the households earn below median income. This is a niche market that most insurers shy away due to small premiums and possibly higher risk. This is where MicroUmbrella.com is targeting as its market survey indicates that this group is highly underserved and prefer on-demand coverage, without wasting money on long term policy.
The founder, FJ Lim intends to create a whole new experience to insurance shoppers and rid the existing negative perception about buying and claiming insurance. He hopes that the company can be a game changer in an industry that has not seen much innovation over the last century.
About MicroUmbrella.com (owned and managed by WeCare Tech LLP)
MicroUmbrella.com is a Singapore-based micro insurance buying and claiming platform that offers instant, low-cost, on-demand coverage. Its app platform enables customers to buy bite-sized protection plans, as well as making claim, all under a few minutes. MicroUmbrella.com is one of the pioneers in introducing an AI chat-bot that enables a seamless user experience for buying and claiming insurance.