Singapore-based insurtech startup anycover announced that it has raised US$450,000 in a pre-seed funding round led by Powerhouse Ventures, with participation from 1337 Ventures and two angel investors – Walter de Oude, Founder & former CEO of Singlife, and Khairil Abdullah, CEO at Veon Ventures and former Chairman of Axiata Boost.
anycover strives to transform the traditional extended warranties game by providing small and medium-sized online merchants with a plug-and-play API solution that enables them to easily launch and manage their own extended warranty programs without having to create them from scratch.
While many large retailers have already implemented successful digital extended warranty programs, small and medium-sized merchants face significant roadblocks in setting up their own due to long commercial onboarding times and minimum premium requirements by insurers.
This is a missed opportunity as these programs help merchants generate incremental revenue, boost conversion, and increase customer loyalty. anycover addresses these challenges by streamlining the onboarding process and pre-negotiating terms with leading insurers.
For consumers, anycover aims to overhaul the traditional in-store experience by embedding extended warranties seamlessly at the online point of sale. Recognising the frustrations with legacy programs, anycover’s warranties come with transparent terms, flexible coverage options, and a hassle-free claims process via a 24/7 online chat.
It is looking to launch its product by Q3 2022 in Singapore, with plans to expand into Malaysia and Indonesia towards the end of the year.
“The e-commerce space in Southeast Asia is expected to double in gross merchandise value by 2025, while insurance penetration remains low. We believe that our solution is now more relevant than ever as the recent direct-to-consumer shift has created a sellers boom, which further intensifies an already competitive landscape and requires merchants to differentiate,” said co-founder and CEO Bharad Ogirala.
“Our mission is clear – to support small and medium-sized merchants in successfully growing their online business by providing a value-added service centred around elevating the customer experience,” he added.